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 intelligence report by TMR is the outcome of intense study and rigorous assessment of various dynamics shaping the growth of the market. TMR nurtures a close-knit team of analysts, strategists, and industry experts who offer clients tools, methodologies, and frameworks to make smarter decisions. Our objective, insights, and actionable analytics provide CXOs and executives to advance their mission-critical priorities with confidence.

The scrutiny of the various forces impacting the dynamics of the market, and key and associated industries, guides enterprises in understanding various consumer propositions. Our clients leverage these insights and perspectives to enhance customer experience in the fast-paced business environment.

All our insights and perspectives are broadly based on 4 Pillars or Stages: ASBC-S, which offer an elaborate and customizable framework for the success of an organization. The essence and the roles of these in organizational successes are highlighted below:

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The study presents scrutiny of region-specific consumer and technology trends, including the most recent industry dynamics. These broadly cover but not limited to

  • North America, South America, and the Americas
  • Asia Pacific and Japan
  • Europe
  • Latin America
  • Middle East and Africa

The study offers data-driven insights and guidance of several aspects. Some of the more notable questions are:

  • What are the major recent trends that can influence the product life cycle and the RoI?
  • Which regulatory trends shape corporate-level, business-level, and functional-level strategies?
  • Which micromarketing initiatives of leading players will bring in investments?
  • What can be the best framework and tools for PESTLE analysis?
  • Which regions will witness rise in new opportunities?
  • Which are the game-changing technologies being used to capture new revenue streams in the near future?
  • Which operational and tactical frameworks are being adopted by various players in gaining customer loyalty?
  • What is the current and expected intensity of competition the market in the near future?

Disclaimer: This market research study is an ongoing effort and extreme care has been taken to maintain the highest levels of accuracy at all stages. However, in the light of the rapidly evolving business dynamics, some region-specific or other segment-specific changes may take time to be part of the study.

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Construction Equipment Rental Market