According to Markntel Advisors Report, Construction Equipment Rental Market is expected to grow at a significant growth rate, and the analysis period is 2025-2030, considering the base year as 2024.Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
Construction Equipment Rental, commonly known as Plant Hire, refers to an industry that offers services related to equipment and tools of different sizes and kinds (spanning from earthmoving machinery to handheld devices) for a fixed period. It caters mainly to construction contractors but also serves industrial players and individual consumers alike. Essentially, Construction Equipment Rental entails leasing out such pieces of equipment temporarily as it proves beneficial for those who cannot afford outright purchase or do not need long-term ownership thereof.
Global Construction Equipment Rental Market Research Report Summary:
The Global Construction Equipment Rental Market size is estimated to grow at a CAGR of around 5.8% during the forecast period, i.e., 2024-30.
Time Period Captured in the Report:
- Historical Years: 2020-2023
- Base Years: 2024
- Forecast Years: 2025-2030
Who are the Key Players Operating in the Construction Equipment Rental Market?
The top companies of the Construction Equipment Rental Market ruling the industry are:
Caterpillar Inc., United Rentals, Inc., Sennebogen, Komatsu Ltd., CNH Industrial N.V., Loxam, Zoomlion Heavy Industry Science and Technology Co., Ltd., Herc Rentals Inc., HE Equipment Service, Nishio Rent All Co. Ltd., Nikken Corporation, Sunbelt, Taiyokenki Rental Co., Ltd., Ramirent Plc., AKTIO Corporation and Others
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What is Included in Construction Equipment Rental Market Segmentation?
The Construction Equipment Rental Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
-By Equipment Type
- Earthmoving Equipment- Market Size Forecast 2019-2030, (USD Million)
- Material Handling Equipment- Market Size Forecast 2019-2030, (USD Million)
- Concrete and Road Construction- Market Size Forecast 2019-2030, (USD Million)
- Others- Market Size Forecast 2019-2030, (USD Million)
-By Product Type
-Excavator- Market Size Forecast 2019-2030, (USD Million)
-Loader- Market Size Forecast 2019-2030, (USD Million)
-Grader- Market Size Forecast 2019-2030, (USD Million)
-Bulldozer- Market Size Forecast 2019-2030, (USD Million)
-Road Roller- Market Size Forecast 2019-2030, (USD Million)
-Tipper- Market Size Forecast 2019-2030, (USD Million)
-Forklifts- Market Size Forecast 2019-2030, (USD Million)
-Cranes- Market Size Forecast 2019-2030, (USD Million)
-Diesel Generator- Market Size Forecast 2019-2030, (USD Million)
-Concrete Pumps- Market Size Forecast 2019-2030, (USD Million)
-Concrete Mixers- Market Size Forecast 2019-2030, (USD Million)
-Others- Market Size Forecast 2019-2030, (USD Million)
- By Application
- Residential- Market Size Forecast 2019-2030, (USD Million)
- Commercial- Market Size Forecast 2019-2030, (USD Million)
- Industrial- Market Size Forecast 2019-2030, (USD Million)
-By Region
- North America
- South America
- Europe
- The Middle East Africa
- Asia-Pacific
Explore the Complete Construction Equipment Rental Market Analysis Report – https://www.marknteladvisors.com/research-library/global-construction-equipment-rental-market.html
Global Construction Equipment Rental Market Driver:
Increasing Adoption of Rental Equipment in Various Industries to Bolster the Market Growth – The construction industry's cyclical nature and current economic conditions make renting construction equipment an advantageous option. Numerous industries, including contractors as well as many firms, are increasingly inclined towards rental options versus purchasing new machinery. Industry leaders like BigRentz have noticed a significant shift in the trend toward rentals over ownership or leasing by builders and contractors alike. The looming threat of recession is also impacting this climate, with growing anticipation among business executives and economists that it may increase demand for rented resources while steering companies away from costly capital investments like buying or leasing their equipment.
Furthermore, due to the economic volatility and expenses involved, construction companies are careful with their costs. As a result, they strive to maximize the usefulness of equipment bought for optimal value. Consequently, renting equipment has become an appealing substitute that is fueling the growth of the market.
Global Construction Equipment Rental Market Opportunity:
Technological Progression in Heavy Machinery to Create Market Opportunities – The heavy equipment and automotive industries have experienced technological advancements that are introducing new trends to the market. To enhance productivity while minimizing maintenance needs, construction equipment manufacturers now prioritize incorporating state-of-the-art safety features, including 360-degree camera views, lift assist mechanisms, and auxiliary work lights, into their operations.
Advancements in technology are bolstering the productivity and effectiveness of construction machinery, especially within the automotive and construction equipment industries. Leading industry players concentrate on creating sophisticated machines by incorporating personalized technological systems. The utilization of a telematics system enables companies to gather elementary data about their location as well as the operational capacity of both vehicles and heavy-duty construction tools, such as fuel consumption rate engine idle time, among other information, through a GPS tracking mechanism, thus offering lucrative opportunities for market growth development.
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