Economical Characteristic of Construction Equipment Rental Services Driving their Global Demand
Increased construction activities worldwide along with the growing investment in infrastructure development has boded well for the global construction equipment rental market. As per the report published by Market Research Future (MRFR), the global construction equipment rental market is poised to exhibit 4.7% CAGR during the assessment period (2019-2023).
The trend of construction equipment rental has increased substantially of late; this is mainly owing to the financial benefits. Purchasing a construction equipment is far more expensive than opting for rental service. The additional maintenance costs of an owned construction equipment can be a major issue for small-size construction companies. The factors are influencing the global construction equipment rental. Rental services for construction equipment such as loader, excavators, and motor graders are growing at a substantial pace.
Construction equipment rental is also gaining momentum due to adoption of effective market strategies by service providers. There is a greater degree of trust among the customers, which is favoring the market growth. Market players are expected to focus on innovation and introduction of attractive business models. Such industry trends will play an important role in defining the growth potentials for the market in the future.
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Global Construction Equipment Rental Market: Competition Analysis
Some of the notable market participant profiled in MRFR’s report include
- Ashtead Group
- Caterpillar, Inc.
- Shanghai Hongxin Equipment Engineering Co., Ltd.
- Nesco Rentals
- United Rentals
- Ahern Rentals Inc.
- Herc Holdings
- Blueline Rental LLC
- Cramo PLC
- Riwal
Global Construction Equipment Rental Market: Segmental Analysis
MRFR in its report has included a detailed segmental analysis of the market based on application, equipment type and region.
By application, the market has been segmented into infrastructure, non-residential and residential. In 2017, the residential segment represented the largest market share in terms of value. The segment is expected to retain it leading position over 2023. Meanwhile, the infrastructure segment is projected to demonstrate the highest growth rate during the assessment period. The segment’s growth is driven by boom in industrial activities in fast-developing countries.
By equipment type, the market is segmented into concrete & road construction, material handling and earthmoving. The material handling segment covers truck mounted crane, trailer mounted crane and crawler crane. The earthmoving segment covers motor grader, loader, excavator, backhoe, and others. In 2017, the earthmoving segment commanded the most impressive market share in terms of value. The segment is expected to remain at position through the assessment period. New investments in infrastructure development projects in developing countries is a key factor supporting the growth of the segment. Moreover, the mining sector and the construction sector are likely to post a strong demand for earthmoving equipment in the years to come. Whereas, the material handling segment is likely to outperform the other two segments in terms of growth.
Global Construction Equipment Rental Market: Regional Analysis
By region, the market has been segmented into Asia Pacific (APAC), Europe, North America and Rest of the World (RoW). In 2017, APAC commanded the majority share of the market in terms of value. The market in the region is expected to witness a healthy growth during the assessment period. China’s rise as a major economy of the world has bolstered the market’s prospect in the region. The industrial growth in many APAC countries including the ASEAN block has in part fuelled the demand for construction machinery. China is expected to remain one of the leading exporters of construction machineries in world during the projection period. North America is second in the pecking order and currently accounts for around 32% share of the market. The North America construction equipment rental market is profiting from the strong demand for construction machines such as motor graders and excavators.
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List Of Tables
Table 1 Global Construction Equipment Rental Market, By Region, 2018–2023
Table 2 North America: Construction Equipment Rental Market, By Country, 2018–2023
Table 3 Europe: Construction Equipment Rental Market, By Country, 2018–2023
Table 4 Asia-Pacific: Construction Equipment Rental Market, By Country, 2018–2023
Table 5 RoW: Construction Equipment Rental Market, By Country, 2018–2023
Table 6 Global Construction Equipment Rental Market, By Equipment Type, By Region, 2018–2023
Table 7 North America: Construction Equipment Rental Market, By Equipment Type, By Country, 2018–2023
Table 8 Europe: Construction Equipment Rental Market, By Equipment Type, By Country, 2018–2023
Table 9 Asia-Pacific: Construction Equipment Rental Market By Equipment Type, By Country, 2018–2023
Table 10 RoW: Construction Equipment Rental Market By Equipment Type, By Country, 2018–2023
Table 11 Global Construction Equipment Rental Market, By Application, By Region, 2018–2023
Table 12 North America: Construction Equipment Rental Market, By Application, By Country, 2018–2023
Continued………
List Of Figures
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top Down & Bottom Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter’s Five Forces Analysis
FIGURE 7 Value Chain Analysis
FIGURE 8 Global Construction Equipment Rental Market Share, By Equipment Type, 2017 (%)
FIGURE 9 Global Construction Equipment Rental Market, By Equipment Type, 2018–2023 (USD MILLION)
FIGURE 10 Global Construction Equipment Rental Market Share, By Application, 2017 (%)
FIGURE 11 Global Construction Equipment Rental Market, By Application, 2018–2023 (USD MILLION)
FIGURE 12 Global Construction Equipment Rental Market Share, By Customer Group, 2017 (%)
Continued………
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