New, Pre-Owned, And Rental Construction Equipment Market Trends and Segments 2032

New, pre-owned, and rental construction equipment refers to the temporary leasing of heavy machinery and tools to individuals, contractors, or companies. It allows access to a wide range of equipment without the need for purchase, offering flexibility and cost saving for construction projects. In addition, customers can opt for used equipment due to low budget.

According to the report, the global new, pre-owned, and rental construction equipment market was valued at $ 4,45,292.4 million in 2020 and is projected to reach $ 8,71,401.5 million by 2032, registering a CAGR of 5.7% from 2023 to 2032.

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Surge in construction activities across developing nations of Asia, Africa, and Latin America is expected to drive the market. In addition, rental construction equipment is expected to drive the market. Construction equipment is expensive; hence, customers who do not require the equipment continuously or for the long term opt for rental equipment instead of purchasing it.

In addition, not all customers can afford to buy such expensive equipment. Large cranes are easy to dismantle and relocate at new construction sites and are inexpensive. In addition, new technologies such as IoT installed in construction equipment have made it easy for rental companies to track locations and operations of equipment. Such innovations are expected to offer remunerative opportunities for the expansion of the new, pre-owned, and rental construction equipment market during the forecast period.

Emerging markets such as Asia-Pacific, Latin America, and Africa have witnessed a rise in population, economic growth, urbanization, and an increase in technological advancement in machinery that aids in the improvement of workflow. The population in Asia-Pacific and Africa has grown at a rapid pace, thus creating a surge in demand for housing accommodation as the increase in the rate of the population is higher than the availability of housing. Most of the countries in these two regions are emerging nations and have experienced strong economic growth. The growth of the economy in the emerging countries has fueled the growth of commercial, industrial, corporate, and residential properties.

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Leading Market Players: -
• AB Volvo
• Boels Rentals
• H&E Equipment Services Inc.
• Haulotte Group
• Herc Rentals Inc.
• Hitachi Ltd.
• Loxam (Ramirent)
• Maxim Crane Works, L.P.
• Sumitomo Corporation (Sunstate Equipment Company)
• United Rentals, Inc.

The report provides a detailed analysis of these key players of the global new, pre-owned, and rental construction equipment market. These players have adopted different strategies such as new product launches, acquisitions, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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