- 22 July 2019 17:54
Construction Equipment Rental Market Growth Prospects & Report 2018 - 2026
The global construction equipment rental market size is anticipated to around USD 232.9 billion by 2026, this market is anticipated to grow with 5.0% CAGR during the forecast time period.
Construction Equipment rental is a service industry providing machinery, equipment and tools of all kinds and sizes (from earthmoving to powered access, from power generation to hand-held tools, etc.) for a limited period of time to final users, mainly to construction contractors but also to industry and individual consumers.
Constuction Equipment rental is a relatively new industry, first developed in Anglo-Saxon countries. The American Rental Association was founded as early as 1955, and the first waves of consolidation took place in the 1970s in North America, leading to the creation of companies with nationwide operations.Consolidation was slow in the 2000s but a buyout joined the two largest North American rental companies: United Rentals and RSC.
Construction Equipment (CE) rental business’ popularity has increased due to a variety of reasons. A few key contributors to the growth of CE rentals include the rising cost of purchasing equipment, increasing economic uncertainty, lack of capital, technology upgradation, unpredictable construction and infrastructure growth, depreciation woes, costly breakdowns and limited space availability which has forced construction companies to find ways to save money wherever they can. In many instances, renting has become a viable option for many companies and has provided them the ability to cut costs and run a more financially stable construction business.
Today, many CE users are preferring to rent CE or ‘pay-as-use’ model as an optimal way to do business. This has proved beneficial for the CE market because with more financing of CE and the increased use of rentals, their demand has only increased. At present, the Earthmoving and Construction Equipment (ECE) rental market is only 7-8 per cent of the total ECE market in the country, but the percentage is set to increase and the rental industry is expected to grow at the rate of 30 per cent per year in the future. Particularly, the rental market is expected to pick up in Tier-2 and Tier-3 cities of the country.
Market By Product: Earth Moving Machinery,Material Handling Machinery,Concrete & Road Construction Machinery
Market By Geography:North America,Europe,Asia-Pacific,Latin America,Middle East and Africa (MEA)
Some of the main businesses present in the area Ashtead Group; Aggreko; United Rental; Aktio Corp; and Herc Rentals Inc. Technologies Inc. Significant strategic initiatives undertaken by global businesses include partnerships, new product launch, and acquisitions.
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