The construction equipment rental market is expected to reach USD 84.60 billion by 2022, according to a new study by Grand View Research, Inc.
Availability of wider range of modern, productive machinery in rental fleets coupled with infrastructural development occurring at brisk pace is projected to drive demand. Significant factors such as the cost inflation associated with the replacement of equipment and the technical changes pertaining to machinery requirement has positively favored rental demand. Environmental and safety issues make it more economical. Further, considerable shift towards renting over buying due to less immobilized capital, low maintenance, improved cost control and reduction in transportation fleets are expected to boost revenue growth over the forecast period.
Stringent regulations, financial constraints and increasing cost of ownership makes it a considerable alternative for various government authorities, contractors and other users. The manufacturers are aggressively focused on providing tailored solutions and financial packages in order to meet the requirement of individual customers which is further projected to drive growth over the forecast period.
Reduced burden of upfront investment, and eliminated risk of expensive breakdown repairs, is expected to offer lucrative growth opportunities. For instance, over 80% of the machinery sold in the UK goes to the plant hire companies.
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Further key findings from the study suggest:
- Earthmoving machinery rental market accounted for over 55% of the overall revenue in 2014. Growing demand for heavy machinery from developing countries is estimated to drive the segment growth. Emergence of advanced products with low maintenance and eco-friendly features are projected to outcast traditional products over the forecast period.
- North America construction equipment rental industry in 2014 is estimated to grow at a CAGR of over 10% from 2015 to 2022. Strong economic recovery coupled with increasing investments is projected to compliment demand across this region. However, increasing investments in Eastern Europe combined with volatile energy pricing and regulations is estimated to offer prominent opportunities across the European region. Residential sector is estimated to grow substantially across the Europe Central owing to new building start-ups and improved consumer confidence.
- Asia Pacific construction equipment rental market accounted for over 27% of the overall revenue in 2014. Substantial growth is estimated to be witnessed across countries such as China owing to government requirements of state-owned enterprises for operating efficiently from a financial perspective, continued privatization of the industry, increased health and safety regulation and increasing labor costs.
- Construction equipment rental market share is occupied by companies such as United, Loxam Group, Sunbelt, Finning International and Neff. Key vendors have been reinforcing their foundations in the presence of increasing demand and rising costs. Total value of construction, R&D expenditure, increasing regulations and import competition are few factors influencing the product price and firms to evaluate their purchasing strategies.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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