January 09, 2021
According a recent study titled ‘Global Construction Equipment Rental Market Analysis, 2020’, available with Market Study Report LLC, global construction equipment rental industry is projected to register a y-o-y growth rate of 4.7% over 2020-2025.
As per the findings of the report, robust growth of the construction sector owing to rapid urbanization, economic progression, and burgeoning population is fueling global construction equipment rental market expansion. Moreover, favorable government initiatives towards infrastructure development, particularly in emerging economies like India and China are adding momentum to the industry expansion.
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Notably, factors such as high capital investment and variability in project schedules of proposed or under construction projects are drawing the interest of end-users toward procuring construction equipment on a rental basis. This enables real-estate developers to significantly lower their expenditure on assets by paying upfront for the acquisition of construction equipment. Moreover, additional expenses such as fuel, maintenance, and parts replacements become negligible. In addition, rental companies also provide skilled professional to operate the equipment which further enhances the overall construction equipment rental industry outlook.
Elaborating on the type of equipment, the industry is split into earthmoving equipment, road building & concrete, and material handling equipment. Among these, earthmoving equipment segment grabbed majority of the global construction equipment rental market share in 2019 and is likely to maintain strong growth in the forthcoming years.
Based on product type, the industry is fragmented into excavator, grader, loader, bulldozer, tipper, road roller, cranes, forklifts, diesel generator, cranes, concrete mixers, concrete pumps, and others. Of these, excavator, cranes, tipper, loader, and grader secured considerable industry share in 2019 are anticipated to witness a sustained demand through 2025. Innovations in product, in terms of compact size with greater maneuverability, and informatics for real-time data on performance metrics are likely to boost the sales of these products.
On the geographical front, Middle East construction equipment rental industry remuneration is expected to witness a notable hike in the upcoming years, attributable to government initiatives and investments aimed at diversifying from an oil-based to a service driven economy.
Asia Pacific market will also grow substantially over the forecast timeframe, with India and China as the key contributors. Initiatives undertaken by governments in these nations for improving regional connectivity through new establishments of airports, ports, highways, railways, and commercial spaces are increasing the popularity rental construction equipment in these nations.
Key players influencing global construction equipment rental market trends are Nikken Corp., Ramirent plc, Sarens N.V., Cramo Group, Kanamoto Co., Ltd., Aktio Corp., H&E Equipment Services, Inc., Loxam SAS, Herc Holdings, Inc., and United Rentals, Inc.