Global Construction Equipment Rental Market: Overview
A surge in the mining and construction activities, particularly in the developing parts of the world is likely to fuel growth of the global construction equipment rental market in the years to come. With the advent of various new technologies, such as mapping features, equipment service tracking, and automated service improvements, the global construction equipment rental market is likely to witness considerable growth in the years to come. Technological upgradation or enhancements provided by the manufacturers of original equipment are further expected to drive the renting services for construction equipment in the market.
Technological progress made in the heavy machinery and automotive sectors has ushered in several new features in the market, which is likely to play a catalytic role in driving the demand for rented construction equipment in the years to come. Manufacturers are emphasizing on the integration of high-end safety features, such as additional work lights, 360-degree camera visual, and lift assist. They are also focused toward offering systems that need less maintenance and better operational efficiency. However, features such as these do not come cheap and are not affordable to many of the small contractors and builders. Some builders who cannot afford such high-end machines opt for rental services for construction equipment, which is likely to trigger expansion of the global construction equipment rental market in the years to come.
Product, and region are the two important parameters based on which the global construction equipment rental market has been categorized. Such dissection of the market comes with the purpose to offer stakeholders with a detailed and clear analysis of the global construction equipment rental market.
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Global Construction Equipment Rental Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global construction equipment rental market is mentioned below:
- In March 2019, Canada-based Cooper Equipment Rentals Ltd. made an acquisition of an independent equipment rental company, Prime Rentals Ltd. The acquisition is likely to expand the reach of Cooper Equipment Rentals Ltd.
- In January 2019, French equipment renting service provider, Loxam’s wholly owned subsidiary in the UK, Nationwide Platforms Limited, acquired UK Platforms Limited. The latter specializes in the supply of powered access units and has around 3000 such units the country. This acquisition is likely to strengthen the position of Nationwide Platforms Limited, in provisioning powered access units.
Some of the prominent organizations in the global construction equipment rental market include the below-mentioned:
- Kanamoto Co. Ltd.
- H&E Equipment Services, Inc
- Taiyokenki Rental Co., Ltd.
- United Rentals Inc.
- Maxim Crane Works, L.P.
- Nishio Rent All Co. Ltd.
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Global Construction Equipment Rental Market: Key Trends
The global construction equipment rental market is marked with the prevalence of the following restraints, drivers, and opportunities.
Trend toward Automation to Support Rising Demand for these Rental Services
The growth of the global construction equipment rental market is estimated to be driven by the rapid growth of the construction sector, particularly in the developing nations. Much of the growth in the developing countries is ascribed to the augmented expenditure in the development of non-residential, residential, and infrastructure sectors. For instance, growing investments in the making of expressways, bridges, metros, smart cities, highways, and roads is likely to drive the demand for rented construction equipment. In addition, with the rising number of nuclear families, there is a need for construction of more houses, which also calls for rental services of construction equipment. All these factors are estimated to propel growth of the global construction equipment rental market in the years to come.
Furthermore, the rising trend toward automation is estimated to play an important role in driving the demand for rental of construction equipment. Renting out of construction equipment saves the cost of purchasing a new one and at the same time it also lessens operational cost, maintenance cost, and cost of labor. The cost saving factor is likely to work in favor of the growth of the global construction equipment rental market over the tenure of analysis. However, strict regulations pertaining to the emissions are likely to impede the development of the global construction equipment rental market in the near future.
Global Construction Equipment Rental Market: Geographical Analysis
North America is estimated to account for a sizeable chunk of the global construction equipment rental market and is expected to retain its territorial dominance over the period of assessment. Such growth of the North America market is ascribed to the rise in expenditure toward infrastructural constructions and sound growth of the residential construction sector. Despite such bright outlook, the present ongoing global pandemic paints a bleak picture for the region in the present times. Covid-19 has brought all activities, including construction, to a standstill and many have lost job. Hence, the market in North America is likely to suffer a setback temporarily.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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