Construction Equipment Rental Market Size to Reach USD 135.77 Billion by 2027 | High Demand for Construction Services and Increasing Mining Activities in Developing Countries will Drive the Industry Growth, says Emergen Research
The construction equipment rental market is rising because equipment rental offers an opportunity for the large, capital-intensive company to expand its range as per the requirement.
Vancouver, British Columbia, Jan. 20, 2021 (GLOBE NEWSWIRE) — The global construction equipment rental market is expected to reach a market size of USD 135.77 Billion in 2027 and register a CAGR of 4.1% in terms of revenue over the forecast period, according to latest analysis by Emergen Research. Emergence of new technologies such as advanced digital services for improvement of automated industries, tracking equipment service, and mapping is a current trend in the construction equipment rental market. Adoption of advanced construction equipment has been increasing substantially in the recent past owing to a major surge in commercial residential, and government-funded infrastructure and development projects globally. This is also a major factor fueling technological advancements in construction equipment rental services.
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Advancements in technology in automotive and heavy machinery sectors has been resulting in development and introduction of products that have more advanced and features. Manufacturers of construction equipment are currently focusing on development of equipment fitted with technology that ensures higher safety, such as 360° camera visuals, additional work lights, and lift assist. Also, major focus is being placed on providing systems that can help to improve work efficiency and require minimum maintenance.
Preference for rental equipment rather than investing in new equipment for projects is significantly high among companies operating in the construction industry currently.
Companies Profiled in Construction Equipment Rental Market Report Include:
Loxam Group, United Rentals, Inc., Mtandt Rentals Limited, Cramo PLC., Nesco Rentals, The Hertz Corporation, Boels Rentals, Unirent LLC, Caterpillar Inc., and Ahern Rentals, Inc.
Further Key Findings from the Report Suggest:
- The earthmoving segment accounted for higher revenue share among other equipment type segments in the global construction equipment rental market in 2019. Revenue from the road building and concrete segments are expected to expand at CAGRs of 3.3% and 4.3% respectively between 2020 and 2027.
- In January 2019, Loxam acquired UK Platforms (UKP) from HSS Hire Group plc. through Nationwide Platforms Limited, which is its wholly owned subsidiary in the U.K. By combining the capabilities of UKP and Nationwide, Loxam has strengthened its business in the powered access market in the U.K.
- In 2019, the construction equipment rental market in North America was valued at USD 24.77 Billion. Revenue growth from this market is projected to continue to increase in the near future, with rising focus on utilization of more fuel- and energy-efficient equipment to reduce carbon emissions.
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For the purpose of this report, Emergen Research has segmented the global construction equipment rental market based on equipment type, product type, application, and region as follows:
- Equipment Type Outlook (Revenue: USD Billion; Volume: Million Units; 2017–2027)
- Earthmoving
- Material Handling
- Road Building
- Concrete
- Product Type Outlook (Revenue: USD Billion; Volume: Million Units; 2017–2027)
- Excavators
- Cranes
- Backhoes
- Crawler Dozers
- Concrete Pumps
- Application Outlook (Revenue: USD Billion; Volume: Million Units; 2017–2027)
- Real Estate
- Commercial Estate
- Transport Power & Energy Infrastructure
- Others
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- Regional Outlook (Revenue: USD Billion; Volume: Million Units; 2017–2027)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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