Construction Equipment Rental Services Market expect to reach reach $123,112.0 million by 2032Statistical Forecast, Trade Analysis 2022 -United Rentals, Ring Power, Gmmco Ltd, Finning, Boels Verhuur, Blueline Rental, Sunbelt Rentals, Hertz Equipment Renta

The global construction equipment rental market size was estimated at USD 74.14 billion in 2021 and is projected to register a compound annual growth rate (CAGR) of 6.9% from 2022 to 2032. The global construction equipment rental market size was valued at $34,997.4 million in 2019, and is expected to reach $123,112.0 million by 2032, registering a CAGR of 4.2% from 2020 to 2032. The increase in governments' spending on the development of public infrastructure has catalyzed the construction and mining activities in emerging economies of the world. This factor has created a high demand for construction equipment in the market. Rising prices for new construction machines is encouraging construction companies and contractor to shift their interest toward renting construction equipment. Further, the emergence of advanced technologies and increasing level of automation is expected to propel the market's growth. Advancements such as equipment service tracking & mapping and digital service for automated service improvements are anticipated to drive market growth during the forecast period. However, many factors are driving the growth of the construction equipment rental market, and the pandemic has posed a severe challenge to its market. The 2019-20 pandemic has resulted in global supply chain disruptions, shutting down several production facilities, which harshly affected the infrastructure industry, subsequently affecting the equipment rental industry.

Key Players in the Construction Equipment Rental Services market:

United Rentals, Ring Power, Gmmco Ltd, Finning, Boels Verhuur, Blueline Rental, Sunbelt Rentals, Hertz Equipment Rental, Home Depot Rentals, Aggreko North America, H&E Equipment Services, Ahern Rentals, Neff Rental, Nes Rentals, Maxim Crane Rental, All Family Of Companies, Tnt Crane & Rigging, Ameco, Xylem Inc., Battlefield Equipment Rentals, Holt Cat, Nesco Rentals

Request a sample report : https://www.mraccuracyreports.com/report-sample/380052

Product Insights
The global construction equipment rental market is segmented into earthmoving machinery, material handling machinery, and concrete & road construction machinery. The earthmoving machinery segment accounted for a major market share of over 50% in 2021. The increasing application of earthmoving excavators for mining, agriculture, and construction industries significantly contributes to segmental growth. The other earthmoving equipment such as backhoe loaders, crawler excavators, skid-steer loaders, and mini excavators, have high load capacity and better engine performance. These features of earthmoving equipment make them suitable to be used in harsh working environments. Moreover, the growing construction of residential and large-scale commercial civil projects has increased the inclination of construction companies and contractors toward leasing earthmoving equipment

Key Market Segments:
By Application
Excavation & Mining
Material Handling
Earthmoving
Concrete
By Product
Backhoes & Excavators
Loaders
Crawler Dozers
Cranes
Forklift
Other
By Propulsion System
Electric
ICE

Access full Report Description, TOC, Table of Figure, Chart, etc. @ https://www.mraccuracyreports.com/reportdetails/reportview/380052

The Flourishing ASEAN Construction Industry
The construction industry is extremely active, and several factors, like global economic scenario, budgets, and overall economy, are promoting the market's growth. Unpredictability in these aspects affects the businesses of construction equipment OEMs, as well as construction rental equipment. This, in turn, is leading to price fluctuations of rental, used, and new equipment.

The ASEAN region holds substantial opportunities for the growth in demand for construction machinery. With the forecasts of shifting labor dynamics and large infrastructure projects, the construction equipment rental market is anticipated to experience growth over the forecast period. With a sudden outbreak of the COVID-19 pandemic across the world, many economic sectors, including the construction industry, have been under lockdown for a few weeks/months in the first quarter of 2020. Accordingly, construction equipment rental in these situations proves to be the effective and preferable choice for the construction companies, principally to minimize or reduce the impact of unpredicted financial downturns.

The report focuses on the key segments and investment planning initiatives. The report primarily discusses the Construction Equipment Rental Services industry considering the global scenario and presents different market scenarios to get a clear understanding of the issues and dynamism of this industry. Secondary and primary sources are covered to get relevant information to the market in this report. In pursuit of reliability and relevance, government publications, official websites, news sources, and more are considered in the report.

Buy Report today ( with free 1 year service) at: https://www.mraccuracyreports.com/checkout/380052

Asia-Pacific is Anticipated to Gain a Significant Market Share
Asia-Pacific is one of the largest markets that has perceived a boom in infrastructural and construction development because of the increasing emphasis by the governments on developing infrastructure for a sustainable economy. This region experienced growth in the number of Special Economic Zones (SEZs), hydroelectric projects, dams, highway constructions, metro construction, airports, etc., in order to sustain high-level industrial activities, growing energy demand, and better connectivity. As a result, several international players have started commencement to invest and are setting up distribution centers and manufacturing facilities in the region to meet the mounting demand and capture the regional market. Construction machinery manufacturers, such as Sumitomo Corporation, Hitachi, Caterpillar, and Liebherr, are offering rental services that face powerful competition from several regional and domestic players due to the competitive pricing and technologically advanced equipment availability.

However, during the COVID-19 pandemic, critical government construction projects, such as key utilities, hospital builds, and infrastructure, sustained working but at a slower pace with less labor force at the job site to avoid the spread of COVID-19. Therefore, in 2020, the value of the construction equipment rental market fell owing to a fall in the global economic growth, which, in turn, is ensuing in a slowdown of construction work timelines.

Recent Developments
In October 2021, Herc Holdings acquired Rapid Equipment Rental Limited Toronto-based equipment rental business. This acquisition will help Herc Holdings achieve greater scale and density in select urban markets across North America.
In June 2020, H&E Equipment Services Inc. relocated its Georgetown branch to an expanded facility in Temple, Texas.

Competition analysis

The major players profiled in the construction equipment rental market include Boels Rentals, H&E Equipment Services, Herc Rentals Inc., Kanamoto Co., Ltd., Nesco Holdings, Inc., Maxim Crane Works, L.P., Mtandt Group, Ramirent, Sarens n.v./s.a., and United Rentals, Inc. These companies have adopted strategies such as business expansion, acquisitions, and product launch to offer better services in the market owing to construction equipment rental market opportunity

Call Us - UK +44 7452119323
USA +1 8045001224
Email us - sales@mraccuracyreports.com
30 Crawley Lane, West Sussex, RH10 7EG, United Kingdom
3351 Green Turtle Rd, Regina, SK S4V 3N6, Canada

MR Accuracy Reports is a Market Research and consulting company that accomplishes requirement of research agencies,small, medium and large corporations, global business leaders, government organizations,
SME's, Individual & Start-ups, top management consulting firms

This release was published on openPR.