Pune, June 10, 2021 (GLOBE NEWSWIRE) -- According to Market Research Future (MRFR), the construction equipment rental market revenue is poised to reach exponential heights by 2027, growing at a phenomenal 4.85% CAGR during the assessment period (2020 to 2027). The increasing adoption of innovative & technologically advanced rental construction equipment and population in urban areas create strong market demand.
The global construction equipment rental market is growing at a rapid pace. The market growth predominantly attributes to the burgeoning construction industry and the vast advantages that rental equipment offer. Rental construction equipments translate to increased safety, efficiency, productivity, and cost-savings for the companies that use them and increase their return on investment rapidly.
Rising uses of heavy machinery equipment such as backhoes, forklifts, and excavators in major infrastructure projects, positively impact the construction equipment rental market growth. In addition to rentals, industry players also offer new and used equipment sales, servicing, and safety training to top up user expectations for earnings and revenue.
The robust demand for heavy machinery equipment and rapid economic growth worldwide increase the construction equipment rental market share. Moreover, increasing numbers of smart city projects escalate the market growth exponentially. Stronger growth in rental businesses and increased used equipment sales would further bode well for a recovery in construction activities later in 2021.
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Over the last decade, construction firms have grown enormously. Innovations in construction equipment have assured a promising fortune for the construction industry, reducing labor and time. Spurring rise in construction sectors across the world and the booming demand for removing rare earth elements drive the construction equipment rental market size.
Additionally, rising uses of construction equipments in large, medium, and small-scale industrial construction projects help the market grow further. The construction equipment rental industry was severely affected by the COVID-19 crisis. Lockdown mandates initiated by governments worldwide disrupted the manufacturing of construction equipment, impacting production and sales.
Besides, the pandemic disrupted the supply chain on a global scale and halted exports of the raw materials required for production, affecting the market landscape. Moreover, the changing consumer purchasing behavior due to economic uncertainties affected the demand for rental construction equipment, halting mega construction activities.
However, as various construction activities are returning to normalcy, the demand for construction equipment rental is gradually picking up. The gradual reopening of major construction sites is expected to drive the growth of the market further.
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Industry Trends
The construction equipment rental market outlook looks extremely promising. Growing mining and construction industries worldwide and huge R&D investments made by manufacturers to develop advanced construction equipments drive the market growth. Construction equipment rental market trends include favorable government policies for the production of these equipments and initiatives of infrastructure development projects.
Additionally, emerging regions are expected to present many untapped opportunities for the construction equipment rental market. Furthermore, growing government mandates & updated policies in emerging countries offer significant opportunities to market players.
Segmentation
The construction equipment rental market analysis is segmented into equipment types, applications, and regions. The equipment type segment is sub-segmented into earthmoving, material handling, and concrete & road construction. Among these, the earthmoving segment holds the largest market share, heading with the rise in industrial and infrastructural construction projects, increasing the demand for excavators, loaders, and backhoe.
The earthmoving segment is further bifurcated into excavators, loaders, backhoes, motor graders, and others. The material handling segment is further bifurcated into crawler cranes, trailer-mounted cranes, and truck-mounted cranes. Earthmoving equipments have huge demand in the construction and mining sectors and provide lucrative opportunities to the market across the globe.
The material handling segment grows at a rapid CAGR due to increased demand for machines such as crawlers, truck-mounted cranes, and trailer-mounted cranes required in mega infrastructure construction projects. At the same time, the truck-mounted crane segment witnesses colossal growth witnessing wide uptake for application such as the construction of bridges, dams, and other large buildings.
The application segment is sub-segmented into residential, non-residential, and infrastructure. Of these, the residential segment accounts for the largest market share, whereas the infrastructure segment exhibits the maximum growth rate in this market attributed to the expansion of industrial construction activities in emerging regions.
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Regional Segmentation
The Asia Pacific region dominates the global construction equipment rental market. The largest market share attributes to the raw material advantage and the availability of cost-competitive workforces in the region.
Besides, Moreover, the presence of the world's largest construction and mining industry in the region increases the construction equipment rental market share. Also, growing production capacities and construction equipment rental manufacturers act as major construction equipment rental market trends.
North America holds the second-best position in terms of the construction equipment rental market value. Increasing demand for construction machines such as excavators and motor graders substantiates the region's construction equipment rental market share. Major industry players in the region substantially invest in developing innovative construction equipments.
They also form strategic partnerships with all financing partners involved in the refinancing and the shareholders. The region features various remote locations with limited accessibility, such as the mining landscapes. Moreover, large construction & mining industries and the large farmlands in this region create substantial demand for these equipments in applications like fast & efficient debris removal and earth removal or transportation.
Competitive Analysis
The construction equipment rental market is about to witness several strategic initiatives, such as mergers & acquisitions, collaboration, expansion, and product launches. Major industry players are also making strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on May 30, 2021, Infra.Market announced the acquisition of a significant stake in an equipment solutions platform, Sociam Equipment Solutions Pvt. Ltd. Sociam Equipment owns the brand Equiphunt, a construction equipment rental and equipment auction platform leveraging its in-house internet-of-things (IoT) platform for improved utilization of machinery and enhancing scalability in operations.
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