Construction Equipment Rental Market Segmented By product such as Earthmoving machinery (loading shovels, excavators, site dumpers and dump trucks), Material handling machinery (shelves, frames, sliding racks, bulk containers, bins, silos, conveyors, pallet trucks, fork lifts, platform trucks, hand trucks, cranes, etc.), Concrete & road construction (trenchers, planers, pavers, rollers, hot boxes, etc.)
Industry: Industrial Automation
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Report Type: Ongoing
Report ID: PMRREP13024
The practice of leasing heavy machinery construction equipment instead of purchasing it has proven to be beneficial for all sizes of companies across the world. This has resulted in robust growth of the construction equipment rental market. Major growth is observed in sectors such as transport, housing, energy and power, which have large scale investments.
With such high level of investments construction companies prefer to rent equipment so as to reduce their project costs. This is a cost effective approach as in doing so they face lower maintenance costs and fewer technical charges. Adding to that, transportation, operation and servicing requirements are reduced many folds. Both these factors fuel demand for the construction equipment rental market in the coming future.
The development of advanced machinery with ecofriendly features and low maintenance is expected to castaway conventional equipment in the forecast period. Purchasing construction equipment requires heavy down payments that divert a large amount of capital from key operating expenses. It also attracts additional expenditure such as tax, insurance, licensing, interest on loan amount and storage cost, among others.
By opting to rent construction equipment, companies evade the costs associated with depreciation and inflation while replacing it. Such problems are easily overcome by renting the construction equipment instead. Rental houses upgrade their inventories on a regular basis, hence offering access to new and advanced construction equipment; hence making it easier for the leaser to act in accordance with EPA (Environment Protection Agency) standards.
Developments in the infrastructure sector, clubbed with a varied range of advanced construction equipment in rental fleets are expected to drive demand for the construction equipment rentals market.
Companies in the construction equipment rental market are skilful in identifying customers; they relocate construction equipment to different locations to monopolize on increasing demand from real estate industries in commercial and residential sectors. Strict regulations, increasing ownership cost and financial constraints are some of the key reasons fueling the construction equipment rental market.
On the other hand, fluctuating fuel prices and expenditure of picking up and delivering machinery, especially if the contractor is working in remote areas, is expected to obstruct demand in the construction equipment rental market over the forecast period.
The construction equipment rental market can be segmented on the basis of product type.
The construction equipment rental market can be segmented by geographies as North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Middle East & Africa and Japan. Among these regions, Asia pacific is expected to dominate the construction equipment rental market over the forecast period.
Developing countries like India and China are expected to offer better opportunities owing to rising population and urbanization, along with growth in the IT sector that propels demand for the construction equipment rental market over the forecast period. North America is expected to show robust progression due to increasing investments in the residential sector. European countries like Spain, Germany, Poland and France are expected to drive the construction equipment rental market.
In the Middle East, countries like Saudi Arabia focus extensively on sustainable practices and promote ecofriendly construction of buildings. Rising capital investments in transportation, hospitality, infrastructure and energy, coupled with easy availability of machinery has led to a boost in the construction equipment rental market.
Some examples of recognized players in the construction equipment rental market are listed below:
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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