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Construction Equipment Rental Market to Reach $75.18 Billion by 2024

September 27, 2016, 07:07 AM
Filed Under: Construction

The construction equipment rental market size is expected to reach US$75.18 billion by 2024; according to a new research report by Global Market Insights, Inc.

The practice of leasing instead of purchasing heavy machinery has proven to be beneficial for companies of all sizes across numerous industries. Lower administrative overhead coupled with reduces expense and maintenance will drive construction equipment rental market size. Since industry vendors need to comply with the pervasive regulatory landscape, buyers benefit from elimination of replacement costs and associated expenditure. Other trends positively impacting revenue include growing technological advancements ranging from multifunctional machinery to apps for monitoring fuel consumption.

Key product development and innovation features include remote monitoring, ergonomic controls, quick-change attachment couplers, etc. GPS-equipped machines that can be tracked with ease on site have significantly improved fleet management. The presence of the leasing channel has also helped enhance overall customer service by ensuring high product quality, improved response time, on-time delivery, scheduled pick-ups, etc.

The industry is characterized by increasing natural gas drilling activities coupled with augmentation of the highway network and formation of smart cities. This will lead to a corresponding demand in the construction equipment market, and also give impetus to the rental sector.

The real estate industry that comprises commercial and residential real estate has also driven construction equipment rental market size. Developing technology with greater efficiency and accuracy in material handling has placed high emphasis on safety and productivity at the workplace; for instance, the development of automatic height-adjusting carts which has enabled the operators to work at optimal heights without aids from hydraulic, electrical or pneumatic tools. This has benefitted the material handling machinery industry to a considerable extent.

Rising population and growing urbanization along with increasing income levels and growth in IT/ ITeS sector will propel India construction equipment rental market share.

Key insights from the report include:

  • Earthmoving Machinery Market contributed considerably to the global construction equipment rental market share in 2015, with the segment set to surpass US$40 billion in revenue by 2024. This mainly includes products such as excavators and loaders, which witness considerable demand on a global scale.
  • Concrete and road construction segment was valued at over US$10 billion in 2015, the industry is forecast to witness growth due to new infrastructure projects.
  • U.S. construction equipment rental market size is set to exceed US$23 billion by 2024. Rising safety and security concerns are likely to drive installation of smart sensors in workers’ hard hats, boots, wristwatches and other safety equipment such as rooftop harnesses. Boot sensors helps in tracking the time duration between breaks, whereas wristwatch sensors monitor workers body temperature.
  • Key construction equipment rental market players are United. Rentals, Hertz, Neff, Sunbelt, Ahern, etc. United Rentals acquired RSC Holdings in 2012 to accelerate the combined company’s potential for growth with industrial customers and provide a lower cost base. Hertz entered into a joint venture with Dayim Holdings and Phoenix Project development in 2014 to improve the overall service offering.
  • Other notable participants are Gemini Equipment and Rentals (GEAR), Aggreko, Terex Corporation, Maxim Crane Works, Komatsu, Liebherr and Weldex International Offshore Ltd.
  • Suppliers offer autonomous and semi-autonomous machines to suited for the target application, which further improves the performance and helps reduce energy consumption.

Request for a sample of this research report at https://www.gminsights.com/request-sample/detail/773







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