Construction Equipment Rental Market to Witness 1.6X Growth, on back of High Cost of Next-Gen Construction Equipment, Finds Fact.MR
Published : 24 Mar 2020 Industry: Industrial Goods
An impetus in construction, mining, and agriculture sector globally, acts as a central driving force behind the growth of the construction equipment rental market. The high cost of procuring next generation construction equipment with features such as lift assist, predictive maintenance systems, and 360 vision cameras, heighten the demand for rental services. The global construction equipment rental market will grow 1.6X during the forecast period (2019-2029). Booming infrastructure development in emerging and developed countries will continue to generate demand for construction equipment rental services.
Key Takeaways of Construction Equipment Rental Market Study
- Earth Moving Machinery accounts for a majority share of more than 60% of the total market revenues. The versatility of applications of this product type coupled with favorable project developments in infrastructure, oil, gas, and power generation industries propel the demand for earth moving machinery.
- Concrete & Road Construction Machinery hold the second largest market value share of over 22% on the back of increasing need for land connectivity in developing countries.
- North America maintains its stronghold with over 49% share of the total market value. Early adopters in this region are exploring alternative fuel resources which employ construction equipment rental services for cost efficient exploration.
- East Asia and South Asia and Oceania offer the most remunerative opportunities owing to the rampant infrastructure development in emerging economies such as India, China, and Indonesia.
“The construction equipment rental market is consolidated with tier-1 players garnering most of the revenues. Front running organizations are constantly updating their equipment fleets with advanced technologies. Market players stand to benefit from increasing government investments in infrastructure development in emerging economies.” –Says the Fact.MR Analyst
Onsite Maintenance Services to Offer New Revenue Streams
Onsite service programs with the help of predictive maintenance and monitoring exhibits strong remunerative opportunities. Reducing the loss of time due to breakdowns, onsite maintenance services is a disruptive trend that benefits both parties. Customers can prevent loss of productive man-hours and construction equipment rental companies can garner sustainable revenue opportunities. Skill development of the workforce with the advancements in construction equipment technologies will give market players a competitive edge during the forecast period. Frequent mergers and acquisitions such as the March 2019 announcement of Prime Rentals Ltd. being acquired by Cooper Equipment Rentals Ltd. are projected to continue through 2029.
Find More Valuable Insights on Construction Equipment Rental Market
Fact.MR, in its new offering, provides an in-depth analysis of the global construction equipment rental market, displaying data on historical demand (2014-2018) and forecast data for the period, 2019-2029. The study provides readers with essential insights on the construction equipment rental market on the basis of product type (earth moving machinery, material handling machinery, and concrete & road construction machinery), across 5 key regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa).
About the Industrial Goods Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial Goods team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. For more industrial goods domain expertise, visit here.