Selbyville, Delaware, Feb. 28, 2020 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on construction equipment rental market which estimates the global market valuation for construction equipment rental will cross US$ 170 billion by 2026. The rising number of construction activities coupled with increasing infrastructure investments will propel the market growth.
Government organizations across the globe are focusing on refurbishing the existing infrastructures and undertaking new construction projects for the overall economic development of the region, attributing to the construction equipment rental market growth. Furthermore, the rising demand for the completion of construction projects in the stipulated timeframe is leading organizations to rent equipment due to its several benefits such as reduction in installation, maintenance, and technical charges.
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Increasing government spending in several countries including China, India, and Brazil for the development of roads & highways will increase the adoption of concrete equipment, contributing to the construction equipment rental market development. For instance, the Indian government has initiated a road development program for the North East Indian region. Phase A of the project includes the upgrade of around 4,099 km of roads with a budget of approximately USD 3.3 billion, which is to be completed by 2021. This will surge the demand for concrete equipment including crushers, concrete pumps, and transit mixers over the forecast timeline.
Some major findings of the construction equipment rental market report include:
- The construction equipment rental market is primarily driven by increasing government & private sector spending on construction activities across the globe.
- Increasing government investments in public infrastructure development projects including airports, metro stations, roads, highways, and stadiums will drive the industry over the forecast timeline.
- Several construction equipment manufacturers, such as Volvo and Caterpillar, are offering equipment hiring services across the globe to cater to the increasing demand for rental construction machinery.
- The emergence of electric construction equipment in the rental industry will support market growth. Electric machines aid in reducing the overall carbon footprint of the construction projects, thereby getting LEED certification.
- Construction equipment rental service providers are focusing on strategic collaboration & partnership and merger & acquisition strategies to enhance their market share.
Browse key industry insights spread across 300 pages with 297 market data tables and 32 figures & charts from the report, “Construction Equipment Rental Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/construction-equipment-rental-market
The increasing European government investments in smart city development projects will propel the regional construction equipment rental industry growth. The European government is focusing on developing about 300 smart cities by 2020, providing lucrative opportunities for the market. Furthermore, the steadily increasing labor cost coupled with the rising need for LEED-certified building construction will surge the adoption of electric & automated construction machinery in Europe over the forecast timeline. Several equipment manufacturing companies including Volvo, JCB, and Liebherr are introducing electric models of construction machinery to support the adoption of zero-emission equipment.
Some of the leading market players are United Rentals, Inc., Nesco Rentals, The Hertz Corporation, Unirent LLC, Loxam Group, Cramo PLC., Aktio Corporation, Mtandt Rentals Limited, Boels Rental, Caterpillar Inc., and Ahern Rentals, Inc.
Several construction equipment rental market players are focusing on strategic acquisitions to enhance their business operations. For instance, in October 2018, United Rentals announced the acquisition of BlueLine from Platinum Equity for approximately USD 2.1 billion in cash. This aided the company to enhance its rental capacity across North America. Furthermore, market leaders are focusing on optimizing their fleet size to cater to the varying demand for construction equipment.
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Partial chapters of report table of contents (TOC):
Chapter 3. Construction Equipment Rental Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.2.1. Construction equipment landscape
3.2.2. Used construction equipment landscape
3.3. Industry ecosystem analysis
3.3.1. Pros and cons – rent vs purchase of construction equipment
3.3.2. Cost calculator – rent vs purchase of construction equipment
3.3.3. Technology providers
3.3.4. Vendor matrix
3.4. Technology & innovation landscape
3.4.1. Telematics
3.4.2. Electromobility
3.4.3. AI & machine learning
3.4.4. IoT
3.4.5. Drones
3.4.6. Robotics
3.5. Regulatory landscape
3.5.1. ISO standards
3.5.1.1. ISO 4310
3.5.1.2. ISO 8686
3.5.1.3. ISO 10245-1:2008
3.5.1.4. ISO 12480-1
3.5.1.5. ISO 23815-1
3.5.1.6. ISO 12482
3.5.1.7. ISO 23814
3.5.1.8. ISO 19432:2012
3.5.2. North America
3.5.3. Europe
3.5.4. Asia Pacific
3.5.5. Latin America
3.5.6. MEA
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. High initial costs of construction equipment
3.6.1.2. Implementation of advanced technologies in construction machinery
3.6.1.3. Increasing infrastructure investments across the globe
3.6.1.4. Rapidly developing Asia Pacific construction industry
3.6.1.5. Rising equipment rental demand in North America
3.6.1.6. Increasing rate of urbanization in the U.S.
3.6.1.7. Increasing infrastructure and industrial projects in Russia
3.6.1.8. Growing urbanization and safety concerns in India
3.6.1.9. Rapid infrastructure development in BRIC countries
3.6.1.10. Growing reconstruction and maintenance activities in Japan
3.6.2. Industry pitfalls & challenges
3.6.2.1. Cyclic instability of application industries
3.6.2.2. Lack of skilled and qualified operators
3.6.2.3. Optimizing fleet utilization
3.6.2.4. Lack of awareness
3.7. Growth potential analysis
3.8. Porter's analysis
3.9. Competitive landscape, 2019
3.9.1. Strategy dashboard
3.9.2. Investment landscape
3.10. PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform, offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.