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Construction Equipment Rental Market worth $140bn by 2024 driven by BlueLine Rental, Caterpillar Inc., Ahern Rentals, Herc Rentals, United Rentals

Construction Equipment Rental Market demand was valued at over USD 100 billion in 2017 and the industry will grow at a CAGR of over 4%to cross USD 140 billion by 2024 owing to increasing residential & commercial construction projects

(PresseBox) (Selbyville, Delaware, ) The forecast report predicts global construction equipment rental market share will surpass USD 140 billion by 2024. Increasing residential & commercial construction projects globally are anticipated to drive the construction machinery rental market. Improving standards of living and increasing disposable income of people across the emerging economies have led to increased investments in malls & amusement parks, generating demand for the rental industry.

Rising reconstruction activities in the U.S. followed by the aging infrastructures are propelling the need to replace it with sturdy structures is propelling the growth of around 3.5% CAGR in the U.S. construction equipment rental market growth. The demand for modernized structures has paved way for smart buildings & smart cities, compelling various regional governments to heavily invest in the infrastructure development.

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Europe construction equipment rental market is expected to grow at a CAGR of over 4.5% owing to the shifting trend among European construction companies to rent rather than purchasing equipment. Several countries in Europe including Russia, Spain, and Italy are recovering from the economic crisis, following which the construction sector is gaining stability across these regions.

Countries including France and Spain are showing a steady growth due to the increasing number of construction projects in the region. The degree of penetration of rental companies is comparatively less in Germany owing to companies in the region still preferring to own machinery than renting. However, the presence of major companies, such as Loxam, trying to expand their market presence in Europe is expected to boost the construction equipment rental market growth.

The construction equipment rental market is highly competitive with the presence of key players such as

Cramo PLC
Ashtead Group
Blueline Rental LLC
Herc Holdings
Caterpillar, Inc.
Shanghai Hongxin Equipment Engineering Co., Ltd.
Ahern Rentals, Inc.
Loxam Group
United Rentals
AJ Networks Co., Ltd.
Aktio Corporation
Boels Rental
H&E Equipment Services
Hinkel Equipment Rental Associates
Mtandt Rentals Limited
Nesco Specialty Rentals
Pekkaniska Oy
Sunstate Equipment Company
Unirent LLC

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Companies are trying to incorporate the latest advanced technologies such as GPS, RFID, and telematics, into their construction equipment to offer enhanced rental solutions. Furthermore, rental operators are stressing on providing sophisticated on field and online certified training courses for the safety of operators.

Large construction projects by various regional governments, such as Al Maktoum Airport in Dubai, South-to-North Water Transfer Project in China, Crossrail Project in the UK, and Rashtriya Rajmarg Zila Sanjoyokta Pariyojna in India, are expected to contribute to the construction equipment rental market growth. Owning heavy construction equipment leads to increased maintenance and ownership expenses.

Businesses that have budgetary constraints prefer renting equipment since it helps them to reduce the overall project expenditure. In addition, renting equipment saves the hassle of transporting machinery to project sites. It also provides the flexibility of renting customized equipment for the suitable construction projects under consideration. Renting equipment cushions the company from unpredictable financial downturns in the industry. To reduce the overall project expenses, renting is considered as a profitable approach, contributing to the construction equipment rental market growth.

Browse key industry insights spread across 300 pages with 297 market data tables & 31 figures & charts from the report, “Construction Equipment Rental Market Size By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, France, Italy, Russia, China, India, Japan, South Korea, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Competitive Market Share & Forecast, 2018 - 2024” in detail along with the table of contents:

The earthmoving & road building equipment segment dominated the construction equipment rental market with a revenue share of over 65% in 2017 is continue grow due to the increasing large-scale construction projects globally. Rapid urbanization has led to the growth in the demand for such equipment in commercial and residential construction activities. Earthmoving equipment such as backhoes, loaders, and excavators find applications for residential and commercial construction works. Excavators are gaining popularity due to the increasing use of such equipment in the surface level and below-ground operations, surging their demand for construction & mining activities.

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