Dublin, July 14, 2023 (GLOBE NEWSWIRE) -- The Global Forklift Rental Market 2023-2028 report has been added to ResearchAndMarkets.com's offering.
The global forklift rental market is expected to reach USD 8.17 billion, registering a CAGR of 4.78% over the next five years.
The COVID-19 pandemic is likely to have a positive impact on the forklift rental industry for the foreseeable future. Renting equipment can provide several long-term benefits for dealers and users. A key takeaway is that, in the long run, renting will be far more profitable than owning. When an equipment dealership offers rentals, it is investing in future revenue streams with the potential for extremely high returns. Furthermore, by renting a forklift, the company gains some monetary benefit that can be used for other purposes.
Over the long term, renting forklifts is becoming more popular among contractors and e-commerce firms due to the high initial purchase cost of a new forklift. The demand for forklift rentals has increased as a result of market factors such as high taxes, maintenance costs, high depreciation costs, and equipment insurance requirements for new machines. Industries are also dynamic and heavily influenced by changes in the market. Renting equipment helps protect the company from unexpected financial instability.
The rental of a wide variety of cutting-edge equipment is also helping to boost market revenue. Several emerging trends in the automation sector have led to an increase in forklift rental market share following the pandemic. Moreover, with more people shopping online, there is a greater need for warehouse and logistics specialists, such as forklift operators and mechanics. The trajectory of e-commerce is increasing demand for forklift operators and other logistics personnel in two ways: higher volumes of online orders necessitate more staff to fulfill them, and as the e-commerce sector becomes more competitive, consumers pressurize retailers to increase delivery speed and efficiency.
Along with forklift operators, the rise in e-commerce will most likely benefit forklift suppliers, manufacturers, and engineers. In 2021, retail e-commerce sales in the United States surpassed USD 900 billion, including digital services. However, a significant constraint to growth in the global market is a lack of trained labor.
In the coming years, the Asia-Pacific region is anticipated to experience significant growth. Governments of emerging economies in Asia are heavily investing in the construction of roads, airports, dams, and special economic zones to improve trade, increase connectivity, and strengthen the region's economy. These initiatives have caught the attention of major manufacturers of construction equipment, who are now motivated to invest heavily and establish a presence in the area.
For instance, GIKEN and AKTIO Corporation work together in the rental business. AKTIO Corporation is one of the industry's leading construction equipment rental companies. The company recognizes this business alliance as a significant step toward reaching JPY 100 billion (around USD 739 Million) in sales in 10 years as a 2024 Mid-term Management Plan. To meet rising demand, the company will use AKTIO's extensive network to accelerate the development of new customers and establish the supply structure for press-in machinery.
Through a proposal-based construction equipment rental service called 'RensultingR,' AKTIO works with various construction companies and specialty contractors. AKTIO will be a strong partner for GIKEN in customer development. By utilizing AKTIO's various channels, GIKEN hopes to increase its user base, and AKTIO hopes to increase its revenue by adding SILENT PILERTM to its line of products. The 'Construction Revolution' will continue to advance thanks to the synergistic effects of this business partnership, ushering in a new era of construction.
Forklift Rental Market Trends
- Forklift Rental is Expected to Witness Considerable Market Growth Over the Forecast Period
- North America is Expected to Hold a Considerable Share in Target Market
Forklift Rental Market Competitor Analysis
The forklift rental market is fragmented, with the presence of several domestic and international players operating in the market. Partnerships, mergers, and acquisitions happen in the forklift rental industry. To install the newest features and technologies that will make the vehicle suitable for the needs of customers right now, OEMs are producing white-label vehicles for technology companies. For example,
- In October 2022, H&E Equipment Services Inc. acquired One Source Equipment Rentals Inc. With the completion of the transaction, H&E expanded its branch network by 10 equipment rental locations. These locations include initial locations in Illinois, Indiana, and Kentucky. Furthermore, the company will expand its operational presence in the southern United States while investing approximately USD 138 million in the fleet, as measured by the original equipment cost.
- In June 2022, to assist in the decarbonization of the construction and equipment rental industries, Sunbelt Rentals, a rental company for forklifts, and Britishvolt will collaborate closely to support the development of heavy plant and equipment battery solutions. Britishvolt, a leader in battery technology, has begun a strategic partnership with the largest equipment rental company in the United Kingdom to support the construction of the business's first fully operational 38 GWh battery Gigaplant in Northumberland and to foster 'economies of carbon.'
Additional benefits of purchasing the report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Value in USD Billion)
5.1 Load Type
5.1.1 3.5 Tons
5.1.2 10 Tons
5.1.3 Above 10 Tons
5.2 End-Use Type
5.2.1 Construction
5.2.2 Automotive
5.2.3 Aerospace & Defense
5.2.4 Warehouse and Logistics
5.2.5 Other End-Use Types
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Rest of World
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 Caterpillar Inc.
6.2.2 Crown Equipment Corporation
6.2.3 Sunbelt Rentals Inc.
6.2.4 Toyota Industries Corporation
6.2.5 Combilift DEpot
6.2.6 Herc Rentals Inc.
6.2.7 H&E Equipment Services Inc.
6.2.8 AHERN RENTALS
6.2.9 United Rentals Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/8rpxxs
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Attachments
- Forklift Rental Market Breakdown Of The Global Lift Truck Industry In 2021 By Class In
- Forklift Rental Market Forklift Rental Market Revenue Share By Country 2021
