High procurement and maintenance cost of modern construction equipments will boost the rental services market demand.
NEW YORK, NY / ACCESSWIRE / April 23, 2021 / Fact.MR: As per the study by Fact MR the global construction equipment rental market is forecast to grow at 4.5% CAGR by the end of 2029. According to the study, large capital investment requirement for procuring earth moving machinery and revival of oil and energy expedition projects are the leading factors contributing towards the market growth. Rising demand of material handling equipments in developing economies will push the construction equipment rental market demand.
Market players are focusing on adopting remote controlled mining equipments to promote human safety during deep mining. Some original equipment manufacturers [OEMS] are developing electric autonomous earth moving vehicles. These innovations will provide lucrative opportunities in the construction equipment rental market.
"Key market players are adopting advanced equipments and latest technologies to gain competitive edge in the market. Booming infrastructural construction sector in emerging countries like China, India and Indonesia will provided them, a fertile environment for market penetration and global expansion" says a Fact.MR analyst.
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Key Takeaways
- Rapid infrastructural development in power generation industries and wide use of earth moving machinery accelerates the demand for rental construction equipment.
- Urgency of land connectivity in developing countries elevated the demand for concrete & road construction machinery.
- Earth moving machinery occupy 60% market share in terms of revenue followed by concrete & road construction machinery with just over 22%.
- North America dominates the construction equipment rental market with 49% of global market valuation. Transition towards electric vehicles and sustainable energy will assist the market players to provide low cost alternatives.
- East Asia, South Asia and Oceania are becoming the epicenter of infrastructural development promoting market growth.
Prominent Drivers
- Rising number of small contractors and builders in developing countries will increase the demand of rental earth moving equipments.
- Strategic collaborations and merger along with purchasing of new advanced equipments for portfolio expansion will positively influence the market growth.
- Introduction of onsite maintenance services leading to increased efficiency will grow the market demand.
Key Restraints
- Lack of skilled labor for operating earth moving machines is hampering the growth of construction equipment rental market.
- Stopping of construction and mining works due to COVID-19 outbreak restricted the market growth.
- Pandemic led to termination of existing contracts to prevent paying rent negatively influenced the market.
Discover more about the construction equipment rental market with 80 figures and 124 data tables.
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Competitive Landscape
Leading players operating in construction equipment rental market profiled by Fact.MR include Total S.A., Royal Dutch Shell Plc., Valvoline Inc., Quaker Chemical Corporation, Nippon Oil, ExxonMobil, Chevron, British Ashtead Group Plc, Speedy Hire Plc., Ahern Rentals Inc., Maxim Crane Works L.P., H&E Equipment Services Inc., Herc Holdings Inc., Nikken Corporation, KiloutouSarens Nv, United Rentals Inc., Cramo Group, Ramirent Plc, Taiyokenki Rental Co. Ltd., Aktio Corporation, Boels Rental, Nishio Rent All Co. Ltd., and Loxam Sas, Kanamoto Co. Ltd.
These companies are employing strategies like mergers, acquisitions to expand their global reach and improve their market position in the sector. For instance, acquisition of Prime Rentals Ltd. by Cooper Equipment Rentals Ltd. on May 2019. It is forecasted that such instances will be frequent throughout 2029.
More Valuable Insights on construction equipment rental market
Fact.MR, in its new report, offers an unbiased analysis of the global construction equipment rental market, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the construction equipment rental market on the basis of Product type (earth moving machinery, concrete and road construction machinery, material handling machinery) across regions (North America, Latin America, Europe, Japan, East Asia, South Asia and Oceania).
Key Questions Covered in the Report
- Which base oil will be the most lucrative for construction equipment rental market?
- What is likely to be the future outlook of construction equipment rental market?
- What are the key drivers and restraints for the construction equipment rental market?
- Which region has the highest growth rate in construction equipment rental market?
- Which are the leading players operating in the construction equipment rental market?
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