New York, December 7, 2021 (GLOBE NEWSWIRE) – Overview of the construction equipment rental market: According to a comprehensive research report from Market Research Future (MRFR), âConstruction equipment rental market Research report, by type of equipment (earthmoving, concrete and road handling and construction), application (residential, non-residential and infrastructure) and region – Global forecasts to 2030 Â» , the market is expected to be worth USD 212 billion by 2030, registering a CAGR of 5.15% during the forecast period (2022 to 2030), the market was valued at USD 117.3 billion in 2021.
List of Companies Presented in the Construction Equipment Rental Market Research Report are:
- United Rentals, Inc.
- Nesco Rentals
- Herc Holdings
- Shanghai Hongxin Equipment Engineering Co., Ltd.
- CRAMO PLC
- Caterpillar, Inc.
- Blueline LLC Rental
- Ashtead Group
- Location Ahern Inc.
- Among others.
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Future’s Review Market Research of the Construction Equipment Rental Market
The construction equipment rental market is seeing promising growth on the global platform. The booming construction industry and the many advantages offered by rental equipment such as increased safety, efficiency, productivity and savings are positively impacting the growth of the market. Rental construction equipment also offers increased return on investment (ROI) for end user businesses. The market is expected to experience a strong increase in demand from mining and construction equipment (MCE) industry.
In addition, the increasing adoption of rental construction equipment in rapidly growing mining industries and government initiatives for infrastructure development around the world justifies the market demand. Huge R&D investments made by manufacturers to develop advanced construction equipment increase market value. In addition, government policies favorable to the production of such equipment reinforce market incomes.
Moreover, the increasing number of smart city projects is accelerating the market growth exponentially. In addition to rental, industry players also offer new and used equipment sales, maintenance, and safety training to meet user expectations for revenue and revenue. Strong demand for heavy machinery equipment and rapid economic growth in the world are increasing the construction equipment rental market share.
Browse the in-depth market research report (188 pages) at Rental of construction equipment
Like most industries, the construction equipment rental industry has also suffered unprecedented challenges presented by the coronavirus pandemic. Market players were faced with many issues, such as obtaining raw materials, attracting workers from quarantines, and delivering finished products. The second wave of Covid, following changes in emissions standards, a sharp increase in input costs and an increase in the price of equipment impacted volumes.
At the same time, the cost of ownership has increased due to the increase in equipment and fuel costs, thus putting pressure on rentals, thus impacting the profitability of CE operators. As a result, construction equipment rental markets have seen unexpected blackouts, saw prices, and wreaked havoc in supply chains. However, the market is quickly regaining momentum and returning to normal with an easing of foreclosure mandates in many countries.
The report segments market dynamics into equipment types, applications, and regions. Equipment types segment is divided into earthworks (excavators, loaders, backhoes, graders, others), material handling (crawlers, truck-mounted cranes, trailer cranes, others) and concrete and road construction . The applications segment is divided into residential, non-residential and infrastructure. The regional segment is divided into Americas, Asia-Pacific, MEA, Europe and Rest of the World.
The Asia-Pacific region holds a significant share of the global construction equipment rental market. Rapid industrialization and rising infrastructure development projects in the region are creating vast demand in the market. In addition, the rapidly improving economy and increased investments by governments in the region are driving the growth of the market.
The strong presence of leading construction equipment manufacturers and rental companies in the region is positively impacting the growth of the market. In addition, the huge investments made to bring more innovations in rental platforms influence market demand. In addition, the rapid industrial growth and booming construction industry in the region justifies the region’s market shares.
In addition, increased spending in the construction sector, witnessing exponential growth in the residential and housing sector, promotes market value. Emerging economies such as Japan, South Korea, China and India are fueling market growth, increasingly using structural steel for infrastructure development.
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This market is believed to witness important strategic approaches, such as expansion, collaboration, mergers and acquisitions, and the integration of advanced technologies. The main market players are making strategic investments in the conduct of research and development activities and the promotion of their expansion plans.
For example, recently on November 22, 2021, Herc Holdings announced the acquisition of two rental companies. The company completed the acquisition of Rapid Equipment Rental Limited (Canada), a full-service general equipment rental company. The rapid equipment comprising approximately seven locations serves construction and industrial customers in North America.
Herc Holdings also acquired SkyKing Lift Rentals in the Chicago area, expanding its presence in the Chicago area to six physical locations. SkyKing Lift Rentals is a single location equipment rental company specializing in mobile elevating work platforms, such as scissors and aerial work platforms. Both additions are expected to improve the company’s coverage in the dynamic Toronto and Chicago equipment rental markets, as it continues to serve a diverse mix of construction, industry and government clients.
Market segmentation covered by research:
Construction Equipment Rental Market Research Report, By Equipment Type (Earthmoving, Concrete & Road Handling & Construction), Application (Residential, Non-Residential & Infrastructure) and Region – Global Forecast to 2030
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