PUNE, India, Dec. 16 2020 /PRNewswire/ --
- The global construction equipment rental market was valued at US$ 79.73 Bn in 2019 and is anticipated to witness a compound annual growth rate of 4.5% over the forecast period
Construction Equipment Rental Market will grow to US$ 118.45 Bn by 2028
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- The covid-19 outbreak is expected positively impact the global construction equipment rental market. Lowered risk-taking capacity by construction companies owing to the pandemic is expected to contribute to the growth of the market.
- High cost associated with the purchase of construction equipment such as heavy down payment, repair and maintenance expense and other adding operational expenses such as licensing, insurance and tax amongst others is influencing the adoption equipment on rental basis, especially among large construction sites.
- Rising investment by government bodies on public infrastructure is expected to contribute towards the market growth. For instance, according to U.S. Transportation Department database, 37% of bridges across United States requires repair owing to poor condition, which is anticipated to supplement the market growth.
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- This rise in adoption of rental equipment across the construction industry is also influencing the equipment manufacturers to expand their offering portfolio of equipment renting services, in order to cater a larger consumer base. For instance, MCE (Mahindra Construction Equipment), not only sells its product offerings but also offers them on rental basis to construction companies.
- North America held the highest market share in global construction equipment rental market in 2019. Asia Pacific is expected to register highest growth rate over the forecast period owing to the increasing constructional activities across developing countries such as India and China amongst others.
- Some of the players operating in the global construction equipment market are ACCES INDUSTRIE, Aggreko, AIR AERZEN INTERNATIONAL RENTAL B.V., AKTIO Corporation, Ashtead Group plc, CNH Industrial America LLC, Herc Rentals Inc., Hitachi Construction Machinery Europe NV., KILOUTOU, SAS, LAXYO, LOXAM, Maxim Crane Works, L.P, MCE, Ramirent, Sarens n.v./s.a., Sociam Equipment Solutions Pvt. Ltd., Speedy Hire Plc, UNIC Cranes Europe, United Rentals, Inc and other market participants.
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