The global construction equipment rental market to grow at a CAGR of 5.11% during the period 2017-2021.
The report, Global Construction Equipment Rental Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is growing trend of joint venture in equipment rental. An international collaboration of rental players is growing. Joint ventures among big construction equipment rental companies serve many purposes such as to obtain cost optimality in large-scale projects and increase the product portfolio. The joint venture can be a part of the growth strategy for some companies or help to gain the majority of market share.
According to the report, one driver in the market is rising need to replace outdated equipment. Increasing need to replace the outdated and obsolete equipment and rise in the rental service from the major vendors of the industry are expected to drive the global construction equipment rental market. Construction equipment such as dump truck, dozer, and grader, forklift, or tractors cannot be used after a certain point. The extended use of construction equipment will have a severe impact on the operational cost maintenance and repairs. On the other hand, rental companies are majorly focused toward providing excellent customer service in terms of machine performance and maintenance.