LONDON, Jan. 5, 2016 /PRNewswire/ -- Market outlook of the global construction equipment rental market
The equipment rental market is generally operated by third party suppliers or equipment manufacturers that offer used equipment on rent to the construction companies based on the project duration. The rapid growth of the construction industry is a significant factor that spurs the prospects for growth in this market during the forecast period. The recent increase in infrastructure development is one of the primary factors that drives growth in this market and results in its healthy CAGR of more than 7% by 2019.
Technavio market research analysts estimate eminent factors, such as the rising need to replace outdated equipment, to drive the prospects for growth in this market during the forecast period. Construction equipment like forklifts or tractors cannot be used after a certain point of time as the cost of maintenance outweighs the cost of investment. Consequently, it can be estimated that the need to replace obsolete or outdated equipment will increase rapidly so as to meet the operational demands of businesses. This is expected to propel the prospects for growth in this market during the forecast period.
Geographical segmentation of the construction equipment rental market
In this market study, Technavio market research analysts estimate the European region to account for an impressive market share of more than 40% by 2019. Robust growth in the construction industry, especially in countries like Poland, Spain, Germany, and France, is expected to drive the market for construction equipment rental in Europe.
Competitive landscape and key vendors
This market is primarily dominated by large vendors and is envisaged to witness substantial growth during the forecast period owing to the augmented demand for construction equipment. In regions like Asia and Middle East, the sale of equipment through rental is estimated to be low as the well-established vendors have not been able to effectively penetrate the market in this region.
Key vendors in this market are -
Other prominent vendors analyzed in this market research are ACCESS INDUSTRIE, Ahern Equipment Rental, American Equipment Company (Ameco), Finning, Maxim Crane Works, Sunstate Equipment Company, Quippo, and Gemini Equipment and Rentals.
Growth drivers, challenges, and upcoming trends: Equipment rental
Upcoming trends such as the introduction of fleet management software service by leading OEMs are rapidly gaining popularity as they provide equipment related information to the end users. This software provides information pertaining to equipment wear out, preventive maintenance forecasting, commercial repair tracking, and accident tracking. This information helps to reduce the operating and maintenance cost of construction equipment and also provides real-time information on the replacement of any particular attachment.
This report provides a number of factors contributing to the adoption, limitations, and opportunities of the construction equipment rental market. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.
Key questions answered in the report include
What will the market size and the growth rate be in 2019
What are the key factors driving the global construction equipment rental market
What are the key market trends impacting the growth of the global construction equipment rental market
What are the challenges to market growth
Who are the key vendors in the global construction equipment rental market
What are the market opportunities and threats faced by the vendors in the global construction equipment rental market
Trending factors influencing the market shares of the Europe, North America, Asia, and others
What are the key outcomes of the five forces analysis of the global construction equipment rental market
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