Market Research Report
Construction Equipment Rental Market Size By Product, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026
|Published by||Global Market Insights Inc.||Product code||975578|
|Published||Content info||300 Pages
Delivery time: 2-3 business days
|Construction Equipment Rental Market Size By Product, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026|
|Published: December 10, 2020||Content info: 300 Pages||
Construction Equipment Rental Market Size By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026.
The construction rental equipment market is likely to witness rapid growth over the coming time period owing to rising government focus on development of robust public infrastructure, high product demand from small and medium scale construction contractors, and increasing adoption of concrete equipment, material handling & cranes, and earthmoving equipment on a rental basis.
The market for renting construction equipment has surged over the recent years. Some construction firms buy as well as maintain large fleets of equipment. While, other firms select to lease these assets and, in some instances, they buy select pieces at the end of the arrangement. Renting an equipment has become one of the feasible options for numerous companies and gives them the capability to reduce costs and operate a more financially settled construction business.
Renting construction equipment offers numerous advantages to business. It usually features the newest technology. In order to stay ahead of others, the rental companies provide its new models with latest technology. This provides the benefit of working with new equipment having new features as well as benefits, thus saving in more money and time.
Rental equipment is reliable as well as well maintained. In fact, the items available for rent are thoroughly inspected and the usage hours are also well tracked. Service and maintenance costs are also eliminated while renting a construction equipment. Here, the renting companies are responsible for any sort of repairs, and maintenance of its equipment. Renting also gives an opportunity to try out new models before making a final decision of buying.
The construction equipment rental market is bifurcated in terms of product and regional landscape.
In terms of application, the overall construction equipment rental market is categorized into concrete equipment, material handling & cranes, and earth moving & roadbuilding. Earth moving and roadbuilding application segment is further classified into loaders, compaction equipment, backhoes, excavators, and others. Among these, demand for excavators segment on a rental basis is expected to grow tremendously over the forecast time period. High product demand is likely to come from small and medium scale construction contractors owing to high cost of buying a new equipment.
An excavator is considered as one of the essential tools required in construction activities, but it is also one that might not always be useful for a longer period. Hence, renting this equipment is beneficial rather than buying.
From a regional frame of reference, Latin America construction equipment rental market will account for a market size of over $3 billion by the end of the analysis time frame. This anticipated growth is ascribed to the rising government focus on development of robust public infrastructure.