Top key players mentioned in this construction machinery rental market report include Caterpillar Inc., Herc Rentals, BlueLine Rental, H&E Equipment Services, Groupe KILOUTOU Boels Rental, Cramo Group, Loxam Access and some more.
SELBYVILLE, Del. (PRWEB) November 20, 2018
The new report by GMI expects global construction machinery rental market will cross 140 billion-dollar mark by 2024. Increasing residential & commercial construction projects globally are anticipated to drive the construction equipment rental market. Improving standards of living and increasing disposable income of people across the emerging economies have led to increased investments in malls & amusement parks, generating demand for the rental industry.
The earthmoving & road building equipment segment dominated the construction machinery rental market with a revenue share of over 65% in 2017 is continue grow due to the increasing large-scale construction projects globally. Rapid urbanization has led to the growth in the demand for such equipment in commercial and residential construction activities. Earthmoving equipment such as backhoes, loaders, and excavators find applications for residential and commercial construction works. Excavators are gaining popularity due to the increasing use of such equipment in the surface level and below-ground operations, surging their demand for construction & mining activities.
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The construction equipment rental market for the material handling equipment is anticipated to witness growth at CAGR of over 5% owing to the rising accessibility for lease machinery.
The construction equipment rental market is highly competitive with the presence of key players such as Cramo PLC, Ashtead Group, Blueline Rental LLC, Nesco Rentals, Riwal, Herc Holdings, Caterpillar, Inc., Shanghai Hongxin Equipment Engineering Co., Ltd., Ahern Rentals, Inc., Loxam Group, and United Rentals. Companies are trying to incorporate the latest advanced technologies such as GPS, RFID, and telematics, into their construction equipment to offer enhanced rental solutions. Furthermore, rental operators are stressing on providing sophisticated on field and online certified training courses for the safety of operators.
Europe construction machinery rental market is expected to grow at a CAGR of over 4.5% owing to the shifting trend among European construction companies to rent rather than purchasing equipment. Several countries in Europe including Russia, Spain, and Italy are recovering from the economic crisis, following which the construction sector is gaining stability across these regions. Countries including France and Spain are showing a steady growth due to the increasing number of construction projects in the region.
Global Construction Equipment Rental Industry Growth drivers:
1. High initial costs of construction equipment
2. Implementation of advanced technologies in construction equipment
3. Increasing infrastructure investments globally
4. Growing construction industry in China & India
5. Rising equipment rental demand in the U.S.
6. Increasing rate of urbanization in the U.S.
7. Increasing infrastructure and industrial projects in Russia
8. Growing urbanization and safety concerns in India
9. Rapid infrastructure development in BRIC countries
10. Growing reconstruction and maintenance activities in Japan
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The degree of penetration of rental companies is comparatively less in Germany owing to companies in the region still preferring to own machinery than renting. However, the presence of major companies, such as Loxam, trying to expand their market presence in Europe is expected to boost the construction equipment rental market growth.
Rising reconstruction activities in the U.S. followed by the aging infrastructures are propelling the need to replace it with sturdy structures is propelling the growth of around 3.5% CAGR in the U.S. construction machinery rental market growth. The demand for modernized structures has paved way for smart buildings & smart cities, compelling various regional governments to heavily invest in the infrastructure development.
Large construction projects by various regional governments, such as Al Maktoum Airport in Dubai, South-to-North Water Transfer Project in China, Crossrail Project in the UK, and Rashtriya Rajmarg Zila Sanjoyokta Pariyojna in India, are expected to contribute to the construction machinery rental market growth. Owning heavy construction equipment leads to increased maintenance and ownership expenses. Businesses that have budgetary constraints prefer renting equipment since it helps them to reduce the overall project expenditure.
Browse key Construction Equipment Rental Market insights from the 2018 report spread across 300 pages offering 297 market data tables as well as 31 figures & charts along with the table of contents:
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