Construction Equipment Rental Market: Industry Overview, Top Key Players Analysis And Growth Factors by 2024 | Expert Review
Construction Equipment Rental Market Scope
The construction equipment rental market refers to the market for the rental of heavy construction equipment, such as bulldozers, excavators, cranes, and backhoes. These types of equipment are typically used in the construction, mining, and oil and gas industries. The construction equipment rental market is a growing market, as more and more construction companies and contractors are opting to rent equipment instead of purchasing it outright. Renting equipment can be a cost-effective solution for companies that do not have the financial resources to make large upfront purchases, or for companies that only need the equipment on a temporary basis. There are a number of companies that specialize in the rental of construction equipment, both at the local and national level. The construction equipment rental market will reach USD 121.6 billion by 2024, at a CAGR of 4.3% from 2019 to 2024. The research report on Construction Equipment Rental Market provides analysis by Equipment (Earthmoving, Material Handling, Road Building & Concrete), Product (Backhoes, Excavators, Loaders, Crawler Dozers, Cranes, Compactors, Concrete Pumps), Region - Global Forecast to 2024.
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Construction Equipment Rental Market Drivers
There are several factors that can drive the construction equipment rental market:
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Construction activity: The construction industry is a major driver of the construction equipment rental market. When there is an increase in construction activity, there is often a corresponding increase in the demand for rental equipment.
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Cost: Renting construction equipment can be more cost-effective than purchasing it, especially for small construction firms or those that only need the equipment for a short period of time.
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Lack of storage space: Some construction firms may not have the space to store large pieces of equipment, making rental a more practical option.
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Limited capital: Renting equipment allows construction firms to access the equipment they need without having to make a large upfront investment.
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Flexibility: Renting construction equipment allows firms to quickly and easily access a wide range of equipment as needed, providing them with flexibility to adapt to changing project requirements.
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Government regulations: Some governments may have regulations that encourage or require the use of rental equipment in order to reduce the environmental impact of construction projects.
- Susceptibility of the construction industry to an economic recession
Construction Equipment Rental Market Segmentation
The construction equipment rental market can be segmented in several ways, including by equipment, product and region
On the basis of equipment:
- Earthmoving
- Material Handling
- Road Building & Concrete
The earthmoving construction equipment segment is projected to lead the 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, earthmoving construction equipment accounted for the largest share of the construction equipment rental market.
On the basis product:
- Backhoes
- Excavators
- Loaders
- Crawler Dozers
- Cranes
- Concrete Pumps
- Compactors
- Transit Mixers
- Concrete Mixers
- Others
Excavators segment to lead the construction equipment rental market during the forecast period
Based on product, the construction equipment rental market is categorized into excavators, backhoes, loaders, crawler dozers, cranes, concrete pumps, compactors, transit mixers, concrete mixers, and others (asphalt pavers, finishers, dump trucks, industrial trucks, etc.).
On the basis of region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
North America is projected to be the largest market for construction equipment rental during the forecast period
Based on region, the construction equipment rental market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Among these, North America accounted for the largest share of the market.
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Construction Equipment Rental Market Key Players
- 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)
Key Highlights of the Construction Equipment Rental Market Research Report:
- The report summarizes the Construction Equipment Rental Market by stating the basic product definition, equipment, product and price, supply and demand ratio, market overview.
- Competitive landscape of all leading key players along with their business strategies, approaches, and latest Construction Equipment Rental market movements.
- It performs a comprehensive study of emerging players of Construction Equipment Rental business along with the existing ones.
- It accomplishes primary and secondary research and resources to estimate top products, market size, and industrial partnerships of Construction Equipment Rental business.
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