Construction Equipment Rental Market Size Expected to Reach USD 164.6 Billion in 2029 | Loxam Group Acquired JM Trykluft A/S to Reinforce Industry Presence
Construction Equipment Rental Market to Grow at 5.1% CAGR from 2022 to 2029; Earthmoving Solutions to Record Commendable Surge Due to Increasing Road Infrastructure Activities
Pune, India, May 23, 2023 (GLOBE NEWSWIRE) — The global construction equipment rental market size was USD 111.6 billion in 2021. The industry is anticipated to surge from USD 116.0 billion in 2022 to USD 164.6 billion in 2029, exhibiting a CAGR of 5.1% from 2022 to 2029. The rise can be credited to the escalating presence of local and regional businesses and their growing inclination toward the achievement of flexibility and revenue generation. This information is provided by Fortune Business Insights™ in its research report, titled “Construction Equipment Rental Market, 2022-2029”.
Construction Equipment Rental Market Report Key Insights:
Construction Equipment Rental market research report provides you comprehensive and insightful information about Construction Equipment Rental industry. This report is a valuable tool for businesses, investors, and decision-makers to understand market dynamics, assess opportunities, and make informed strategic decisions.
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This reports provides you overview of the report’s key findings, conclusions, and recommendations, presented in a concise and clear manner. Background information about the market or industry analysis, including its size, growth rate, major players, and key trends. Report also provides analysis of the market’s current state, including its historical performance, current market size, and projected growth prospects.
Market Segmentation: Identification and analysis of different market segments based on factors such as demographics, consumer behavior, or product/service types.
Competitive Analysis: Assessment of the competitive landscape, including an analysis of key competitors, their market share, strengths, weaknesses, and strategies.
Market Trends: Identification and analysis of significant market trends, emerging technologies, regulatory changes, and other factors that could impact the market’s future.
SWOT Analysis: Evaluation of the market’s strengths, weaknesses, opportunities, and threats, highlighting key areas of advantage or vulnerability.
Market Forecasts: Future projections and estimations regarding the market’s growth potential, including revenue forecasts, market size, and growth rate.
Recommendations: Actionable insights and recommendations for businesses based on the research findings, aimed at maximizing opportunities and mitigating risks.
COVID-19 Impact:
Industry Growth Affected Due to Closure of Production Facilities
The COVID-19 pandemic led to the enforcement of lockdown restrictions, which prevented the fulfillment of contractual obligations. Owing to this, several market players led to a considerable drop in profit margins and the generation of revenues. The sales were further affected by the sudden closure of manufacturing facilities. These factors hindered the construction equipment rental market growth during the pandemic period.
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List of Key Players Mentioned in the Report:
- United Rentals, Inc. (U.S.)
- Loxam (France)
- Sunbelt (U.S.)
- Taiyokenki Rental Co., Ltd. (Japan)
- AKTIO Corporation (Japan)
- Herc Rentals Inc. (U.S.)
- Ahern Rentals. (U.S.)
- H&E Equipment Services, Inc. (U.S.)
- Nikken Corporation (Japan)
- Nishio Rent All Co. Ltd. (Japan)
Segments:
Earthmoving Equipment Segment to Record Appreciable Growth Owing to Rising Road Construction
On the basis of equipment type, the market is segmented into material handling equipment, earthmoving equipment, concrete & road equipment, and others. Of these, the earthmoving equipment segment is expected to record commendable growth driven by a considerable surge in road construction activities.
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Commercial Segment to Register Due to Surging Equipment Demand for Commercial Properties
Based on application, the market for construction equipment rental is segregated into residential, commercial, and industrial. The commercial segment is estimated to expand at a commendable rate driven by the escalating demand for construction equipment. Commercial properties offer profitable opportunities for equipment manufacturers for the enhancement of their businesses in terms of rental services.
Based on region, the market is subdivided into Europe, North America, Latin America, Asia Pacific, and the Middle East & Africa.
Report Coverage:
The report provides a comprehensive analysis of the major trends that are expected to drive the industry expansion over the forecast period. It further gives an in-depth overview of the key factors that are set to propel market growth across various regions. It further gives an account of the significant steps taken by leading industry participants for the consolidation of their market position.
Market Drivers and Restraints:
Industry Value to Rise Driven by the Escalating Demand for Renting Equipment
Several construction companies and contractors are considering rental options owing to their broad range of benefits. Further, the cost of amortizing, device operating costs, and device financing force companies to make the most of the equipment procured by them. This elevates the need for equipment renting, contributing toward industry expansion over the forecast period.
However, the construction sector is likely to suffer from recession considering the declining consumer demand and the consequent fall in final production. Therefore, a decrease in construction activity is set to hamper industry expansion throughout the estimated period.
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Regional Insights:
Asia Pacific to Lead Owing to Favorable Government Initiatives
The Asia Pacific construction equipment rental market share is slated to record commendable growth throughout the forecast period. The region is one of the largest markets to record a boom in infrastructure development. This is majorly fueled by a rise in favorable government initiatives.
The North America market is poised to register appreciable expansion considering the presence of major manufacturers. Additional factor impelling regional growth is the decreasing interest of industry players in investing for the achievement of economic conditions.
Competitive Landscape:
Market Players Enter into Partnership Agreements to Strengthen Industry Presence
Prominent construction equipment rental companies are focusing on the adoption of a series of initiatives. These include mergers, acquisitions, product developments, and others. Besides, several industry players are participating in trade conferences and fairs for the enhancement of their business prospects.
Key Industry Development:
June 2021 – Loxam Group announced its takeover of JM Trykluft A/S from its ultimate owners. The deal focused on the reinforcement of Loxam’s setup in the western part of Denmark. Further, it complemented the company’s network of six specialized branches and 21 general plant branches for the setup of a best-in-class service network for its clientele.
Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Construction Equipment Rental Key Players Market Share Insights and Analysis, 2021
- Global Construction Equipment Rental Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Equipment Type (USD Bn)
- Earthmoving Equipment
- Material Handling Equipment
- Concrete & Road Construction Equipment
- Others
- By Application (USD Bn)
- Residential
- Commercial
- Industrial
- By Region (USD Bn)
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
- North America Construction Equipment Rental Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Equipment Type (USD Bn)
- Earthmoving Equipment
- Material Handling Equipment
- Concrete & Road Construction Equipment
- Others
- By Application (USD Bn)
- Residential
- Commercial
- Industrial
- By Country (USD Bn)
- U.S.
- By Equipment Type
- Earthmoving Equipment
- Material Handling Equipment
- Concrete & Road Construction Equipment
- Others
- By Equipment Type
- Canada
- By Equipment Type
- Earthmoving Equipment
- Material Handling Equipment
- Concrete & Road Construction Equipment
- Others
- By Equipment Type
- U.S.
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