LONDON--(BUSINESS WIRE)--The global construction equipment rental market is poised to grow by USD 28.86 billion during 2020-2024, progressing at a CAGR of over 5% during the forecast period. Request free sample pages
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The market is driven by the increased investments in infrastructure. In addition, the rising focus on automatic guided vehicles (AGVs) is anticipated to boost the growth of the construction equipment rental market.
Various economies around the world are increasingly making investments in infrastructure projects and sports infrastructure and facilities. For instance, China proposed the construction of the Beijing International Airport by making an investment of about USD around 13.1 billion. Similarly, the FY2019 budget of the Government of India encouraged investments in several infrastructure development projects such as Bharatmala Pariyojana, Dedicated Freight Corridor (DFC), and more. Such investments boost construction activities and need for construction equipment such as industrial trucks, pallet trucks, and forklifts. The procurement of such equipment requires high initial investment and they also have high maintenance cost. They also require skilled personnel to operate the equipment efficiently. This is compelling end-user industries to opt for rental construction equipment instead of purchasing new equipment. Thus, the increased investment in infrastructure is expected to drive market growth during the forecast period.
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Major Five Construction Equipment Rental Market Companies:
Caterpillar Inc. operates the business under various segments such as Construction Industries, Resource Industries, Energy & Transportation, and Financial Products Segment. The company offers skid steer loaders, earthmoving machines, work tools and power generators equipment, excavators, pavers and compactors, and backhoes on rental basis.
Cramo Plc offers products through the following business units: Modular Space and Equipment Rental. The company offers access equipment and building site facilities, construction machinery, and high-quality functionality tools on rental basis. The company also provides modular space units and equipment.
HERC HOLDINGS INC.
HERC HOLDINGS INC. offers power generators equipment, excavators, and compaction & paving equipment on rental basis. The company also provides earthmoving machines and concrete & masonry equipment for construction purposes.
Jungheinrich AG offers products through the following business segments: Intralogistics and Financial Services. The company offers reach trucks, electric counterbalance trucks, pedestrian trucks, diesel and LPG counterbalance trucks, high-level order pickers, stackers, tow tractors, and low-level order pickers on rental basis.
KION GROUP AG
KION GROUP AG offers products through the following business segments: Industrial trucks and services, Supply chain solutions, and Corporate services. The company offers short-term and long-term forklift trucks on rental basis.
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Construction Equipment Rental Market Product Outlook (Revenue, USD Billion, 2020-2024)
Construction Equipment Rental Market Geographic Outlook (Revenue, USD Billion, 2020-2024)
- North America
- South America
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Related Reports on Industrials Include:
Construction Machinery Market – Global Construction Machinery Market by geography (APAC, Europe, MEA, North America, and South America) and product (earthmoving machinery, material handling machinery, concrete and road construction machinery, and other machinery).
Construction Equipment Market in Europe – Construction Equipment Market in Europe by geography (Germany, France, the UK, and the rest of Europe) and product (earthmovers, road equipment, concrete equipment, and cranes).
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