Surging Construction and Infrastructure Development Drives Unprecedented Demand for Backhoe Rentals

Rockville, June 19, 2023 (GLOBE NEWSWIRE) -- The recent research analysis by Fact.MR on the global market global backhoe rental provides a thorough overview of the industry’s product, end-user, and region categories. It also offers comprehensive details on important players and the crucial tactics they are turning to for gaining an upper hand over their competitors.

Fact.MR – A Market Research and Competitive Intelligence Provider: The global backhoe rental market is estimated to reach a valuation of US$ 611.4 million in 2023 and is expected to grow at a CAGR of 4.3% during the forecast period of 2023–2033.

The construction and infrastructure industry is experiencing a remarkable surge, leading to an unprecedented demand for backhoe rentals. As urbanization and development projects continue to expand worldwide, the need for versatile and efficient equipment like backhoes will grow exponentially. These powerful machines play a vital role in various construction activities, such as excavation, trenching, and loading.

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Renting backhoes offers several advantages, including cost-effectiveness, flexibility, and access to the latest models without the burden of ownership and maintenance. With the booming construction sector driving infrastructure projects globally, the demand for backhoe rentals is set to soar even higher, ensuring a steady and profitable market for rental companies.

One significant trend impacting the backhoe rental market is the growing emphasis on sustainability and environmentally-friendly practices. As awareness about climate change and environmental impact increases, construction companies and contractors are seeking greener alternatives for their operations. This trend has resulted in a rising demand for electric or hybrid-powered backhoes, which offer reduced emissions and noise pollution compared to traditional diesel-powered machines.

Key Takeaways from Market Study

• The global backhoe rental market is projected to grow at 4.3% CAGR and reach US$ 931.4 million by 2033
• The market created an opportunity of US$ 320.1 million growing at a CAGR of 4.4% between 2018 to 2022
• Europe is a prominent region that is estimated to hold a market share of 26.1% in 2023
• Predominating market players include BlueLine Rental, Herc Rentals, Home Depot Rentals, Neff Rental, Sunbelt Rentals, and United Rentals
• Construction & mining under application are estimated to grow at a CAGR of 5.0% between 2023 and 2033
• North America and Europe are expected to hold a market share of 21.3% and 26.1% respectively during the end of 2023

“Electric or Hybrid-powered Backhoes are Likely to Rule the Market in Coming Years Creating Immense Growth Opportunities for the Rental Service Providers” says a Fact.MR analyst.

Market Growth Stratagems

companies are prioritizing personalized customer experiences through flexible rental terms, responsive support, and value-added services. To address environmental concerns and meet evolving preferences, they offer eco-friendly equipment options and promote sustainability practices, attracting environmentally conscious customers. These stratagems enable companies to leverage technological advancements and meet increasing customer demand for efficient and sustainable backhoe rental services.

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Eminent Player’s Key Stratagems

Eminent backhoe rental service providers are BlueLine Rental, Herc Rentals, Home Depot Rentals, Neff Rental, Sunbelt Rentals, and United Rentals

Many companies are focusing on expanding their backhoe rental fleet to cater to a wider customer base. They regularly invest in acquiring new backhoes and related equipment to meet the growing demand. By offering a diverse range of well-maintained and up-to-date machines, these companies attract more customers and increase their market share.

Backhoe rental service providers are also implementing merger and acquisition strategies to enhance their portfolio and customer base. For instance:

• In February 2023, United Rentals successfully acquired Able Equipment Rental, Inc., this acquisition create immense growth opportunities for the company by improving its market presence and customer base.
• In November 2022, Wagner Rental & Supply, a general rental firm with four locations, has been acquired by Sunbelt Rentals in the U.S.

Fact.MR has provided detailed information about the key rental service providers of the backhoe, their total fleet, service portfolio, and revenue growth, in the recently published report.

Key Companies Profiled

• Ahern Rentals
• BlueLine Rental
• Herc Rentals
• Home Depot Rentals
• Neff Rental
• Sunbelt Rentals
• United Rentals
  

Segmentation of Backhoe Rental Industry Research

• By Type:
  • Center Mount Backhoe
  • Side shift Backhoe
• By Engine Power:
  • Up to 80 HP
  • 80-100 HP
  • Over 100 HP
• By Digging Depth:
  • Under 10 Feet
  • 10-15 Feet
  • Over 15 Feet
• By End Use:
  • Construction & Mining
  • Agriculture & Forestry
  • Landscape & Maintenance
  • Other
• By Region:
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa
    

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What differences can the backhoe rental report make on the revenue impacts and strategies of businesses?

Fact.MR strives to provide comprehensive assessments of opportunities in various regions and technology segments. The study also offers an uncluttered data-driven insights into the growth avenues of the Backhoe rental and all its segments. Some of the ways the study can make a discernible impact are by offering evidence-based perspectives on:

• Attractiveness quotient of emerging product/technology types in various products in the Backhoe rental
• Micro-economics factors that may hamper the prospects of some of the key segments
• Recent spate of research and development (R&D) funding on key Backhoe rental
• New business models paving way for disruptions in demand dynamic of key segments
• Regional markets that will be future engine of growth and the industry trends that will support these markets
  

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the backhoe rental market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.

The study reveals essential insights on the basis of the type (center mount Backhoe and side shift backhoe), engine power (up to 80 HP, 80-100 HP, and over 100 HP), digging depth (under 10 feet, 10-15 feet, and over 15 feet), application (construction & mining, agriculture & forestry, landscape & maintenance, and other) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).

Check out more related studies published by Fact.MR Research: 

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Construction Equipment Attachment Market: The construction equipment attachment market size is poised to expand 1.3X in terms of value, and is foreseen to progress at a CAGR of 2.4% during the forecast period (2020 to 2030).

Construction Equipment Rental Market: The global construction equipment rental industry is expected to be worth US$ 121 billion in fiscal 2022, up from US$ 115 billion in fiscal 2021. The industry grew 4.3% year over year last year. From 2022 to 2032, the market is expected to grow at a CAGR of 4.3%, reaching a value of US$ 185 billion by the end of 2032.

Construction Equipment Repair and Maintenance Services Market: Introduction
With the advent of heavy construction equipment and the approach of construction companies to adopt more mechanized equipment and in turn an organized sector has made it mandatory for maintaining the fleet of equipment to perform to its optimum resulting in the growth of construction equipment repair and maintenance services market.

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