The global construction equipment rental market was valued at USD 34.24 billion in 2014 and is anticipated to reach USD 84.60 billion by 2022. Increasing construction activities across the globe and rising government investment in emerging economies are projected to drive market demand in the coming years.
The abundance of modern and productive equipment in rental fleets along with ongoing infrastructure development is expected to fuel demand. Rented construction equipment has several benefits such as ease of replacement, cost effective approach, less technical charges, lower maintenance cost, reduced transportation and less servicing requirement. These factors have been continuously driving the demand in the coming years.
The material handling rental machinery segment is anticipated to grow at a CAGR of 13.0% from 2015 to 2022 on account of increasing focus on automated production facility. Increasing requirement of automated production processes for optimal use of raw material, energy and resource consumption are expected to result in the higher adoption of the product over the forecast period.
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Further key findings from the report
suggest:
·
Earthmoving rental machinery market was valued
at USD 19.27 billion in 2014 and is projected to witness significant gains at a
CAGR of 12.3% by 2022. Growing demand for heavy equipment from emerging
economies is anticipated to drive growth shortly.
·
The emergence of advanced machinery with
eco-friendly and low maintenance features is expected to outcast conventional
equipment in the coming years. The high purchasing power of consumer with
changing preference for rental equipment has also resulted in the high adoption
of rental products.
·
Middle East rental equipment industry is
projected to witness substantial growth at a CAGR exceeding 15% by 2022 owing
to ongoing construction activities and extensive focus on sustainable expansion
practices such as eco-friendly building construction. Rising capital investment
in retail, hospitality, banking, transportation, energy, infrastructure and
agriculture programs and development of metal and mining sector in the region
are considered to be the major driving factors for the growth of the
market.
·
Asia Pacific construction equipment market
accounted for 25% of the total revenue in 2014 and is expected to witness
significant growth shortly. Rapid urbanization, commercialization of industry,
burgeoning population, robust fiscal growth, and increasing government
initiatives are expected to drive the market in the coming years.
·
North America is projected to grow at a CAGR of
over 10% by 2022. Economic revival coupled with increasing capital investments
is estimated to compliment demand in the region. Increasing residential
construction with increasing investment along with volatile energy pricing and
favorable regulations is expected to escalate volume sales in the European
market.
·
Major industry players include United Rentals,
Hertz, Neff Rental, Ahern Rental, Loxam Group, and Sunbelt. Other participants
include Quippo, Finning, Ahern Rental, American Equip Company (Ameco), Maxim
Crane Works, Gemini Equip and Rentals, and Sunstate Equip Company. The
construction equipment rental industry is very capital intensive in nature.
Moreover, the market is characterized by mergers & acquisitions, joint
ventures, and strategic alliances to increase their market penetration.
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Grand View Research has segmented the construction equipment rental market on the basis of product and region:
Construction Equipment Rental Product Outlook (Revenue, USD Million, 2012 – 2022)
·
Earthmoving machinery
·
Material handling machinery
·
Concrete & road construction
Construction Equipment Rental Regional Outlook (Revenue, USD
Million, 2012 – 2022)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
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