DataM IntelligenceGlobal Construction Equipment Rental Market is expected to grow at a CAGR of 4.4% during the forecasting period ( 2022-2029).Market Overview
Construction equipment rental, also called plant hire in some countries (in the UK for instance), is a service industry providing machinery, equipment, and tools of all kinds and sizes (from earthmoving to powered access, from power generation to hand-held tools) for a limited period of time to end-users, mainly to construction contractors but also to industry and individual consumers.
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Market Dynamics
Increasing investment in infrastructure, growth in the construction industry, growing public-private partnership developments in housing and construction activities are some of the factors propelling the market growth.
The growth of the construction industry is the major factor responsible for the growth of the global construction equipment rental market. According to a survey report by the construction intelligence centre, the volume of construction industry output grew by 3.1% in 2018 compared to USD 10.6 trillion in 2017. Moreover, according to Oxford Economics, the volume of construction output will grow by 85% at a global level in 2030. Owing to the factors, the global construction rental market is anticipated to grow at a steady rate in the future.
On the other side, tracking of equipment movement and performance, fluctuating fuel prices are the major barriers hampering the market growth.
Market Segmentation
By Product
· Earthmoving Equipment
· Material-Handling Equipment
· Heavy Construction Vehicles
· Others
By Propulsion Type
· Diesel
· Gasoline
· CNG/LNG/RNG
By Drive
· Hydraulic
· Electric
· Hybrid
By Application
· Residential
· Commercial
· Industrial
· Infrastructure
Geographical Classification of the Global Market:
Geographically, global construction equipment rental market is segmented into North America, South America, Europe, Asia Pacific, and Middle East, and Africa. Among all, North America dominates the market due to high consumer spending, business investment in construction activities.
Consumer spending on construction activities continues to drive the growth in the US, supported by rising employment, household wealth, and real incomes coupled by tax benefits. According to trading economics, government of USA, the GDP from construction in the US increased to 646 USD billion in the Q3 2018 from 641.40 USD billion in the Q2 2018. Moreover, according to the United States Census Bureau, the total value of construction industry of the US increased from USD 1,276.3 billion in January 2018 to USD 1,279.6 billion in January 2019 witnessing a growth rate of 1.3%. Owing to these factors, the US construction rental market is anticipated to dominate the global construction equipment rental market in the future.
Construction Equipment Rental Market Competitive Analysis
Global construction equipment rental market is fragmented with the presence of many local and international players. However, H&E Equipment Services, Inc, United Rentals Inc., Herc Rentals Inc., and Hitachi Construction Machinery Co., Ltd are prominent players in the global construction equipment rental market.
The companies are more focused on the acquisition as part of their business strategy to consolidate market position. For instance, in January 2019, H&E Equipment Services, Inc. announced its entry into a definitive agreement to acquire We-Rent-It (WRI) with six branches serving the growing central Texas market.
Key Players Covered in the Global Market Report:
United Rentals Inc. is one of the major companies in construction equipment rental and is enhancing the market through acquisition. For instance, in December 2018, United Rentals, Inc. announced that United Rentals of Canada, Inc., a wholly-owned subsidiary of the company, has acquired WesternOne Rentals & Sales LP for a cash purchase price of approximately USD 90.4 million.
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The Full Report has the below insights.
The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
Visualize the composition of Construction Equipment Rental Market segmentation By Technology, service, By Application, and country, highlighting the key commercial assets and players.
By Product Type
By Propulsion Type
By Drive
By Application
Identify commercial opportunities in the Market by analyzing trends and co-development deals.
The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis, and pricing analysis.
Excel data sheet with thousands of Market-level 4/5 segmentation data points.
PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
Product mapping in excel for the key product of all major market players
The report will provide access to approximately 50+ market data tables, 40+ figures, and close to 180 pages.
Additional Benefits Post Purchase:
Unlimited Analyst support for a period of 1 year.
Any query regarding the scope offered will be addressed within 24- 48 hours.
An excel sheet with market numbers will be provided separately.
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