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The size of the world market for renting construction equipment was estimated at USD 187.49 billion in 2022, and it is anticipated to increase at a CAGR of 7.12% from 2023 to 2030. The growth in government investment on the construction of public infrastructure has encouraged construction and mining operations in emerging economies all over the world. This explains why there is a huge market need for construction machinery. Construction firms and contractors are becoming more interested in renting construction equipment as a result of the increase in the cost of new construction machinery. Additionally, the development of cutting-edge technology and an increase in automation are anticipated to fuel growth.
Industry development is predicted to be fueled by innovations like equipment service tracking & mapping and digital service for automated service upgrades. The pandemic has presented a significant issue that has caused global supply chain disruptions, forced the closure of various industrial facilities, and adversely impacted the infrastructure sector, which in turn has an impact on the rental of construction equipment. The market had more growth in 2021 as many rental businesses benefited from the uncertainties brought on by pandemics. After being hit by each COVID-19 wave, construction activity has been inconsistent, which is encouraging small and medium-sized construction firms to rent the equipment rather than buy it. Due to increased raw material price inflation, a lack of skilled labour, and high interest rates charged by construction companies, uncertainty is predicted to increase in the sector of construction. As a result, the market adoption of rental construction equipment is predicted to rise.
The efficiency and performance of construction equipment have risen as a result of the quick technical breakthroughs in the automotive and heavy equipment industries. The key players are mostly focused on creating machines that are smarter by integrating proprietary technology systems. The Telematics system gives quick details about the location and level of performance of both the vehicle and construction equipment. The system transmits information such as fuel usage, GPS location, and engine idling hours; nevertheless, the systems are quite expensive and out of reach for many small contractors and builders. Thus, by eliminating the total cost of ownership and offering rental options, the construction equipment rental service has resolved the problem. Renting construction equipment allows one to avoid incurring initial equipment purchase, maintenance, and inventory expenditures. The rental firms make more investments in their maintenance and repair in order to generate long-term profits from their products. In order to further broaden their product and service offerings, rental companies have been providing on-site support services to customers in remote locations.
6.3% considerable expansion is anticipated in Asia Pacific throughout the forecast period. Governments in emerging economies in Asia are heavily investing in the development of highways, airports, dams, and special economic zones (SEZs) in order to expand connectivity, improve commerce, and strengthen the general economy. These measures have caught the attention of major manufacturers of construction equipment, who are now eager to spend heavily and establish a presence in the area. Manufacturers of construction machinery from around the world, including Caterpillar, Hitachi, Liebherr, and Sumitomo Corporation, provide their goods and services in the area.
Report Coverage
Global Construction Equipment Rental research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Construction Equipment Rental report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Construction Equipment Rental competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Construction Equipment Rental market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Construction Equipment Rental market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Construction Equipment Rental market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Caterpillar; CNH Industrial N.V.; Doosan Corporation; Escorts Limited; Hitachi Construction Machinery Co., Ltd.; Hyundai Construction Equipment Co., Ltd.; J C Bamford Excavators Ltd.; Deere & Company.; Kobelco Construction Machinery Co., Ltd.; Komatsu Ltd.; Liebherr-International AG; Manitou BF; HÄ°DROMEK; Sany Heavy Industry Co., Ltd.; Sumitomo Heavy Industries, Ltd.; Terex Corporation; Volvo AB; Zoomlion Heavy Industry Science; Technology Co., Ltd
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Construction Equipment Rental market based on the below-mentioned segments:
Global Construction Equipment Rental Market, By Product
Earth Moving Machinery
Material Handling Machinery
Concrete and Road Construction Machinery
Global Construction Equipment Rental market, Regional Analysis
Industry development is predicted to be fueled by innovations like equipment service tracking & mapping and digital service for automated service upgrades. The pandemic has presented a significant issue that has caused global supply chain disruptions, forced the closure of various industrial facilities, and adversely impacted the infrastructure sector, which in turn has an impact on the rental of construction equipment. The market had more growth in 2021 as many rental businesses benefited from the uncertainties brought on by pandemics. After being hit by each COVID-19 wave, construction activity has been inconsistent, which is encouraging small and medium-sized construction firms to rent the equipment rather than buy it. Due to increased raw material price inflation, a lack of skilled labour, and high interest rates charged by construction companies, uncertainty is predicted to increase in the sector of construction. As a result, the market adoption of rental construction equipment is predicted to rise.
The efficiency and performance of construction equipment have risen as a result of the quick technical breakthroughs in the automotive and heavy equipment industries. The key players are mostly focused on creating machines that are smarter by integrating proprietary technology systems. The Telematics system gives quick details about the location and level of performance of both the vehicle and construction equipment. The system transmits information such as fuel usage, GPS location, and engine idling hours; nevertheless, the systems are quite expensive and out of reach for many small contractors and builders. Thus, by eliminating the total cost of ownership and offering rental options, the construction equipment rental service has resolved the problem. Renting construction equipment allows one to avoid incurring initial equipment purchase, maintenance, and inventory expenditures. The rental firms make more investments in their maintenance and repair in order to generate long-term profits from their products. In order to further broaden their product and service offerings, rental companies have been providing on-site support services to customers in remote locations.
6.3% considerable expansion is anticipated in Asia Pacific throughout the forecast period. Governments in emerging economies in Asia are heavily investing in the development of highways, airports, dams, and special economic zones (SEZs) in order to expand connectivity, improve commerce, and strengthen the general economy. These measures have caught the attention of major manufacturers of construction equipment, who are now eager to spend heavily and establish a presence in the area. Manufacturers of construction machinery from around the world, including Caterpillar, Hitachi, Liebherr, and Sumitomo Corporation, provide their goods and services in the area.
Report Coverage
Global Construction Equipment Rental research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Construction Equipment Rental report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Construction Equipment Rental competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Construction Equipment Rental market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Caterpillar; CNH Industrial N.V.; Doosan Corporation; Escorts Limited; Hitachi Construction Machinery Co., Ltd.; Hyundai Construction Equipment Co., Ltd.; J C Bamford Excavators Ltd.; Deere & Company.; Kobelco Construction Machinery Co., Ltd.; Komatsu Ltd.; Liebherr-International AG; Manitou BF; HÄ°DROMEK; Sany Heavy Industry Co., Ltd.; Sumitomo Heavy Industries, Ltd.; Terex Corporation; Volvo AB; Zoomlion Heavy Industry Science; Technology Co., Ltd |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Construction Equipment Rental Market from 2021 to 2030.
- Market Forecast for Construction Equipment Rental Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Construction Equipment Rental competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Construction Equipment Rental
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Construction Equipment Rental market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Construction Equipment Rental market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Caterpillar; CNH Industrial N.V.; Doosan Corporation; Escorts Limited; Hitachi Construction Machinery Co., Ltd.; Hyundai Construction Equipment Co., Ltd.; J C Bamford Excavators Ltd.; Deere & Company.; Kobelco Construction Machinery Co., Ltd.; Komatsu Ltd.; Liebherr-International AG; Manitou BF; HÄ°DROMEK; Sany Heavy Industry Co., Ltd.; Sumitomo Heavy Industries, Ltd.; Terex Corporation; Volvo AB; Zoomlion Heavy Industry Science; Technology Co., Ltd
Primary Target Market
- Market Players of Construction Equipment Rental
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Construction Equipment Rental market based on the below-mentioned segments:
Global Construction Equipment Rental Market, By Product
Earth Moving Machinery
Material Handling Machinery
Concrete and Road Construction Machinery
Global Construction Equipment Rental market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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