Market Research Report
Construction Equipment Rental Market by Application, Product, and Propulsion System : Global Opportunity Analysis and Industry Forecast, 2020-2027
|Published by||Allied Market Research||Product code||963556|
|Published||Content info||290 Pages
Delivery time: 2-3 business days
|Construction Equipment Rental Market by Application, Product, and Propulsion System : Global Opportunity Analysis and Industry Forecast, 2020-2027|
|Published: August 6, 2020||Content info: 290 Pages||
Construction Equipment Rental Market by Application (Excavation & Mining, Material Handling, Earthmoving, and Concrete), Product (Backhoes & Excavators, Loaders, Crawler Dozers, Cranes, Forklift, and Others), and Propulsion System (Electric & ICE): Global Opportunity Analysis and Industry Forecast, 2020-2027.
The global construction equipment rental market was valued at $90,997.4 million in 2019, and is expected to reach $106,422.0 million by 2027, registering a CAGR of 4.2% from 2020 to 2027. Construction equipment rental is the service to rent out construction equipment to end users for a certain period of time by signing contracts with terms and conditions about their usage. Construction equipment are used in various activities at construction and mining sites. These sites require several equipment to carry out heavy operations, which are specifically offered by rental service providers.
Upsurge in construction and mining activities in developing nations of Africa and Latin America regions is the key factor that peoples the growth of the global construction equipment rental market. In addition, high initial investment required to buy the equipment and the financial limitations to invest such huge amount can be avoided by using the rental equipment services. Moreover, the expenses incurred by maintenance of equipment, excessive operational cost, and high wages of skilled operators who operate the machines can be cut done by renting these equipment for required period of time.
However, saturation of construction and mining industry in developed nations and lack of skilled labor are the major restraints of the global market.
Conversely, IoT and smart devices installed on the machines help to carry out precise operations and overcome the problems such as lack of skilled labor and provide enhanced safety to the operators.
The global construction equipment rental market is segmented on the basis of application, product, propulsion system, and region. By application, the market is divided into excavation & mining, material handling, earthmoving, and concrete. Depending on product, it is classified into backhoes & excavators, loaders, crawler dozers, cranes, forklift, and others. As per propulsion type, it is differentiated by electric and ICE. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By application, in 2019, the earthmoving segment dominated the construction equipment rental market, in terms of revenue; however, the excavation & mining segment is expected to witness growth at the highest CAGR during the forecast period. On the basis of product, the loaders segment led the construction equipment rental market in 2019, in terms of revenue, while the others segment is anticipated to register the highest CAGR during the forecast period. Depending on propulsion system, the ICE segment registered the highest growth in 2019, in terms of revenue, however, the electric segment is anticipated exhibit highest CAGR during the forecast period. Region wise, North America contributed for the largest market share in 2019, while Asia-Pacific is anticipated to secure a leading position during the forecast period.
By Propulsion System