The global report on the construction equipment rental market is predicted to rise by 4.7% CAGR during the forecast period of 2018 to 2023. Market Research Future (MRFR), in its attempt to know more about the market, analyzed factors like the rising inclusion of better technologies, a huge surge in construction activities in the Asia Pacific region, investment influx in the construction sector, increased competition among players, innovation in methods of handling the situation, and others. Rising labor costs are also a reason for the growth of this sector.
However, the market may suffer from the lack of expert hands who can operate advanced machines.
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Segmentation:
The global construction equipment rental market includes a proper discussion of segments like equipment type and application. These segments further reveal details about various factors that can impact the strategic output of players involved in the market.
By equipment type, the study of the construction equipment rental market includes material handling, earthmoving, and concrete road construction. The earthmoving segment comprises a study of loader, excavator, motor grader, backhoe, and others. The material handling segment studied segments like trailer mounted crane, crawler crane, and truck mounted crane. The earthmoving segment had the largest market share in 2017 and it will continue its dominance till 2023. This will be bolstered by ongoing construction activities in the Asia Pacific region. The material handling segment would record the maximum growth during the forecast period due to increased demand for truck-mounted cranes, crawler cranes, and trailer-mounted cranes for mega infrastructure projects, especially in countries like China, India, and UAE.
By application, the report of the construction equipment rental market includes non-residential, residential, and infrastructure. The residential segment had the maximum market share in 2017, which the segment is expected to retain till 2023. The infrastructure segment is expected to record maximum growth during the forecast period as demand for products related to it is slated to rise in China and India.
Regional Analysis:
Asia Pacific has the chance to dominate the global construction equipment rental market. In 2017, the region covered more than 40% of the market space. This regional market is expected to be bolstered by increasing construction activities in developing countries.
Competitive Landscape:
Ashtead Group, Ahern Rentals, Inc., Caterpillar, Inc., Blueline Rental LLC, Shanghai Hongxin Equipment Engineering Co., Ltd., Cramo PLC, Riwal, United Rentals, Inc, Herc Holdings, Nesco Rentals, and others are making a prominent impact on the construction equipment rental market. MRFR analysts have included the latest doings of these companies to understand trends that are impacting the market and may transform the flow of the market.
Industry News:
In August 2020, Volvo CE launched a new project that looks further ahead and is expected to set a premise for the company’s future plans. This project has been named “Building Tomorrow.” In this endeavor, the company has teamed up with professional futurists to understand their forecasts for the industries in which the customers of Volvo CE work. This spans across industries like agriculture, construction, mining, and infrastructure. These futurists are known for their forecasts on technology, science, and business. Their process helps companies understand how transformations would take place and how companies can benefit from these.
Such futuristic measures may become a common practice now as the market has been pummeled by the COVID-19 crisis. Many countries had to stall their construction activities to stop the disease from spreading, which directly affected the sector.
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