Dublin, March 17, 2023 (GLOBE NEWSWIRE) -- The "Construction Equipment Rental Market Size, Share & Trends Analysis Report By Product (Earth Moving, Material Handling, Concrete & Road Construction), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global construction equipment rental market size is expected to reach USD 280.13 billion by 2030, registering a CAGR of 6.12% during the forecast period.
Increasing government spending on infrastructure projects and rising Foreign Direct Investment (FDI) in the building sector for skyscrapers, motorways, bridges, and smart cities is driving the growth. The market for renting construction equipment is expanding as a result of ongoing technological advancements that result in modern construction tools that focus on projects and streamline the entire construction process.
Small and medium-sized construction enterprises and contractors are encouraged to use rental construction equipment due to the higher total cost of ownership of modern construction equipment and machines. Additionally, construction equipment leasing offers a cost-effective substitute for purchasing for construction companies since it lowers the costs of ownership such as maintenance, repair, insurance, and storage.
The pandemic led to a global lockdown and disrupted the supply chain, which had a significant impact on the industrial, building, and mining industries. Following the pandemic, problems with the supply of skilled labor, rising raw material prices, and high EMIs have exacerbated uncertainty in the construction business, slowing expansion. The market for construction rental equipment is expanding as a result of larger construction enterprises migrating to renting equipment in order to prevent risk aversion and lessen uncertainty.
Asia Pacific is expected to witness a high pace of growth during the forecast period. The major participants in the Chinese construction equipment rental market are concentrating on creating cutting-edge machinery that uses less fuel, produces more, and minimizes machine downtime, driving the growth of the construction equipment rental market.
Additionally, the Indian government is making significant investments in expansive infrastructure projects to strengthen the nation's economy; as a result, these factors are anticipated to support the expansion of the construction equipment market in the area.
Companies Mentioned
- Caterpillar
- CNH Industrial N.V.
- Doosan Corporation
- Escorts Limited
- Hitachi Construction Machinery Co., Ltd.
- Hyundai Construction Equipment Co., Ltd.
- J C Bamford Excavators Ltd.
- Deere & Company.
- Kobelco Construction Machinery Co., Ltd.
- Komatsu Ltd.
- Liebherr-International AG
- Manitou BF
- HADROMEK
- Sany Heavy Industry Co., Ltd.
- Sumitomo Heavy Industries, Ltd.
- Terex Corporation
- Volvo AB
- Zoomlion Heavy Industry Science and Technology Co., Ltd.
Construction Equipment Rental Market Report Highlights
- The global construction equipment rental market was valued at USD 187.46 billion in 2022 and is expected to exhibit a CAGR of 6.12% from 2023 to 2030.
- The earthmoving machinery segment dominated the market in 2022 and is expected to generate a market revenue of over USD 104.53 billion by the end of the forecast period.
- The increasing application of earthmoving excavators for mining, agriculture, and construction industries significantly contributes to segmental growth.
- Asia Pacific is expected to witness significant growth in the construction equipment rental market by 2030, owing to government's investment in the development of the highway, airports, dams, and special economic zones(SEZs).
- The construction equipment rental market is witnessing high competition across the globe. Major players are inclining towards enhancing the business and product offering through strategic business acquisition.
- For instance, in April 2021, United Rental Inc., a global equipment rental company announced the acquisition of General Finance Corporation, a specialty rental service company. United Rental Inc. acquired complete assets of General Finance Corporation which helped the company to enhance its product portfolio.
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Construction Equipment Rental Market Variables, Trends & Scope
3.1. Market Size and Growth Prospects, 2018 - 2030
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market Driver Analysis
3.3.2. Market Restraint/Challenge Analysis
3.3.3. Market Opportunity Analysis
3.4. Penetration & Growth Prospect Mapping (Key Opportunities Prioritized)
3.5. Business Environment Analysis Tools
3.5.1. Industry Analysis - Porter's Five Forces Analysis
3.5.2. PEST Analysis
3.5.3. COVID-19 Impact Analysis
Chapter 4. Construction Equipment Rental Market Product Outlook
4.1. Construction Equipment Rental Market Share by Product, 2022 & 2030 (USD Billion)
4.2. Earth Moving Machinery
4.2.1. Market size estimates and forecasts, 2018 - 2030 (USD Billion)
4.2.2. Market estimates and forecast by region, 2018 - 2030 (USD Billion)
4.3. Material Handling Machinery
4.3.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
4.3.2. Market estimates and forecast by region, 2018 - 2030 (USD Billion)
4.4. Concrete and Road Construction Machinery
4.4.1. Market estimates and forecast, 2018 - 2030 (USD Billion)
4.4.2. Market estimates and forecast by region, 2018 - 2030 (USD Billion)
Chapter 5. Construction Equipment Rental Market: Regional Outlook
Chapter 6. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/icrvig
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
