Construction Equipment Rental Market To Reach USD 135.9 Billion By 2027

Global Construction Equipment Rental Market: Key Highlights

According to the new market research report “Construction Equipment RentalMarket by Equipment (Material Handling Machinery, Earth Moving Machinery, Concrete & Road Construction Machinery), by Product (Excavators, Loaders, Cranes, Backhoes, Crawler Dozers, Concrete Pumps, Transit Mixer, Concrete Mixer, Compactors, Others),by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global construction equipment rentalmarket is estimated to reach USD 135.9Billion by 2027 at a CAGR of around 4.2% during the review period.
Equipment, machinery, and various tools used at construction sites are rented for a limited period to the end customers. This concept is known as construction equipment rental and is also called as plant hire in some countries
Reduced disposable cost, no repair cost, flexibility to support demand, minimize equipment fleet, controls project cost, can gain access to the latest technology, and improve cash flow are some of the advantages of renting construction equipment
Earthmoving machinery such as excavators have a huge demand across the world owing to its wide application scope in construction, mining, and agriculture sectors.

Construction Equipment Rental Market

Global Construction Equipment Rental Market: Key Market Dynamics

Growing trends towards adoption of constructional equipment rental due to its advantages haveexpected to propel the growth of the market
Rising infrastructure development coupled with a variety of advanced construction equipment in a rental fleet has anticipated to drive the growth of the market
Shortage of workers faced by the industry due to lack of skilled labor has to lead to automation which has posed a major challenge to construction equipment rental market

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Global Construction Equipment Rental Market: Regional Overview

North America

North Americais anticipated to witness prominent growth in Construction Equipment Rentalmarket owing to the increasing investment in the residential sector. According to U.S. Census Bureau, as of July 2020, the 1,280,000 residential housing wascompleted in the U.S. Moreover, the presence of prominent rental players such United Rentals Inc., Herc Holdings Inc., and others operating in the U.S. and Canada has also expected to boost the market growth.

Asia-Pacific

Asia-Pacific is anticipated todominate the growth in Construction Equipment Rentalmarket during the forecasted period owing to heavy investments made in smart commercial and residential building sectors coupled with various government policies. Moreover, the region is witnessing growth in a number of metro construction, highway construction, Special Economic Zone (SEZ), airports, dams, and hydroelectric projects in order to sustain better connectivity, growing energy demand, and high-level industrial activities. For instance, Beijing Daxing – the world’s largest airport to be, and Jakarta to Bandung – Indonesia’s first high-speed rail route are two major projects for infrastructure development in the region. Additionally, the government initiatives such as Housing for All, Smart Cities Mission, Make in India, and Atal Mission for Urban Rejuvenation & Transformation (AMRUT) has expected add demand for construction equipment rental service.

Global Construction Equipment Rental Market: Key Players Overview

United Rentals, Inc.:

United Rentals, Inc. is one of the world’s largest equipment rental companies. The company has a strong global network with around 1,175 branches across North America and Europe. In North America, the company operates in 49 states and every Canadian province. In 2019, United Rentals, Inc, generated revenue of USD 9.3 billion. In October 2018, the company entered into an agreement to acquire the assets of WesternOne Rentals & Sales LP with an aim to expand its business in Western Canada.

Ashtead Group plc:

Ashtead Group plc is a UK-based company engaged in international equipment rental company. The company operates mainly in the U.S, Canada, and U.K under the brand name of Sunbelt Rental. Ashtead Group plc has more than 7,70,000 rental equipment assets and has a full range of construction and industrial equipment across a wide variety of applications. In March 2018, the company acquired Above & Beyond Equipment Rental LLC, and Above and Beyond of Fairfield County, Inc. (A&B), with an aim to increase its product range for the aerial work platform business.

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