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Heavy construction equipment rental market to depict appreciable growth prospects over 2019-2024

Author : Rahul Varpe | Published Date : 2019-04-02 

Global Market Insights has released a new research study on Heavy construction equipment rental market Analysis 2019-2024 inclusive of one or more factors covering regional opportunities, application landscape, product demand trends, and end-use portfolio of the industry over the forecast timeframe. The report also outlines the competitive framework of the Heavy construction equipment rental industry detailing the SWOT analysis and market share dominance of the prominent players.

Construction Equipment Rental Market to cross $140 billion by 2024. The rise in the construction of commercial and residential infrastructures is anticipated to drive the construction equipment rental market over the forecast timeline. Government institutions across various regions are making heavy investments on new construction projects as well as reconstructing the existing structures.

Asia Pacific Construction Equipment Rental Market is expected to reach over USD 40 billion by 2024. The emerging trend of the organizations toward renting of heavy construction equipment will have a positive impact toward the industry demand. Rising wage rates in China coupled with the changing consumption patterns are generating a huge demand for the rental machinery.

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The growth can be attributed to the rising number of high-scale infrastructure projects undertaken by the government such as Chardham Highway Project, Setu Bharatam Project, Bharatmala Project, and Gujarat-Gorakhpur Gas Pipeline. Countries including India will witness a significant growth over the forecast timeline.

Construction Equipment Rental Market, By Product

  • Earthmoving & Road Building Equipment
    • Backhoes
    • Excavators
    • Loaders
    • Compaction Equipment
    • Others
  • Material Handling & CranesStorage & Handling Equipment
    • Engineered Systems
    • Industrial Trucks
    • Bulk Material Handling Equipment
  • Concrete Equipment
    • Concrete Pumps
    • Crushers
    • Transit Mixers
    • Asphalt Pavers
    • Batching Plants

Rising disposable income coupled with the enhancement in living standards of individuals across the emerging economies is leading to growing investments in shopping malls, recreation centers, and amusement parks. These infrastructure projects generally have stringent timelines, compelling the construction companies to rent machinery instead of purchasing, considering it as a more profitable approach.

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Increasing number of aging infrastructures in countries including Japan and the U.S. led the regional governments to restore them with sturdy structures, which is expected to generate a significant demand for the construction equipment rental market. In addition, the industry is currently witnessing an increase in demand pertaining to the growing number of smart city projects undertaken by various regional governments. The ever-increasing rate of accidents in work-sites is compelling construction firms worldwide to make use of advanced machinery, reducing the amount of manual labor. Several benefits offered by renting heavy construction machinery include the reduction in overhead expenses followed by the lowering of technical and other maintenance charges contributing to the construction equipment rental market growth. In addition, renting helps the construction companies to reduce overall project costs, transportation, and servicing-related costs.

Major players operating in the construction equipment rental market include United Rentals, Ashtead Group, Cramo PLC, Ahern Rentals, Loxam Group, Nesco Rentals, Herc Holdings, Blueline Rentals, Caterpillar, Inc., and Shanghai Hongxin Equipment Engineering Co., Ltd. The construction equipment rental market is highly fragmented and is witnessing increasing competition due to the presence of a large number of regional as well as international players. The industry players are increasing their focusing on integrating the latest technologies, such as RFID, GPS, IoT, and telematics, into the machinery to provide improvised rental solutions and enhance the fleet utilization.

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. 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 online. Apart from being an avid reader, his other hobbies include music and sketching. He can be contacted at- [email protected] | https://twitter.com/varperahul

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