Market Research Report
India Construction Equipment Rental Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
|India Construction Equipment Rental Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)|
Published: January 17, 2022
Mordor Intelligence Pvt Ltd
Content info: 60 Pages
Delivery time: 2-3 business days
The India construction equipment rental market (henceforth referred to as the market studied) is anticipated to register a CAGR of about 5.1 % during the forecast period (2020 - 2025).
Growing investments in the infrastructure sector and other strategic initiatives of the government are expected to boost the construction sector in the country.
Prime Minister Narendra Modi announced the launch of Smart Cities Mission, two years ago, with an aim of developing 100 sustainable and inclusive cities across India.
The increasing investments in the residential and commercial sectors, along with strategic initiatives by the Indian government, are expected to boost the construction sector in the country.
The cranes are expected to lead the construction equipment rental market as Rental cranes are available in different types and are majorly classified as, crawler cranes, all terrain cranes, rough terrain cranes, tower cranes, and truck-mounted cranes. Among them, crawler cranes, all terrain cranes, tower cranes, and truck-mounted cranes have been majorly adopted in the construction sector, while rough terrain cranes have covered a limited demand in construction and major demand in mining sector.
With the stark rise in affordable housing and smart city projects by the Indian government (Pradhanmantri Awaas Yojna and Mukhyamantri Awaas Yojna), the demand for tower cranes has been continually increasing.
Big corporates, like L&T, Shapoorji, and Tata Projects, have begun to take cranes on rentals instead of procurement of new equipment.
The India construction equipment rental market is majorly dominated by few players such as iQuippo, Volvo Construction Equipment, ACE Cranes, ABC Infra Equipment Pvt Ltd., Sanghvi Movers Limited (SML), All India Crane Hiring Co., Jainex Group amongst others.
The companies are expanding their presence and buying new machinery for providing these machineries on rent. For instance,