Construction Equipment Rental Market Size - Industry Growth Report To 2026
Category: #business  By Rahul Varpe  Date: 2021-02-23
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Construction Equipment Rental Market Size - Industry Growth Report To 2026

As per reports, the global construction equipment rental market size will reach a yearly valuation of more than USD 155 billion by 2026.

Europe construction equipment rental market could observe an exponential CAGR through 2026. This can be owed to the growing efforts undertaken by the European Union (EU) towards the development of smart cities in the region. To elaborate, the EU is in the process to establish over 300 smart cities across Europe by the end of 2021.

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Increasing investments by the private sector towards the development of new infrastructure will enhance the construction equipment rental market outlook through the coming years. Several government authorities are working towards providing funds for the refurbishing and maintenance of the existing public establishments. For instance, the U.S. government allocated an amount close to USD 60 million in 2019 for the maintenance, repair, as well as preservation of the old buildings across the country.

The construction equipment rental market share from the material handling & cranes segment is anticipated to reach a substantial level in the next few years. This can be attributed to the robust economic development across the globe that has led to a higher need for material movement. The rising concern towards safety in working environments across industrial facilities besides the expansion of verticals like wireless technologies, robotics, and flexible electronics will drive the adoption of rented concrete equipment & cranes.

Furthermore, severe laws regarding labor safety have been implemented across various nations like Germany, France, and the U.K. The prominent presence of some of the leading construction OEMs like Liebherr Group and Volvo will drive the formation of various construction equipment rental associations in the continent.

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The rise in consumer awareness related to vehicular emissions has pushed the construction firms and their contractors to take up efforts to reduce their carbon footprint. This has resulted in increased adoption of electric construction equipment.

The construction equipment rental companies are focused on R&D investments to enhance their rental portfolio with advanced equipment to meet the surging client requirements. For instance, Boels Rental inked an investment of close to USD 35 million in 2019, to upgrade its construction equipment rental fleet with novel JCB machines that are deployed with telematics technology.

These firms are also keen on marketing strategies like mergers, partnerships, and acquisitions to expand their global presence and sustain competition. For instance, Able Equipment Rental, in December 2020, acquired the equipment assets as well as service operations of New Jersey-based GAR Equipment. United Rentals, Inc., Mtandt Rentals Limited, Unirent LLC, Aktio Corporation, Ahern Rentals, Inc., and Caterpillar Inc. are some of the other participants in the construction equipment rental market.

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Equipment manufacturers, including Caterpillar, Inc., and Volvo Group are consistently offering construction equipment rental services to cater to the rising needs of the customers. Also, the influx of construction equipment rental software deployed with technologies like IoT, Digital Twins, and telematics is helping these rental providers to manage records pertaining to equipment usage and reduce downtime.

The current COVID-19 pandemic has drawn a negative impact on the residential real estate industry, besides stalling the construction of newer residential establishments. Also, the growth in government efforts to reduce the economic and health-related impact caused by the pandemic has declined the expenditure towards construction activities. However, with the normalization of all operations across most of the sectors, the activities in the construction industry have now picked up momentum.

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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