The global construction equipment
rental market was valued at USD 34.24 billion in 2014 and is anticipated to
reach USD 84.60 billion by 2022. Increasing construction activities across the
globe and rising government investment in emerging economies are projected to
drive market demand in the coming years.
The abundance of modern and
productive equipment in rental fleets along with ongoing infrastructure
development is expected to fuel demand. Rented construction equipment has
several benefits such as ease of replacement, cost effective approach, less
technical charges, lower maintenance cost, reduced transportation and less
servicing requirement. These factors have been continuously driving the demand
in the coming years.
The material handling rental machinery
segment is anticipated to grow at a CAGR of 13.0% from 2015 to 2022 on account
of increasing focus on automated production facility. Increasing requirement of
automated production processes for optimal use of raw material, energy and
resource consumption are expected to result in the higher adoption of the
product over the forecast period.
In depth research
report on Construction Equipment Rental Market
·
Earthmoving rental machinery market was valued at USD 19.27 billion in
2014 and is projected to witness significant gains at a CAGR of 12.3% by 2022.
Growing demand for heavy equipment from emerging economies is anticipated to
drive growth shortly.
·
The emergence of advanced machinery with eco-friendly and low maintenance
features is expected to outcast conventional equipment in the coming years. The
high purchasing power of consumer with changing preference for rental equipment
has also resulted in the high adoption of rental products.
·
Middle East rental equipment industry is projected to witness substantial
growth at a CAGR exceeding 15% by 2022 owing to ongoing construction activities
and extensive focus on sustainable expansion practices such as eco-friendly
building construction. Rising capital investment in retail, hospitality,
banking, transportation, energy, infrastructure and agriculture programs and
development of metal and mining sector in the region are considered to be the
major driving factors for the growth of the market.
·
Asia Pacific construction equipment market accounted for 25% of the total
revenue in 2014 and is expected to witness significant growth shortly. Rapid
urbanization, commercialization of industry, burgeoning population, robust
fiscal growth, and increasing government initiatives are expected to drive the
market in the coming years.
·
North America is projected to grow at a CAGR of over 10% by 2022.
Economic revival coupled with increasing capital investments is estimated to
compliment demand in the region. Increasing residential construction with
increasing investment along with volatile energy pricing and favorable
regulations is expected to escalate volume sales in the European market.
·
Major industry players include United Rentals, Hertz, Neff Rental, Ahern
Rental, Loxam Group, and Sunbelt. Other participants include Quippo, Finning,
Ahern Rental, American Equip Company (Ameco), Maxim Crane Works, Gemini Equip
and Rentals, and Sunstate Equip Company. The construction equipment rental
industry is very capital intensive in nature. Moreover, the market is
characterized by mergers & acquisitions, joint ventures, and strategic
alliances to increase their market penetration.
Grand View Research has segmented the
construction equipment rental market on the basis of product and region:
Construction
Equipment Rental Product Outlook (Revenue, USD Million, 2012 - 2022)
·
Earthmoving machinery
·
Material handling machinery
·
Concrete & road construction
Construction
Equipment Rental Regional Outlook (Revenue, USD Million, 2012 - 2022)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
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About Grand View
Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
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