Construction Equipment Rental Market Report Foresees High Growth Owing to the Surging Worldwide Construction Industry
The report on global construction equipment rental market is the latest addition by DecisionDatabases.com to its vast repository. The report covers the complete market overview, market size; growth trends and future prospects of the industry. The report also incorporates the construction equipment rental market analysis on the basis of product and geography. The report offers details about the drivers, restraints and growing opportunities in the industry.
Construction equipment rental is a service industry offering equipment, tools and machinery of all designs for a limited period of time to end users, mainly to construction vendors but also to individual consumers and to the industry. This market is usually operated by third party manufacturers or suppliers which provide used equipment on lease to the construction companies for a certain time period. Robust growth of the construction industry coupled with rising infrastructure spending across the globe is expected to spur the potential growth for the rental market over the coming years. Evolved customer service and advancements in the current technology are major factors, attributed to the growth of the construction equipment rental market. Rising popularity and increasing adoption of construction equipment rental owing to its efficient job completion property, low maintenance cost and no storage cost is expected to boost market demand in the near future. However, additional expenses of rental equipment are a major constraint, which may hinder market growth over the forecast period.
Increasing requirement to replace outdated equipment along with a rise in offering of rental services from renowned construction manufacturers is also driving the construction equipment rental market. Consumers prefer to rent equipment from construction manufacturers rather than the third party, to avail additional services provided by the manufacturers. Upcoming trends of the introduction of fleet software services by major OEM are also gaining popularity due to their information offering such as accident tracking, equipment wear out and repair tracking to the end users. Unavailability of rental services in remote areas is affecting the rental market by not providing necessary support to the vendor, thus hampering the productivity of the work. The entrance of major players into the construction sector has created ample growth opportunities for consumers, investors and allied sectors.
The global construction equipment rental market has been segmented based on product into earthmoving machinery, material handling machinery, and concrete & road construction.
The European region is expected to account for major market share over the forecast period on account of rapid growth in the construction industry, particularly in Poland, France, Spain, and Germany, which is further expected to drive the market for construction equipment rental in Europe. Asia Pacific and the Middle East market is expected to witness moderate growth in the near future owing to the low rental facility and unavailability of well-established vendors in this region.
The major industry players for construction equipment rental market include AB 2000 Ltd, Ahern Equipment Rental, Caterpillar Inc., Finning, Gemin Equipment and Rentals (GEAR), Hertz Equipment, John Deere, Komatsu, Liebherr, Loxam Group, Maxim Crane Works, Neff Rental, Sunbelt, Sunstate Equipment Co, Terex Corporation, United Rentals, and Weldex international Offshore Ltd. This rental market is mainly dominated by large vendors and is predicted to witness significant growth over the forecast period owing to the amplified demand for construction equipment.
In May 2015, Caterpillar Inc., a construction giant started partnership with the construction rental start-up Yard Club to support the start-up company to expand its services further into California and nearby states with this symbiotic partnership.
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