The construction equipment for rental has higher benefits like the companies need not worry about the shortage of labor. The equipment can complete the work without any economic loss. Due to this, the Construction Equipment Rental Market is reaching its peak.
The cost of new construction machines is driving the construction companies to incline toward construction equipment rental. Other factors such as maintenance, high taxes, high depreciation costs, and equipment insurance are contributing to the demand for equipment rentals. The construction sector is dynamic and influenced by market fluctuations. This construction equipment protects against the unpredictable financial downturns of the company. The availability of technologically advanced equipment is boosting the Construction Equipment Rental Market.
After the pandemic, the growing trends in the automation sector are a key driver of the market. The construction industry is gaining knowledge of the usage of rental equipment. These benefits led the contractors and construction companies towards growth. After the post-pandemic period, the demand for rental equipment in the construction of hospitals, laboratories, health care centers, and clinics was highly propelled. This will further drive the trend and share value of the market.
The Construction Equipment Rental Market will reach an extensive growth rate and CAGR of 5.15 %. During the historic forecast period in 2021, the market reached a value of USD 134.91 billion. The market will further value worth USD 212 billion for the ongoing forecast period by 2030.
The Construction Equipment Rental Marketis divided into products, material types, and distribution channels.
The product segment is categorized into various products such as Road building equipment, Cranes, Concrete pipes, Crawler dozers, Backhoes, Excavators, Loaders, Compaction Equipment, Earthmovers, Transit mixers, Concrete mixers, Asphalt pavers, Batching plants, Crushers, and Earthmovers.
Among these, the earthmovers and road-building equipment are highly used. The earthmovers are used in the oil and gas industry. At the same time, the road-building equipment is in road-building contracts.
The material type consists of Storage and handling equipment, Industrial trucks, Engineered system, and Bulk material handling equipment.
The distribution channel is segregated into the Infrastructure sector, the Non-residential sector, and the Residential sector.
Key Companies in the construction equipment rental market includes
Ahern Rentals, Inc.
Blueline Rental LLC
Shanghai Hongxin Equipment Engineering Co., Ltd.
United Rentals, Inc
The Construction Equipment Rental Market In-Depth Analysis covers prominent regions worldwide such as the Asia Pacific region, European region, American region, The Middle East & African region, and Latin America.
The Asia Pacific is the biggest market with various construction activities. The government is developing infrastructure to enhance its economic status, and this is driving the regional market. This region witnesses economic growth due to projects like s like highway construction, dams, airports, metro constructions, hydroelectric projects, etc.
The second biggest regional market of construction equipment rental market in North America. This region includes prominent countries like the US, Canada, and Mexico. The European region is the third-largest region for its technology development in various fields. The rest of the regions will acquire a good growth rate in the forecast period.
In June 2020, a global leader, H & E Equipment Services Inc, shifted its Georgetown branch to expand its facilities in the temple located in Texas.
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