New York City, NY, 31 December, 2019/ 24 Market Reports: It is estimated for the construction equipment rental market to reach USD 121.3 billion by 2024 from that of USD 98.9 billion in 2019 witnessing the growth at a CAGR of 4.7% during the forecast period of 2019 to 2024. Increasing building & construction activities, especially in China, Japan, and India, recovering construction sector in Europe, increasing rental penetration in North America, coupled with the shift in trend towards rental due to various cost-benefits are the factors that are driving the growth of the market during the forecast period.
The earthmoving segment to lead the construction equipment rental market during the forecast period
Earthmoving, material handling and road building & concrete are the segmentation for the market based on equipment. In the year 2018, the earthmoving construction equipment accounted for the highest share in the construction equipment rental market and the trend is estimated to continue throughout the forecast period. Factors such as wide acceptability, mobility and ease of operation, coupled with the high cost of excavators are driving the growth of the market during the forecast period.
Cranes segment to witness the growth at the highest CAGR during the forecast period
It is estimated for the cranes' segment to witness the growth at the highest CAGR during the forecast period. Owing to their high price as well as maintenance cost, cranes are majorly rented rather than purchased. Various types of cranes are available in the market with different types of specifications and characteristics. These include mobile cranes and fixed cranes, which are extensively used in the building & construction industry.
Construction equipment with safety features come at a high price and thus cannot be afforded by small builders and contractors. Thus the small builders and contractors tend to rent this equipment which tends to not only save the cost but also reduces other experiences such as labour cost, maintenance cost, and operational costs. The cost of timely maintenance, repair, and checking is also avoided.
North America to lead the global construction market throughout the forecast period
Due to the recent boom in non-residential construction in the region, coupled with supporting investments from domestic and foreign investors and favourable policies, North America is expected to lead the global market during the forecast period. The region had also accounted for the largest share in the market in the year 2018. Non-residential construction activity, capital investments in the industrial sector, repair, maintenance, and overhaul services, government spending and demand for construction equipment rental for remediation and rebuilding efforts are the factors that are driving the growth of the market in the region during the forecast period.
Asia Pacific region to witness the growth at the highest CAGR during the forecast period
During the forecast period, it is expected for the Asia Pacific region to witness the growth in the market at the highest CAGR. The increasing building & construction activities, especially in China, Japan, and India, coupled with increasing investments from domestic & foreign investors in public & private sectors are the factors that are driving the growth of the market in the region during the forecast period.
The following are the major objectives of the study:
- To define, describe, and forecast the construction equipment rental market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the construction equipment rental market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for construction equipment rental market and their future potential during next decade?
- How competitive landscape is evolving in minimally construction equipment rental market?
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