Construction Equipment Rental Market worth over US $170 Bn by 2026

Construction Equipment Rental Market size is set to surpass USD 170 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

The proliferating construction industry due to the increasing urbanization and growing population across the globe is driving construction equipment rental market growth. With the rising population in the urban areas, the demand for better infrastructure and transportation facilities is increasing significantly. This also creates a huge market demand for advanced construction machinery. Renting construction equipment aids contractors to avoid initial purchase cost and it requires less maintenance & repair costs with no burden on the depreciation cost, attributing to the industry growth.

 

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The equipment rental companies provide skilled personnel along with rental services to ensure maximum safety of operators and crew working around them. The rental service providers also offer free transportation & installation services to enhance their market share. Furthermore, the availability of a wide range of products with flexible rental plans has led construction companies to opt for construction equipment rental services over purchasing new machines.
 

Analyst view: The increasing demand for electric construction equipment will drive the market size over the forecast timeline. Construction equipment rental service providers are deploying electric machines to support the adoption of zero emission equipment.
 

Controlling complex functional tasks and business operations, such as scheduling work orders and equipment lifecycle management, were the major market challenges in 2019. The equipment maintenance & repair costs along with additional efforts required for appropriate fleet management are further posing as challenges to the market outlook. Furthermore, the unavailability of skilled operators in Asia Pacific and Latin America is restricting the construction equipment rental market demand in the region, hampering the market size.
 

Rising demand for advanced material handling equipment to enhance the throughput & productivity

Based on product, the market is segmented into bulk material handling equipment, material handling & cranes, and earthmoving & road building equipment. The material handling & cranes segment accounted for around 10% of the market share in 2019. Increasing demand for automated & semi-automated material handling machines across the globe is driving the market. Conveyor systems are used at construction sites to efficiently transfer heavy loads from one place to another. Furthermore, construction companies are deploying a number of material handling trucks to carry heavy loads to large project sites, contributing to the construction equipment rental market growth.
 

The increasing demand for cranes in large projects, such as power stations, wind farms, and plant construction, will provide market opportunities over the forecast timeline. Crane rentals are gaining a high demand due to the requirement for low-cost machines from contractors with limited monetary resources. Construction companies & contractors require machines for a smaller period, compelling them to opt for construction equipment rental due to the high cost of purchasing new cranes. Furthermore, the companies offer professional installation & maintenance services, which provide renting convenience to customers further adding to construction equipment rental market demand.
 

Browse key industry insights spread across 300 pages with 297 market data tables and 32 figures & charts from the report, “Construction Equipment Rental Market Size, By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/construction-equipment-rental-market
 

Increasing demand for electric-powered construction equipment across North America

The implementation of stringent emission norms by the U.S. Environmental Protection Agency (EPA) has created the trend of electrically powered construction equipment in the industry. Several market players across North America including Ecoquipment Electric Equipment, Cooper Equipment Rentals, and Loxam are offering electric construction equipment rental services to cater to the changing market demands. For instance, in November 2019, Cooper Equipment Rentals deployed its first electric mini excavator in Canada. This battery-powered construction machine aids in reducing carbon footprints and achieving LEED certification, supporting market trends.
 

Equipment manufacturing companies including Volvo, Caterpillar, and Kobelco are launching new battery-operated loaders and excavators due to the increasing consumer demand for zero-emission vehicles in the U.S. For instance, In January 2019, Caterpillar announced the launch of its new all-electric 26 tons excavator with 300 kWh battery pack. These innovations will drive the construction equipment rental market growth over the forecast timeline.
 

The industry leaders are adopting new strategic alliances to expand their fleet size & offer new vehicles. The adoption of alliances also provides efficient services to gain enhanced market share and strengthen the market position. For instance, in July 2018, United Rentals acquired BakerCorp International Holdings, Inc. for approximately USD 715 million. The acquisition added around 25,000 units of fleet, 11 branches in Europe & 46 branches in North America, and about 950 employees to United Rentals’ business operation.
 

The companies operating in the construction equipment rental market share are also focusing on expanding their business in several other countries by acquiring regional players. For instance, in April 2017, Ashtead Group announced the acquisition of Pride Equipment Corporation to expand its business operations and presence in the U.S.
 

Some of the construction equipment rental service providers in the market include Cramo PLC., United Rentals, Inc., The Hertz Corporation, Mtandt Rentals Limited, Loxam Group, Aktio Corporation, Nesco Rentals, Boels Rental, Blueline Rental LLC, Unirent LLC, Caterpillar Inc., and Ahern Rentals, Inc.
 

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