Construction Equipment Rental Market to exceed US$75 Billion by 2024
OCEAN VIEW, Del., Oct. 25, 2017 /PRNewswire-iReach/ -- Construction Equipment Rental Market is set to be valued USD 75.18 billion by 2024; according to a new research report by Global Market Insights, Inc. The practice of leasing instead of purchasing heavy machinery has proven to be beneficial for companies of all sizes across numerous industries. Lower administrative overhead coupled with reduces expense and maintenance will drive construction equipment rental market size. Since industry vendors need to comply with the pervasive regulatory landscape, buyers benefit from elimination of replacement costs and associated expenditure. Other trends positively impacting revenue include growing technological advancements ranging from multifunctional machinery to apps for monitoring fuel consumption.
Key product development and innovation features include remote monitoring, ergonomic controls, quick-change attachment couplers, etc. GPS-equipped machines that can be tracked with ease on site have significantly improved fleet management. The presence of the leasing channel has also helped enhance overall customer service by ensuring high product quality, improved response time, on-time delivery, scheduled pick-ups, etc.
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The industry is characterized by increasing natural gas drilling activities coupled with augmentation of the highway network and formation of smart cities. This will lead to a corresponding demand in the construction equipment market, and also give impetus to the rental sector.
The real estate industry that comprises commercial and residential real estate has also driven construction equipment rental market size. Developing technology with greater efficiency and accuracy in material handling has placed high emphasis on safety and productivity at the workplace; for instance, the development of automatic height-adjusting carts which has enabled the operators to work at optimal heights without aids from hydraulic, electrical or pneumatic tools. This has benefitted the material handling machinery industry to a considerable extent.
Rising population and growing urbanization along with increasing income levels and growth in IT/ ITeS sector will propel India construction equipment rental market share.
Earthmoving Machinery Market contributed considerably to the global construction equipment rental market share in 2015, with the segment set to surpass USD 40 billion in revenue by 2024. This mainly includes products such as excavators and loaders, which witness considerable demand on a global scale.
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Concrete and road construction segment was valued at over USD 10 billion in 2015, the industry is forecast to witness growth due to new infrastructure projects.
U.S. construction equipment rental market size is set to exceed USD 23 billion by 2024. Rising safety and security concerns are likely to drive installation of smart sensors in workers' hard hats, boots, wristwatches and other safety equipment such as rooftop harnesses. Boot sensors helps in tracking the time duration between breaks, whereas wristwatch sensors monitor workers body temperature.
Key construction equipment rental market players are United. Rentals, Hertz, Neff, Sunbelt, Ahern, etc. United Rentals acquired RSC Holdings in 2012 to accelerate the combined company's potential for growth with industrial customers and provide a lower cost base. Hertz entered into a joint venture with Dayim Holdings and Phoenix Project development in 2014 to improve the overall service offering.
Other notable participants are Gemini Equipment and Rentals (GEAR), Aggreko, Terex Corporation, Maxim Crane Works, Komatsu, Liebherr and Weldex International Offshore Ltd.
Suppliers offer autonomous and semi-autonomous machines to suited for the target application, which further improves the performance and helps reduce energy consumption.
Browse key industry insights spread across 110 pages with 29 market data tables & 29 figures & charts from the report, "Construction Equipment Rental Market Size By Product (Earthmoving Machinery, Material Handling Machinery, Concrete & Road Construction), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Russia, Japan, India, China, Brazil, Mexico, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/construction-equipment-rental-market
Chapter 3. Construction Equipment Rental Industry Insights
3.1. Industry segmentation
3.2. Industry Size and forecast, 2013 - 2024
3.3. Industry ecosystem analysis
3.3.1. Vendor landscape
3.4 Industry Impact forces
3.4.1 Growth drivers
3.4.1.1 Rising demand for sophisticated products
3.4.1.2 Superior customer service
3.4.2 Industry pitfalls & challenges
3.4.2.1 High auxiliary expenses
3.5. Growth potential analysis
3.6. Porter's analysis
3.7. Competitive landscape, 2015
3.7.1. Competitor strategy dashboard
3.8. PESTEL analysis
Browse Full TOC @ https://www.gminsights.com/toc/detail/construction-equipment-rental-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Media Contact: Arun Hegde, Global Market Insights, Inc., +13028467766, [email protected]
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