Construction Equipment Rental Market
The construction equipment rental market is set to grow from its current market value of more than USD 120 billion to over USD 170 billion, as reported in the latest study. Global construction equipment rental market size is slated to experience dramatic growth over the next few years. This can be mainly associated with shifting preference of building & construction companies towards renting construction equipment rather than purchasing. Renting is emerging to become a more viable option for many companies, allowing them to run a more financially stable infrastructure business.Request for a sample copy of this report @https://www.decresearch.com/request-sample/detail/773The Construction Equipment Rental Market is projected to register a CAGR of 4.5% during the period 2020 -2026. Construction equipment rental helps them cut repair, maintenance, and transportation costs. Escalating building & construction as well as infrastructure development projects worldwide will augment construction equipment rental market share. Growing focus on smart city development will further bolster the industry outlook.
Based on the product, construction equipment rental industry is segmented into earthmoving & roadbuilding equipment, material handling & cranes, and concrete equipment. The earthmoving & roadbuilding equipment product segment is further classified into backhoes, loaders, excavators, compaction equipment, and others. The segment accounts for more than 50% revenue share in global construction equipment market.
Top Industry Players
o Ahern Rentals, Inc.,o AJ Networks Co., Ltd.,o Aktio Corporation,o Ashtead Group,o Boels Rental,o Caterpillar Inc.,o Cramo PLC,o Fortrent,o H&E Equipment Services,o Herc Holdings, Inc. (Herc Rentals, Inc.),o Hinkel Equipment Rental Associates,o Kiloutou,o Loxam Group,o LTech,o Mtandt Rentals Limited,o Nesco Rentals (Nesco, LLC),o Pekkaniska Oy,o Ramirent,o Riwal,o Shanghai Hongxin Equipment Engineering Co., Ltd.,o Sunstate Equipment Company,o Unirent LLC,o United Rentals, Inc.
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Backhoes, loaders, and excavators are extremely versatile when it comes to construction applications. These machines offer a range of different attachment options, making them capable for accomplishing a wide range of tasks. Additionally, earthmoving & roadbuilding equipment can be easily driven on roads which makes them a suitable choice for infrastructure projects with spread out worksites.
Smart city plans are garnering momentum in Middle East and Africa on account of rapidly rising rates of urbanization. MEA's urban population has increased from 20% in 1960 to more than 45% in 2015, according to the United Nations (UN). The year 2019 has witnessed tremendous acceleration in the region's smart city ambitions with a number of new initiatives and programs launched throughout the year.
Different countries in MEA are expected to deploy different smart city development solutions. For instance, African cities are expected to focus more on the development of transportation and utilities infrastructure. On the other hand, some of the more sophisticated countries like Saudi Arabia and Israel will likely focus heavily on improving the efficiency of public services. The aforementioned trends will certainly fuel construction equipment rental demand across MEA in the near future.
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