LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the full-service long-term earthmoving equipment rental market in Europe provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the full-service long-term earthmoving equipment rental market in Europe will grow at a CAGR of over 3% during the forecast period. The signs of an improving economy will emerge as significant factors that will drive the growth of the market.
The macroeconomic situation in the Eurozone countries has been showing signs of improvement when compared with the sluggish growth in 2015-16. The growth in Europe’s economy is driven by improved services and manufacturing Purchasing Managers’ Index (PMI), with Germany, France, Italy, and the Netherlands being at the helm of this growth.
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In this report, Technavio highlights telematics in the construction industry as one of the key emerging trends driving the full-service long-term earthmoving equipment rental market in Europe:
Telematics in construction industry
Telematics consists of remote communications and informatics that are used for fleet tracking or managing a group of vehicles and other assets. Telematics in the construction industry are classified into two categories, namely, on-road and off-road telematics.
One of the critical features of telematics is reporting data. Reporting helps in keeping managers updated with information related to human resources. This feature helps in ensuring that the right human resources are deployed at the right place and at the right time to complete the job. This technology also helps ensure the safety of human resources. Another salient feature of on-road telematics is the ability to monitor the movement of materials. This helps to ensure that materials are on site when required. It also helps the construction team to progress in accordance with planned schedules.
According to a senior analyst at Technavio for construction research, “Enhanced router planning allows managers to check when their vehicles traveled through private roads or off-road. This helps managers to analyze when their trucks were not on public roads, assisting them in claiming road user charges. The combination of all these features will assist managers in optimizing their operations, saving thousands of dollars.”
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Full-service long-term earthmoving equipment rental market in Europe segmentation
This market research report segments the full-service long-term earthmoving equipment rental market in Europe by product type (forklifts and telehandlers, cranes, hoists, and others) and by end-user (industrial, construction, and agriculture). This report also presents a geographical analysis based on Germany, France, Italy, Spain, and Benelux.
In 2017, the forklifts and telehandlers segment held 30% share of the market. It was followed by the cranes and hoists segments respectively. There is demand from major end-users such as the industrial and construction segment which will lead to an increase in demand for most of these product categories during the forecast period.
The signs of an improving economy such as PMI present a positive outlook for the industry. The PMIs for Germany and France were already high in September 2017 and have remained unchanged, while countries such as Italy and Spain recorded a significant increase in their PMIs, which augurs well for the growth of the market.
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