Engineering Equipment Rental Service Market Dynamic Growth Factors, In-Depth Analysis And Outlook By Forecast To 2031 | United Rentals, Ashtead Group, Aktio Corp, Kanamoto

Market Overview:

Engineering equipment rental service provides equipment like earthmoving equipment, material handling equipment, concrete & road construction equipment, and more on rent to construction companies and contractors. This service helps construction companies to access equipment as per their demand without paying high capital costs.

Market Dynamics:

The engineering equipment rental service market is driven by increased demand from the growing construction industry globally. The construction industry has been witnessing high growth in developing nations due to rapid urbanization and industrialization. According to the Global Construction 2030 report, the global construction output is expected to grow by 85% to $15.5 trillion worldwide by 2030. This rising construction activities will augment the demand for engineering equipment rental services during the forecast period. Furthermore, the equipment rental service provides flexibility to contractors and construction companies as it allows them to fulfill short-term equipment needs without incurring heavy capital expenditure.

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Major Driving Forces Behind Demand for Engineering Equipment Rental Services:

Increasing construction projects outsourcing to rental service providers:

With rising costs of buying expensive heavy construction machinery and equipment, many construction and infrastructure companies are outsourcing their equipment needs to specialized engineering equipment rental service providers. This allows construction firms to focus on their core competencies of project execution while equipment rental companies manage the maintenance, repair and replacement of the equipment fleet. The outsourced model increases flexibility for construction companies and lowers operational costs.

Rise in infrastructure development activities fueling demand for rental equipment:

Growing urbanization and industrialization across the globe is driving significant investments in sectors such as transportation, energy and utilities. Megaprojects in areas such as roads, bridges, utilities, oil & gas pipelines and urban development require huge fleets of machinery, heavy equipment and tools over extended periods of time. Engineering equipment rental services allow infrastructure developers to meet such large and fluctuating equipment needs in a cost-effective manner without ownership. This is a major driver propelling the market growth.

Pressure of high equipment ownership and operating costs hindering market:

While the construction and infrastructure industries fuel demand for engineering equipment, rising costs associated with equipment ownership pose a significant barrier. Price of heavy machinery, tools and vehicles have increased considerably over the past decade. Additionally, maintenance, spare parts, fuel and operator wages further drive up operating expenditures. For cash-strapped construction firms, outright equipment purchase is often not financially viable. The pressure of high ownership costs is forcing some companies to curb or postpone equipment renewals, negatively impacting rental service providers.

Opportunity for expansion into project specific equipment categories:

While major equipment categories such as earthmoving, material handling and road building witness strong rental demand, certain project-specific segments remain underserved. For example, demand exists for specialized rental of tunnelling, piling, drilling, concrete placing/finishing, lifting and material testing equipment required at construction sites. Equipment rental companies can tap into the opportunities in niche categories by building customized fleets to match unique client needs across different project types. This allows expanded service offerings and new revenue streams.

Adoption of telematics and IoT solutions to reshape equipment rental industry trends:

A transformational trend gaining momentum in the equipment rental industry is the adoption of telematics and IoT technologies to track, monitor and manage distributed rental fleets in real-time. Equipment connected via sensors and monitoring devices allow rental companies to optimize asset utilization, predict maintenance needs, arrange repairs/refueling and ensure security. Data analytics further helps determine equipment usage patterns and formulate future procurement decisions. Telematics is improving rental experience for customers through features like equipment reservations, utilization reports and emergency breakdown support. This is a strategic technology trend that will significantly boost operational efficiencies while enhancing customer experience over the long run.

Some of the Major Companies covered in this Research are:

✦ United Rentals
✦ Ashtead Group
✦ Aktio Corp
✦ Kanamoto
✦ Hertz Equipment Rental
✦ Loxam Group
✦ Blueline Rent
✦ Ahern Rentals
✦ Nishio Rent
✦ Aggreko
✦ Maxim Crane Works
✦ SCMC

By Types:

✦ Bulldozing Equipment
✦ Material Handling and Cranes
✦ Concrete Equipment
✦ Road Construction Equipment
✦ Others

By Applications:

✦ Factory
✦ Construction Site
✦ Others

Key highlights of the report:

• Market drivers and barriers, Performance
• Market Analysis by Application
• Market Overview and Classification
• Market Outlook (2024-2031)
• Engineering Equipment Rental Service Market Trends
• SWOT Analysis
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

Most Frequently Asked Questions:

1. How feasible is the Engineering Equipment Rental Service market for long-term investment?
2. What are the influencing factors driving the demand for this market in the future?
3. What is the impact analysis of various factors in the global market growth?
4. What are the recent trends in the regional market and how successful they are?

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Reasons to Purchase Report:

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• The market size estimates, current market sizes, and market share analysis.
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