Dublin, March 03, 2023 (GLOBE NEWSWIRE) -- The "Construction Equipment Rental Market By Application, By Product, By Propulsion System: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global construction equipment rental market was valued at $107,947.8 million in 2021, and is projected to reach $168,728.5 million by 2031, registering a CAGR of 4.5% from 2022 to 2031.
The construction equipment rental is the service to rent out construction equipment to end users for a certain period of time by signing contracts with terms and condition about their usage. Construction equipment are majorly used at construction mining sites to facilitate heavy operations.
Construction equipment rental market growth is driven by increase in construction & mining activities in developing nations of Latin America and Africa regions.
In addition, additional expenses incurred due to maintenance of the equipment, excessive operational cost, and high wages of skilled operators can be saved by renting equipment for the required time, which significantly contributes toward the growth of the global market. Moreover, high initial investment required to buy equipment and financial constraints can be avoided by opting for the rental equipment, thereby augmenting the market growth.
However, a dearth of skilled labors is a major factor restraining the growth of the global market. Moreover, saturation in construction and mining industry in developed nations is another factor that hampers the growth of the construction equipment rental market.
Furthermore, lockdown implemented due to the outbreak of COVID-19 has led to either decline in construction activities or have come to a complete halt. This led to cancellation of equipment contracts by end users with rental companies, thereby declining the business during the lockdown period. However, reopening of construction sites and introduction of vaccines for COVID-19 are anticipated to lead to re-initiation of construction equipment rental market companies and construction industry at their full-scale capacities.
On the contrary, manufacturers are developing advanced equipment, which can be operated by connecting them through internet. Moreover, integration of IoT will help to overcome the shortage of skilled labors and enhanced safety of operators and end users. These factors are anticipated to offer remunerative opportunities for the expansion of the global construction equipment rental market during the forecast period.
The global construction equipment rental market is segmented into application, product, propulsion system, and region. The applications covered in the study include excavation & mining, material handling, earthmoving, and concrete. On the basis of product, is the market is divided into backhoes & excavators, loaders, crawler dozers, cranes, forklift, and others. By propulsion system, it is differentiated into electric and ICE. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players profiled in the heavy construction equipment rental market include Boels Rental, H&E Equipment Services, Herc Rentals Inc., Kanamoto Co., Ltd., Loxam (Ramirent), Maxim Crane Works, Nesco Holdings, MTANDT Rentals Limited, Sarens n. v. /s. a. and United Rentals, Inc. Major companies in the market have adopted business expansion and acquisition as their key developmental strategies to offer better products and services to customers in the heavy construction equipment rental market.
Key Benefits
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the construction equipment rental market analysis from 2021 to 2031 to identify the prevailing construction equipment rental market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the construction equipment rental market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global construction equipment rental market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Application
- Excavation and Mining
- Material Handling
- Earthmoving
- Concrete
By Product
- Backhoes and Excavators
- Loaders
- Crawler Dozers
- Cranes
- Forklift
- Other
By Propulsion System
- Electric
- ICE
By Region
- North America
- U. S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Report Metrics:
| Report Attribute | Details |
| No. of Pages | 220 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $107947.8 million |
| Forecasted Market Value (USD) by 2031 | $168728.5 million |
| Compound Annual Growth Rate | 4.6% |
| Regions Covered | Global |
Market Dynamics
Drivers
- No high ownership cost & financial constraints
- Surge in construction activities in developing countries
- Reduction of expenses such as maintenance cost, labor cost, and operational costs
Restraints
- Decrease in new construction activities in developed nations
- Lack of skilled and qualified operators
Opportunities
- Ease of relocation and high efficiency with IoT technology
Key Market Players
- Maxim Crane Works
- MTANDT RENTALS LIMITED
- Boels Rentals
- Sarens NV
- H&E Equipment Services Inc.
- Kanamoto Co. Ltd.
- Herc Rentals Inc.
- NESCO HOLDINGS, INC. (NESCO SPECIALTY RENTALS)
- Ramirent ab
- United Rentals, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/7985nr
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