Global Construction Equipment Rental Market: Key Highlights
Global Construction Equipment Rental Market: Key Market Dynamics
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Global Construction Equipment Rental Market: Regional Overview
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 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. 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 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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