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on January 8, 2024
Construction Equipment Rental Market size is expected to expand from USD 136.5 billion in 2023 to USD 258.75 billion by 2033, at a compound annual growth rate (CAGR) of 4.4% throughout the forecast period.
Construction equipment rental is an important aspect of the industry because it allows enterprises to access a wide range of equipment without incurring the significant upfront costs associated with purchasing, maintaining, and storing it. The construction machinery rental market is large and has been growing steadily over time. This rise is affected by factors such as urbanisation, infrastructure expansion, and the increasing complexity of building projects.
Construction projects in North America have expanded considerably as a result of increased infrastructure investment by public and private entities. This includes activities in utilities (water, energy), residential and business construction, and transportation (roads, bridges, airports). The market for equipment rentals is rising as a result of increased demand for construction equipment.
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When it comes to renting equipment, construction companies have a lot of leeway. They may choose specific equipment based on the needs of each job. They may change with initiatives as they occur because of their versatility, and they are not dependant on long-term ownership of expensive equipment. Furthermore, owning construction equipment necessitates maintenance costs. Because rental businesses are responsible for managing their rental fleet, construction companies save the costs and downtime associated with servicing and repairing equipment.
A lack of qualified operators may limit the utilisation of construction equipment. The equipment may be given to rental companies, but if there aren't enough competent operators to operate it effectively, the machine may remain idle, resulting in lost rental income. Inexperienced operators may not properly handle or maintain rental equipment, resulting in extended downtime due to malfunctions and maintenance requirements.
Insights by Product
The material handling and cranes segment was worth USD 15.75 billion in 2023. Material-handling equipment, such as forklifts, telehandlers, and conveyor systems, were in high demand as the e-commerce, warehousing, and logistics sectors expanded. Cranes, especially mobile cranes, tower cranes, and crawler cranes, were in great demand for building projects, particularly in congested urban areas.
Insights by Region
North America is anticipated to dominate the construction equipment rental market from 2024 to 2033. North America's construction equipment rental business was robust and continuously increasing. This boom was fueled by the expansion of infrastructure, a rise in construction activity, and the affordability of renting equipment rather than purchasing it.
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Asia Pacific will have the fastest market growth till 2033. The Asia-Pacific region was one of the fastest-growing markets for construction equipment rentals. The main drivers of this boom were rapid urbanisation, infrastructural expansion, and construction activity in a variety of industries.
Construction Equipment Rental Market Share:
Some of the prominent players in the construction equipment rental market include, Boels Rentals, H&E Equipment Services Inc., Herc Rentals Inc., Kanamoto Co., Ltd., NESCO Holdings, Inc., Maxim Crane Works, L.P., Mtandt Group, Ramirent AB, Sarens n.v./s.a., United Rentals, Inc.
Table of Contents (TOC) of Report:
Chapter 1. Methodology
- Market Definition
- Study Assumptions
- Market Scope
- Segmentation
- Regions Covered
- Base Estimates
- Forecast Calculations
- Data Sources
- Primary
- Secondary
Chapter 2. Executive Summary
Chapter 3. Construction Equipment Rental Market Insights
- Market Overview
- Market Drivers & Opportunity
- Market Restrains & Challenges
- Regulatory Landscape
- Ecosystem Analysis
- Technology & Innovation Outlook
- Key Industry Developments
- Partnership
- Merger/Acquisition
- Investment
- Product Launch
- Supply Chain Analysis
- Porter's Five Forces Analysis
- Threat of New Entrants
- Threat of Substitutes
- Industry Rivalry
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- COVID-19 Impact
- PESTLE Analysis
- Political Landscape
- Economic Landscape
- Social Landscape
- Technology Landscape
- Legal Landscape
- Environmental Landscape
- Competitive Landscape
- Introduction
- Company Market Share
- Competitive Positioning Matrix
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Fundamental Business Insights is global market research and consulting company which is engaged in providing in depth market reports to its various types of clients like industrial sectors, financial sectors, universities, non-profit, and corporations. Our goal is to offer the correct information to the right stakeholder at the right time, in a format that enables logical and informed decision making. We have a team of consultants who have experience in offering executive level blueprints of markets and solutions. Our services include syndicated market studies, customized research reports, and consultation.
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Posted in: Business