The global construction equipment rental market is expected to grow at a CAGR of 4.4% during the forecast period (2022-2029).
Construction equipment hire, also known as plant hire in some countries (e.g. UK), is a service industry supplying machinery, equipment and tools of all kinds and sizes (from earthmoving to motorized access, from electricity generation to portable tools) for a limited period of time to end users, mainly construction contractors, but also industry and individuals.
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Rising investment in infrastructure, growth in the construction sector, increasing development of public-private partnerships in housing and construction activities are some of the factors propelling the growth of the market.
Growth in the construction industry is the main factor responsible for the growth of the global construction equipment rental market. According to a survey report by the Construction Intelligence Center, the construction industry’s output volume increased by 3.1% in 2018, from $10.6 trillion in 2017. In addition, According to Oxford Economics, the volume of construction output will increase by 85% on a global level in 2030. Due to these factors, the global rental construction market is expected to grow at a steady pace in the future.
On the other hand, the tracking of equipment movements and performance, fluctuating fuel prices are the major impediments for the growth of the market.
· Heavy construction vehicles
By engine type
Geographical classification of the global market:
Geographically, the global construction equipment rental market is segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. Among all, North America dominates the market due to high consumer spending and business investment in construction activities.
Consumer spending on construction activities continues to drive growth in the United States, supported by rising employment, household wealth and real incomes coupled with tax benefits. According to Business Economics, the United States Government, construction GDP in the United States increased from $641.40 billion in Q2 2018 to $646 billion in Q3 2018. Additionally, according to the Census Bureau of United States, the total value of the construction industry in the United States increased from USD 1,276.3 billion in January 2018 to USD 1,279.6 billion in January 2019, a growth rate of 1.3 %. Due to these factors, the US construction equipment rental market is expected to dominate the global construction equipment rental market in the future.
Construction Equipment Rental Market Competitive Analysis
The global construction equipment rental market is fragmented with the presence of numerous local and international players. However, H&E Equipment Services, Inc, United Rentals Inc., Herc Rentals Inc. and Hitachi Construction Machinery Co., Ltd are prominent players in the global construction equipment rental market.
Companies are focusing more on acquisition as part of their business strategy to consolidate their position in the market. For example, in January 2019, H&E Equipment Services, Inc. announced that it had entered into a definitive agreement to acquire We-Rent-It (WRI) with six branches serving the growing Central Texas market.
Key Players Covered in the Global Market Report:
United Rentals Inc. is a leading construction equipment rental company and is improving the market through acquisitions. For example, in December 2018, United Rentals, Inc. announced that United Rentals of Canada, Inc., a wholly owned subsidiary of the company, had acquired WesternOne Rentals & Sales LP for a cash purchase price of approximately $90.4 million.
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The full report contains the information below.
The report offers a comprehensive valuation of the market in terms of market value (USD) and annual growth rate (%). It does this by using in-depth qualitative insights, historical data (2020-2021) and verifiable projections of the market size over the forecast period (2022-2029).
Visualize the composition of the construction equipment rental market segmentation by technology, service, application, and country, highlighting major business assets and players.
By product type
By engine type
Identify business opportunities in the market by analyzing trends and co-development agreements.
The report also covers data insights on various industry forces such as carrier’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis, and price analysis.
Excel data sheet with thousands of market level 4/5 segmentation data points.
PDF report with the most relevant analysis convincingly assembled after exhaustive qualitative interviews and in-depth market research.
Product mapping in Excel for key product of all major market players
The report will provide access to approximately 50+ market data tables, over 40 figures and nearly 180 pages.
Additional benefits after purchase:
Unlimited Analyst Support for a period of 1 year.
Any questions regarding the scope offered will be answered within 24-48 hours.
An Excel sheet with market numbers will be provided separately.
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