Construction Equipment Rental Market Size, Status, Global Demands and Top Manufacturers 2021- Cramo Oyj, HSS Hire Group Plc, Herc Rentals
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The construction equipment rental market is anticipated to register a CAGR of about 4.78% during the forecast period.
- One of the major factors driving the growth of the market is the growing construction industry, especially in developing countries, owing to numerous growth opportunities in infrastructure, residential, and non-residential sectors. For instance, the rise in construction of multi-family houses (with the growing trend of nuclear families), and increasing investments in the construction of roads, highways, smart cities, metros, bridges, and expressways due to growing population and urbanization.
- The growing trend toward automation is expected to drive the growth of the market. However, factors, such as stringent emission regulations for construction machinery, are expected to hinder the growth of the market.
- The Asia-Pacific region is expected to continue to capture a major share in the market during the forecast period, owing to the growing construction sector and infrastructural investments in countries, such as India and ASEAN Countries (such as Malaysia, Indonesia, Vietnam, Singapore).
Top leading Manufacturers Profiled in Construction Equipment Rental Market Report are: Cramo Oyj, HSS Hire Group Plc, Herc Rentals Inc., CNH Industrial, Liebherr International AG, Caterpillar, Sumitomo Corp., Hitachi Construction Machinery (Hitachi Group), Ashtead Group Plc, Kanamoto Co. Ltd, H&E Equipment Services Inc., Loxam, United Rentals Inc., Nishio Rent All Co.
- United Rental Inc., the top player in the North American market, has acquired nearly 14 organizations so far. In 2018, the acquisition of BlueLine increased United Rentals capacity in many of the largest metropolitan areas in North America, including both US coasts, the Gulf South and Ontario.
Regional Analysis for Construction Equipment Rental Market:
For a comprehensive understanding of market dynamics, the global Construction Equipment Rental market is analyzed across key geographies namely the United States, Europe, China, Japan, Southeast Asia, India, Central & South America. Each of these regions is analyzed based on market findings across major countries in these regions for a macro-level understanding of the market.
Asia-Pacific is Expected to Dominate the Construction Equipment Rental Market
The global construction equipment rental market has been experiencing positive growthover the past three years (2017-2019), as a result of the heavy investments made in the smart residential and commercial buildings sector, and government policies boosting to the manufacturing sector. However, in 2020, the sudden outbreak of COVID-19 pandemic across the world resulted in the lockdown of many economic sectors, including the construction industry, for a few weeks/months during the first quarter of 2020.
However, during this time, critical government construction projects, such as hospital builds, key utilities, and infrastructure, continued working but at a slower pace with less labor force at the job site to prevent the spread of coronavirus. Thus, during 2020, the construction equipment rental market value is likely to fall by ~30% due to a fall in the global economic growth, which, in turn, is resulting in a slow down of construction work timelines.
Currently, the construction equipment rental companies and construction contractors have slowly started to resume their construction works as governments have started giving approvals for commercial construction projects across the cities in many countries, like the United States, India, the United Kingdom, and China.
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What is the Impact of Covid-19 Outbreak on the Construction Equipment Rental?
- Optimistic Scenario: COVID-19 is contained by May or June, With Normalcy returning to global operations through the End of Q2.
- Conservative Scenario: COVID-19 Remains Prevalent, with Continued Impacts Lasting into Q4.
- Estimated Impact of the Coronavirus (COVID-19) Epidemic on the Global Construction Equipment Rental.
- Construction Equipment Rental Market Size in 2021
- Corporate Strategy the Manufacturers Should Be Thinking About Right Now.
Frequently Asked Questions about the Construction Equipment Rental market:
- What are the recent developments and government policies?
- What are the top trends in the Construction Equipment Rental market?
- What is the growth rate of the market?
- Which Is the Most potential market segment?
- Which are the top industry players in the Construction Equipment Rental market?
- Which region would offer high growth for vendors in the market?
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