CHICAGO, Aug. 28, 2019 /PRNewswire/ -- According to the new market research report "Construction Equipment Rental Market by Equipment (Earthmoving, Material Handling, Road Building & Concrete), Product (Backhoes, Excavators, Loaders, Crawler Dozers, Cranes, Compactors, Concrete Pumps), Region - Global Forecast to 2024", published by MarketsandMarkets™, the Construction Equipment Rental Market is projected to grow from USD 98.6 billion in 2019 to reach USD 121.6 billion by 2024, at a CAGR of 4.3% from 2019 to 2024. The major drivers for the market include the increasing demand for rental equipment due to various benefits, shift in trend towards rental, increasing infrastructure activities in emerging nations, and cost-benefits associated with the use of construction equipment on a rental basis rather than purchasing it.
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The earthmoving construction equipment segment is projected to lead the market during the forecast period
Based on equipment, the construction equipment rental market is categorized into earthmoving, material handling, and road building & concrete. Among these, earthmoving construction equipment accounted for the largest share of the construction equipment rental market in 2018 due to the wide application in building & construction activities. Earthmoving equipment is high-value, requiring significant capital investments for the installation and maintenance of equipment fleets. Contractors prefer renting equipment instead of purchasing as this enables them to use the capital, which otherwise would have been invested in the purchase of equipment.
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Excavators segment to lead the construction equipment rental market during the forecast period
Based on product, the construction equipment rental market is categorized into excavators, backhoes, loaders, crawler dozers, cranes, concrete pumps, compactors, transit mixers, concrete mixers, and others (asphalt pavers, finishers, dump trucks, industrial trucks, etc.). Among these, the excavators segment accounted to the largest share of the market in 2018 due to an increase in miscellaneous activities for construction, repair, and maintenance around the globe, which is expected to drive the growth of the construction equipment rental market. Moreover, the cranes segment is projected to grow at the highest CAGR during the forecast period.
North America is projected to be the largest market for construction equipment rental during the forecast period
Based on region, the construction equipment rental market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Among these, North America accounted for the largest share of the market in 2018 and is expected to continue in the same trend during the forecast period due to increase in building & construction activities in the region, coupled with favorable policies which lead to the demand for construction equipment rental. The market in the Asia Pacific is projected to grow at the highest CAGR during the forecast period.
Key players in the Construction Equipment Rental Market, such as United Rentals Inc. (US), Ashtead Group Plc (UK), Loxam (Paris), Herc Holdings Inc. (US), Aktio Corporation (Japan), Nishio Rent All Co. Ltd. (Japan), and Kanamoto Co. Ltd. (Japan), among others, are considered for the study.
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