DUBLIN--(BUSINESS WIRE)--The "Construction Equipment Rental Market by Equipment (Earthmoving, Material Handling, Road Building & Concrete), Product (Backhoes, Excavators, Loaders, Crawler Dozers, Cranes, Compactors, Concrete Pumps), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Construction Equipment Rental Market is Estimated to be USD 98.6 Billion in 2019 and is Projected to Reach USD 121.6 Billion by 2024, at a CAGR of 4.3% from 2019 to 2024.
The globally leading construction equipment renting companies profiled in this report are United Rentals Inc. (US) (Belgium), United Rentals Inc. (US), Ashtead Group Plc (UK), Loxam (Paris), Herc Holdings Inc. (US), Aktio Corporation (Japan), Nishio Rent All Co. Ltd. (Japan), Kanamoto Co. Ltd. (Japan), Nishio Rent All Co. Ltd (Japan), Nikken Corporation (Japan), and Ahern Rentals (US), among others.
Growing infrastructure activities in emerging nations and developed the construction equipment rental industry in North America and Europe is expected to drive the growth of construction equipment rental market during the forecast period. Preference towards rental for construction rather than purchase is expected to fuel the growth of construction equipment rental market during the forecast period.
The earthmoving segment is projected to drive the market for construction equipment rental market during the forecast period
Based on equipment, the construction equipment rental market is categorized into earthmoving, material handling, and road building & concrete. Among these, the earthmoving segment is projected to lead the construction equipment rental market during the forecast period. This is due to the wide acceptability, mobility, and ease of operation, coupled with the high cost of excavators, making the rental a more viable option.
Increasing infrastructure construction activities, such as roads, highways, metros, and airports are expected to drive the growth of the excavator's segment of the construction equipment rental market
Based on product, the construction equipment rental market is segregated into excavators, backhoes, loaders, crawler dozers, cranes, concrete pumps, compactors, transit mixers, concrete mixers, and others. Among these, the excavator's segment is projected to lead the market due to increase in infrastructure construction activities, such as roads, highways, metros, airports, bridges, along with refurbishment and redevelopment activities associated with residential construction. The crane's segment is projected to grow at the highest CAGR during the forecast period.
North America is estimated to account for the largest share of the market in 2019 and is also projected to lead during the forecast period
The North America region is projected to be the largest, whereas the Asia Pacific region is projected to grow at the highest CAGR in the construction equipment rental market during the forecast period. Increasing investments in construction and rising population in the Asia Pacific region are expected to lead to the increasing demand for construction equipment on a rental basis, and the trend is expected to continue during the forecast period. Europe accounted for the second-largest market share in 2018, however, the Asia Pacific is expected to outrank Europe to become the second-largest construction equipment rental market by 2024.
- Benefits of Rental
- Increasing Construction Equipment Demand
- Shift in Trends Toward Rental
- Susceptibility of the Construction Industry to Economic Recession
- Low Rental Penetration in Emerging Nations
- Provision in the Tax Code and Adoption of Technology Provide Ample Opportunities for Contractors to Optimize their Rental Fleet and Generate More Revenue
- Increasing Investment in Infrastructure
- Labor Shortage May Lead to Automation
- Lack of Incentives and Favorable Tax Policy
Key Players Profiled
- United Rentals, Inc.
- Herc Holdings Inc.
- Ashtead Group PLC
- Aktio Corporation
- Loxam SAS
- Kanamoto Co. Ltd.
- Nishio Rent All Co. Ltd.
- H&E Equipment Services Inc.
- Nikken Corporation
- Cramo Group
- Ramirent PLC
- Maxim Crane Works, L.P.
- Sarens N.V.
- Taiyokenki Rental Co. Ltd.
- Ahern Rentals Inc.
- Boels Rental
Speedy Hire PLC
Other Key Players
- Coates Hire
- Sunstate Equipment Company
- Zeppelin Rental
- Liebherr Mietpartner
- Hitachi Construction Machinery Japan Co. Ltd.
- Recent Developments
- HSS Hire
- Ameco Inc.
For more information about this report visit https://www.researchandmarkets.com/r/wycotf