| A06656 | Pages: 290 | Aug 2020 | 8793 Views | ||
| Author(s) : Digvijay Pawar & Rohit Sawant | Tables: 125 | Charts: 63 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Construction Equipment Rental Market
Request Now !The global construction equipment rental market size was valued at $90,997.4 million in 2019, and is expected to reach $106,422.0 million by 2027, registering a CAGR of 4.2% from 2020 to 2027. The construction equipment rental is the service to rent out construction equipment to end users for a certain period of time by signing contracts with terms and condition about their usage. Construction equipment are majorly used at construction mining sites to facilitate heavy operations.
The construction & mining activities either declined rapidly or came to complete halt, which directly hampered the rental revenues from the construction equipment.
Construction equipment rental market growth is driven by increase in construction & mining activities in developing nations of Latin America and Africa regions. In addition, additional expenses incurred due to maintenance of the equipment, excessive operational cost, and high wages of skilled operators can be saved by renting equipment for the required time, which significantly contributes toward the growth of the global market. Moreover, high initial investment required to buy equipment and financial constraints can be avoided by opting for the rental equipment, thereby augmenting the market growth.
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However, dearth of skilled labors is a major factor restraining the growth of the global market. Moreover, saturation in construction and mining industry in developed nations is another factor that hampers the growth of the market. Furthermore, lockdown implemented due to the outbreak of COVID-19 has led to either decline in construction activities or have come to a complete halt. This led to cancellation of equipment contracts by end users with rental companies, thereby declining the business during the lockdown period. However, reopening of construction sites and introduction of vaccines for COVID-19 are anticipated to lead to re-initiation of construction equipment rental market companies and construction industry at their full-scale capacities.
On the contrary, manufacturers are developing advanced equipment, which can be operated by connecting them through internet. Moreover, integration of IoT will help to overcome the shortage of skilled labors and enhanced safety of operators and end users. These factors are anticipated to offer remunerative opportunities for the expansion of the global market during the forecast period.
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The global construction equipment rental market is segmented into application, product, propulsion system, and region. The applications covered in the study include excavation & mining, material handling, earthmoving, and concrete. On the basis of product, is the market is divided into backhoes & excavators, loaders, crawler dozers, cranes, forklift, and others. By propulsion type, it is differentiated into electric and ICE. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Depending on application, in 2019, the earthmoving segment dominated the market, in terms of revenue; however, the excavation & mining segment is expected to witness growth at the highest CAGR during the forecast period. On the basis of product, the loaders segment led the market in 2019, in terms of revenue, while the others segment is anticipated to register the highest CAGR during the forecast period. By propulsion system, the ICE segment registered the highest growth in 2019, in terms of revenue, however, the electric segment is anticipated to exhibit the highest CAGR during the forecast period. Region wise, in 2019, North America garnered the largest construction equipment rental market share, while Asia-Pacific is anticipated to secure a leading position during the forecast per
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Competition analysis
The major players profiled in the construction equipment rental market include Boels Rentals, H&E Equipment Services, Herc Rentals Inc., Kanamoto Co., Ltd., Nesco Holdings, Inc., Maxim Crane Works, L.P., Mtandt Group, Ramirent, Sarens n.v./s.a., and United Rentals, Inc. These companies have adopted strategies such as business expansion, acquisitions, and product launch to offer better services in the market owing to construction equipment rental market opportunity
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Key Players
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The construction equipment rental market in expected to witness significant growth during the forecast period, owing to rise in construction & mining activities in developing countries. Moreover, decline in expenses such as maintenance cost of the equipment and high labor cost such as wages for skilled labors and operational costs at the time of actual working on the site have led end users to opt for rental equipment. Furthermore, the ownership of these heavy equipment can incur high initial investment, which is not affordable for all end users. In addition, it is inconvenient to hire a full-time skilled operator of these equipment as the wages might be higher.
However, the construction market has saturated in several developed nations and has affected the construction equipment rental market. On the contrary, integration of IOT in the equipment prevents accidents in the workplace and aids in downtime reduction, thereby boosting the growth of the construction equipment rental market during the forecast period.
Major players profiled in the construction equipment rental market have adopted business expansion, acquisition, and product launch as their key developmental strategies to expand their product portfolio and their overall business.
A. The base year considered in the global construction equipment rental market report is 2019.
A. The global construction equipment rental market size was valued at $90,997.4 million in 2019, and is projected to reach $106,422.0 million by 2027, growing at a CAGR of 4.2% from 2020 to 2027.
A. To get latest version of global construction equipment rental market report can be obtained on demand from the website.
A. The forecast period considered for the global construction equipment rental market is 2020 to 2027, wherein, 2019 is the base year, 2020 is the estimated year, and 2027 is the forecast year.
A. The top companies holding the market share in the global construction equipment rental market report include Boels Rentals, H&E Equipment Services, Herc Rentals Inc., Kanamoto Co., Ltd., Nesco Holdings, Inc., Maxim Crane Works, L.P., Mtandt Group, Ramirent, Sarens n.v./s.a. and United Rentals, Inc.
A. The top ten market players are selected based on two key attributes - competitive strength and market positioning
A. By application, in 2019 the earthmoving segment dominated the global construction equipment rental market, in terms of revenue and is expected to maintain this trend during the forecast period.
A. By product, the loader segment is the highest share holder of global construction equipment rental market.
A. The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
A. The market value of the global construction equipment rental market is $79,622.7 million in 2020.
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