Construction Equipment Rental Market: A Breakdown of the Industry by Technology, Application, and Geography
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Increasing government spending on industrial and commercial construction activities and projects is a key factor driving construction equipment rental market
VANCOUVER, BRITISH COLUMBIA, CANADA, May 15, 2023 /EINPresswire.com/ -- Our team of analysts has meticulously curated the Emerging Research publication titled “Global Construction Equipment Rental Markets” to the reader's understanding and includes an industry distribution database overview. The research conducts a detailed analysis of historical and current market circumstances in order to precisely project the outlook of the Global Construction Equipment Rental Market throughout the forecast period (2022–2030). Effective analytical tools like Porter's five forces and analysis are used in research to look at the benefits, drawbacks, opportunities, and dangers associated with entering new market segments. SWOT. The study focuses on potential growth opportunities and constraints that the leading industry participants might experience over the course of the full forecast period. To assist readers in developing successful investment plans, the research gives specific attention to rising business components, specialty industries, product launches, and brand promotions happening in the market. The global health crisis's impact on the market's overall growth is thoroughly examined in the research.
The global construction equipment rental market size reached USD 104.46 Billion in 2021, and is expected to register a revenue CAGR of 5.4% during the forecast period, according to latest analysis by Emergen Research. High maintenance cost of construction equipment is a key factor driving revenue growth of the global construction equipment rental market. Rental construction equipment is increasingly being opted for by end user construction companies and infrastructure development service providers, especially in a number of developing economies, as the option aids in the expansion of construction activities, enables companies to secure construction projects and contracts – government and privately funded – and reduces cost of projects to a significant extent. In addition, use of upgraded and technologically advanced equipment can help lower need for manual labor as well as related expenses, and facilitate tracking of work process at various levels. Incorporation of new technologies into construction equipment on the other hand, comes at a price that small builders and contractors may not be able to ideally afford, and therefore, many such firms prefer to rent required equipment and reduce costs and financial constraints.
The construction equipment rental industry is significantly impacted by labor shortage, as the industry requires a variety of people, including service technicians, certified mechanics, and delivery drivers, for different operations. The construction equipment industry is currently facing a shortage of experienced technicians and is, therefore, looking to public policy measures to encourage more young people to join the profession. Many construction equipment companies are moving towards automation, such as driverless vehicles, while contractors may opt for increasing use of rental equipment, due to labor scarcity as well as to stay ahead of the competition.
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Some of the key participants in this industry include:
Loxam Group, United Rentals, Inc.,, Mtandt Rentals Limited, Cramo PLC., Nesco Rentals, The Hertz Corporation, Boels Rentals, Unirent LLC, Caterpillar Inc., Ahern Rentals, Inc.
Key regions covered in the report:
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Because there are so many businesses in this sector, the global market for keywords is very consolidated. These businesses are renowned for making significant investments in R&D initiatives. Additionally, they own a sizeable amount of the market share overall, which restricts the entry of new companies into the industry. The analysis on the worldwide keyword market examines the clever strategies used by the top market competitors, including joint ventures, partnerships, mergers, and acquisitions.
Some Key Highlights From the Report
Excavators segment accounted for second-largest revenue share in 2021. Excavators are common earthmoving vehicles that feature a bucket, an arm, a rotating cab, and movable tracks. These features provide superior digging power and mobility, allowing heavy equipment to perform a variety of tasks, such as trenching and digging, lifting waste, and excavating mines, among various other tasks. The ability to operate in confined spaces and restricted areas while exerting low ground pressure is a key factor driving demand for such machinery and equipment. Excavators also have auxiliary hydraulics, which allow for greater attachment versatility, which is expected to further increase adoption and preference in the coming years.
Material handling segment accounted for a considerably large revenue share in 2021. Material handling equipment is widely used for transportation, storage, and control of materials at various stages of projects. These types of equipment are becoming increasingly popular due to better work efficiency and productivity, fewer accidents in facilities, and most importantly, improved ability to complete tasks in the proposed/given or prescribed timeline with high success rate. The performance of various types of material handling equipment has gradually improved as a result of rapid technological advancements, and the trend is expected to continue over the forecast period. Furthermore, combining advanced Artificial Intelligence (AI) and Internet of Things (IoT) technologies with material handling equipment aids in activity monitoring and performance improvement, and makes for better ability to steadily progress towards automation, which is a major objective in a technologically-advancing world.
Market in Asia Pacific accounted for largest revenue share in 2021. One of the major factors driving rapid demand for construction equipment rental services in countries in the region is rapid expansion of infrastructure development activities in countries such as India and China. China accounted for majority revenue share in the Asia Pacific market in 2021 due to availability of low cost labor, presence of advanced manufacturing facilities, and high production capacity in the country. China is the world's leading manufacturer of construction machinery, and exports a range of machinery and equipment to a number of European and Asian countries. These factors are expected to support revenue growth of the market.
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On the basis of type, the market is segmented into
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
In addition, the analytical data are presented in a well-organized format in the form of charts, tables, graphs, figures, and diagrams in the report. This makes it easier for readers to comprehend the market scenario in a beneficial way. In addition, the report aims to provide a forward-looking perspective and an instructive conclusion to assist the reader in making profitable business decisions. The report concludes with a comprehensive SWOT and Porter's Five Forces analysis of the segments anticipated to dominate the market, regional bifurcation, estimated market size and share, and more.
Valuable Market Insights:
The report highlights the latest trends observed in the consumption pattern of each regional segment.
Extensive market segmentation included in the report helps better understand the revenue and estimated growth of the individual regions.
The report throws light on the historical and current market scenarios and provides a concise year-on-year growth rate of the global Construction Equipment Rental market.
The report further entails the current market trends, technological advancements, revenue growth, and other aspects affecting market growth.
Questions addressed in the report:
What is the estimated market growth rate throughout the forecast period?
Which end-use industry is expected to witness the highest demand for Construction Equipment Rental in the near future?
What is the regulatory framework governing the application of Construction Equipment Rental in the food industry?
Which manufacturing processes are utilized for the production of Construction Equipment Rental?
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