The Global Construction Equipment Rental Market is projected to reach a value of over USD 135.9billion by 2027 at a CAGR of around 4.2%.
Construction equipment rental is a service industry providing equipment, machinery, and tools of all kinds and size for a limited period of time to the final user.They are also known as plant hire in some of the countries. Renting construction equipment provides benefits such as it avoids the initial purchase cost, less maintenance & repair costs, shielding from market fluctuation, no depreciation cost, project-specific rent, and solves equipment storage issue.
Market Driver:
The benefits of construction equipment rental have been amplified owing to today’s economy and by considering the cyclical nature of the construction industry. Contractors, construction companies and various other industries are exploring the rental options which haveattributed tothe various benefits of renting equipment. This has lead to a significant shift from purchasing new equipment to the rental model among construction companies and the contractors. Moreover, many business leaders and economist foresee recession to be on the horizon which has further fuel the demand for rental equipment. For instance, the ongoing COVID-19 pandemic has widely affected economies across the globe. Additionally, several cost associated with the purchase of new equipment such as the cost of equipment ownership, the initial asset cost, and the tenure to pay off equipment financing, plus maintenance and repair costshaveshifted consumer focus on rental equipment. Thus, growing trends towards adoption of constructional equipment rental haveexpected to propel the growth of the market.
Market Challenge:
Construction equipment industry employs various works such as qualified mechanics, service technicians, and delivery drivers for different operations. These employs need to be skilled and professional in handling various types of machinery. However, such employees are difficult to be found in the industry. Shortage of workers is driving the construction equipment industry towards automation, for example, driverless vehicles. Thus, workers shortage faced by the industry due to lack of skilled labor has lead to automation which has posed a major challenge to construction equipment rental market.
The report on the construction equipment rentalmarket covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
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Report Features |
Specifics |
|---|---|
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Historical/Estimated/Forecasted Market Size Years |
2019-2027 |
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Base Year for Market Calculation |
2020 |
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Forecasted Period |
2021-2027 (2021 estimated year, forecasted up to 2027) |
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Measured Units |
Value (USD Million) |
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Segments Included |
Equipment, Product, and Region |
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Regional Coverage |
North America, Asia-Pacific, Europe, Middle East & Africa, South America |
For the scope of the report, In-depth segmentation is offered by Forencis Research
Construction Equipment Rental Market, by Equipment
Construction Equipment Rental Market, by Product
Construction Equipment Rental Market, by Region
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE CONSTRUCTION EQUIPMENT RENTAL MARKET STUDY
Note1: Tentative table of contents, may get updated during the course of research.
Note2: Company financial information is subject to availability in public domain
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE STUDY
