The construction equipment rental market is estimated to be USD 98.6 billion in 2019 and is projected to reach USD 121.6 billion by 2024, at a CAGR of 4.3% from 2019 to 2024
The construction equipment rental market is projected to grow at a CAGR of 4.3% between 2019 and 2024
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NEW YORK, Sept. 16, 2019 /PRNewswire/ -- The construction equipment rental market is estimated to be USD 98.6 billion in 2019 and is projected to reach USD 121.6 billion by 2024, at a CAGR of 4.3% from 2019 to 2024. Growing infrastructure activities in emerging nations and developed construction equipment rental industry in North America and Europe is expected to drive the growth of construction equipment rental market during the forecast period. Preference towards rental for construction rather than purchase is expected to fuel the growth of construction equipment rental market during the forecast period.
The earthmoving segment is projected to drive the market for construction equipment rental market during the forecast period
Based on equipment, the construction equipment rental market is categorized into earthmoving, material handling, and road building & concrete.Among these, the earthmoving segment is projected to lead the construction equipment rental market during the forecast period.
This is due to the wide acceptability, mobility, and ease of operation, coupled with the high cost of excavators, making rental a more viable option.
Increasing infrastructure construction activities, such as roads, highways, metros, and airports are expected to drive the growth of the excavators segment of the construction equipment rental market
Based on product, the construction equipment rental market is segregated into excavators, backhoes, loaders, crawler dozers, cranes, concrete pumps, compactors, transit mixers, concrete mixers, and others.Among these, the excavators segment is projected to lead the market due to increase in infrastructure construction activities, such as roads, highways, metros, airports, bridges, along with refurbishment and redevelopment activities associated with residential construction.
The cranes segment is projected to grow at the highest CAGR during the forecast period.
North America is estimated to account for the largest share of the market in 2019 and is also projected to lead during the forecast period
The North America region is projected to be the largest, whereas the Asia Pacific region is projected to grow at the highest CAGR in the construction equipment rental market during the forecast period.Increasing investments in construction and rising population in the Asia Pacific region are expected to lead to the increasing demand for construction equipment on rental basis, and the trend is expected to continue during the forecast period.
Europe accounted for the second-largest market share in 2018, however, the Asia Pacific is expected to outrank Europe to become the second-largest construction equipment rental market by 2024.
Breakdown of primary interviews for the report on the construction equipment rental market
• By Company Type – Tier 1 – 20 %, Tier 2 –45 %, and Tier 3 – 35 %
• By Designation – C-Level – 20 %, Director Level – 25 %, and Others – 55 %
• By Region –Europe- 50 %, North America – 20 %, Asia Pacific– 15 %, Latin America- 10 %, Middle East & Africa – 5 %
The globally leading construction equipment renting companies profiled in this report are United Rentals Inc. (US) (Belgium), United Rentals Inc. (US), Ashtead Group Plc (UK), Loxam (Paris), Herc Holdings Inc. (US), Aktio Corporation (Japan), Nishio Rent All Co. Ltd. (Japan), Kanamoto Co. Ltd. (Japan), Nishio Rent All Co. Ltd (Japan), Nikken Corporation (Japan), and Ahern Rentals (US), among others.
Research Coverage:
The report covers the construction equipment rental market based on equipment, product, and region.This report aims at estimating the size and future growth potential of the construction equipment rental market across various segmentation types.
The report also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.
Key Benefits of Buying the Report
From an insight perspective, this report focuses on various levels of analyses, which include industry analysis (industry trends) and company profiles. These insights together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the construction equipment rental market, high-growth regions, and drivers, restraints, opportunities, and challenges in the construction equipment rental market.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on various types of construction equipment on a rental basis offered by top players operating in the construction equipment rental market.
• Product Development/Innovation: Detailed insights into upcoming construction equipment rental based on type & weight lifting capacity, R&D activities, and new applications in various end-use industries in the construction equipment rental market.
• Market Development: Comprehensive information about the lucrative and emerging markets. The report analyzes the markets for construction equipment rental across different regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the construction equipment rental market.
• Competitive Assessment: In-depth assessment of strategies, products, and fleet capabilities of leading players in the construction equipment rental market.
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