Construction Equipment Rental Market by Growth Prediction and Regional Demand Analysis to 2026
Category: #headlines  By Rahul Varpe  Date: 2021-01-06
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Construction Equipment Rental Market by Growth Prediction and Regional Demand Analysis to 2026

Growing focus of contractors to avert the initial high purchase cost of construction machines will strengthen the construction equipment rental market outlook. Rise in the number of construction activities along with increasing public investments directed towards infrastructural development and refurbishment has fueled the demand for suitable equipment.

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Rise in government investments towards development of public infrastructure including airports, roads, metro stations, stadiums and highways will further boost the adoption of equipment renting services. There is also consistent Introduction of electric construction equipment in the rental industry. Electric equipment are reliable, quick and generally carry a LEED certification and help in reducing the overall carbon footprint of the construction projects.

European governments are making continuous investments in smart city development projects, with plans to develop around 300 smart cities by 2020. This is likely to provide lucrative opportunities for the construction equipment rental market service providers. Also, the steadily escalating labor costs along with growing need for LEED-certified building construction across the region may encourage the adoption of electric and automated construction machinery.

In emerging economies like China, Brazil and India, respective governments are making robust investments for the development of highways and roads, which is likely to fuel the adoption of concrete equipment. For instance, the government of India had started a road development program for the North East region of the country. The phase A of the project was to upgrade of around 4,099 km of roads with an approximate budget of USD 3.3 billion and has a completion timeline till 2021.

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Government organizations across the globe are making efforts to refurbish the existing infrastructure and are undertaking new construction projects, such as smart city initiatives, for the overall economic development of respective regions. Rising demand for the completion of construction projects within strict timelines is encouraging organizations to rent modern equipment.

Various equipment manufacturing companies such as JCB, Liebherr and Volvo are innovating electric models of construction machinery in line with the zero-emission equipment mandates. Rental firms are focusing on organic and inorganic strategies like acquisitions to enhance their business operations and customer reach.

Many benefits offered by rental services like reduction in maintenance, technical as well as installation costs favor construction equipment rental market trends. Key providers of rented equipment in the industry include United Rentals, Inc., The Hertz Corporation, Nesco Rentals, Unirent, Cramo, Loxam Group, Aktio Corporation, Boels Rental, Ahern Rentals and Caterpillar Inc.

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Some construction equipment manufacturers, including Caterpillar and Volvo are offering equipment renting services across the globe in a bid to cater to the mounting demand for rental construction machinery and equipment.

For instance, United Rentals had announced its acquisition of BlueLine from Platinum Equity in 2018, for USD 2.1 billion in an all cash deal. This aided the company to expand its rental business capacity across North America. In addition, construction equipment rental market players are focused on the optimization of their fleet size to cater to the escalating demand for construction equipment.

Related Reports: -

Used Construction Equipment Market: https://www.globenewswire.com/news-release/2020/11/01/2118099/0/en/Used-Construction-Equipment-Market-to-hit-USD-142-Bn-by-2026-Global-Market-Insights-Inc.html

Construction Equipment Market: https://www.globenewswire.com/news-release/2020/06/15/2047941/0/en/Construction-Equipment-Market-to-cross-USD-160-Bn-by-2026-Global-Market-Insights-Inc.html

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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