Asia Pacific Region to Dominate the Construction Equipment Rental Market By 2028
Rapid improvement in technology
and cost of construction equipment drives the growth of the global construction
equipment rental market in the forecast period, 2023-2028.
According
to TechSci Research report, “Construction Equipment Rental
Market- Global Industry Size, Share, Trends, Competition, Opportunity, and
Forecast, 2018-2028”, the global construction equipment rental market is
growing as a result of significant developments in the smart residential and
commercial building sectors, as well as government rules that benefit the
manufacturing industry. In the Asia-Pacific region, South America, and the
Middle East, where significant investments are being undertaken, heavy construction
equipment is in great demand.
This increases the demand for rental services.
The worldwide construction business is expected to
grow significantly in the following years due to better potential in the
infrastructure, residential, and nonresidential sectors. The second-largest
network of roads worldwide is in India. In the upcoming years, the government
plans to expand the roadways in response to the rising number of vehicles and
traffic. Furthermore, the Narmada Valley Development Project in India will be
constructed on the Narmada River in Central India. Additionally, projects such
as the Delhi-Mumbai Industrial Corridor, the National Highways Development
Project, and others strengthen the market demand for construction equipment
rental. The need for construction equipment is growing as a result of projects
like the chip production facility in Shanghai and the 4500 MW LNG thermal power
station in Vietnam. Additionally, projects such as the USD 98 billion High-Speed
Rail project in California, the USD 76 billion Dubailand project, and the
USD 5 billion Grand Ethiopian Renaissance Dam in Ethiopia boost demand for
the construction equipment. The demand for the rental market for construction
equipment is anticipated to increase in the upcoming years due to all the
development activities taking place throughout the world and the trend towards
rental services.
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Due to the rising costs of new construction
machinery, construction companies and contractors are becoming more interested
in renting construction equipment rather than buying it. Furthermore, large down payments
and a sizable investment from the business' operational expenses are required
for the purchase of new construction equipment. After-purchase overhead expenses for construction
equipment include loans, interest, insurance, permits, warehousing, and taxes.
As a result, many businesses prefer rental services to reduce direct overhead
costs as well as equipment delivery costs to job sites. Moreover, the time and
labor costs related to maintenance and repairs are lower and easier to manage
with rentals.
Based on equipment type earth moving machinery has more market shares and it is anticipated to lead the
market in coming years. Based on region Asia Pacific region is leading the
market due to many developing counties are investing in major projects which is
followed by North America and Europe. In Middle east and Africa region, rental
companies have expanded their fleet size for heavy lifting, as well as small
and medium lifting operations which further increases demand in upcoming years.
The global construction
equipment rental market can be segmented by equipment type by product
type, by application, by drive type, region and competitive landscape. Based on
equipment type, the market is segmented into earth moving machinery, material
handling machinery, general equipment. On the basis of product type, the market
is segmented into excavator, cranes, backhoe, trucks, Others. On the basis of
application, the market is divided into residential, road transport, energy
infrastructure, mining, others. Based on drive type, the market is segmented
into IC engine, hybrid drive. On the basis of region, the market is divided into
Asia-Pacific, Europe & CIS, North America, South America, Middle East &
Africa.
Some of the major companies operating in the Global Construction
Equipment Rental Market include:
- United Rentals Inc.
- Caterpillar Inc.
- Kanamoto Co. Ltd.
- Liebherr International AG
- Byrne Equipment Rental
- Hitachi Group
- H&E Equipment Services
- Loxam Group
- Sumitomo Corporation
- Herc Rentals Inc.
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The
maximum number development projects are in Asia-Pacific, which propelled the
sales of construction equipment in the region leading the global construction
equipment rental market. Also, increasing cost of construction equipment is expected
to drive the construction equipment rental market in the upcoming years,” said
Mr. Karan Chechi, Research Director with TechSci Research, a research-based
global management consulting firm.
“Construction Equipment Rental Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented
By Equipment Type (Earth Moving Machinery, Material Handling Machinery, General
Equipment), By Product Type (Excavator, Cranes, Backhoe, Trucks, Others), By
Application Type (Residential, Road Transport, Energy Infrastructure, Mining,
Others), By Drive Type (IC Engine, Hybrid Drive), By Region” has
evaluated the future growth potential of Global Construction Equipment Rental
Market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in the global construction
equipment rental market.
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