This industry research report segments the global market for construction equipment rental by geography and includes key regions like Europe, North America, Asia, and others. It also provides an analysis of the trends, drivers, and challenges that influence market growth. Leading vendors analyzed in this market study are Hertz Equipment, Loxam group, Neff Rental, Sunbelt, and United Rentals.
Technavio’s market research analysts estimate the global construction equipment rental market to grow at a CAGR of more than 7% between 2015 and 2019. The recent increase in infrastructure development and construction activities is one of the primary factors that drives the demand for equipment rental. Europe is estimated to dominate the global market for construction equipment rental, with 40% of the market share. Robust growth in the construction industry, especially in countries like Poland, Spain, Germany, and France, is expected to drive the market for construction equipment rental in Europe.
The new market research report from Technavio provides a breakdown and analysis of the construction equipment rental segments by technology.
“Introduction of fleet management software service by leading OEMs are rapidly gaining popularity in the market as they provide equipment related information to the end users. This software provides information pertaining to equipment wear out, preventive maintenance forecasting, commercial repair tracking, and accident tracking. This information helps to reduce the operating and maintenance cost of construction equipment and also provides real-time information on the replacement of any particular attachment,” says Soumya Mutsuddi, Lead Analyst, Heavy Industry, Technavio Research.
Rising need to replace outdated equipment is a major factor driving the growth of this market. Construction equipment like forklifts or tractors cannot be used after a certain point of time as the cost of maintenance outweighs the cost of investment. Consequently, it can be estimated that the need to replace obsolete or outdated equipment will increase rapidly so as to meet the operational demands of businesses. This is expected to propel the prospects for growth in this market during the forecast period.
The key players dominating the global construction equipment rental market are Hertz Equipment, Loxam group, Neff Rental, Sunbelt, and United Rentals. This market is primarily dominated by large vendors and is envisaged to witness substantial growth during the forecast period owing to the augmented demand for construction equipment. In regions like Asia and Middle East, the sale of equipment through rental is estimated to be low as the well-established vendors have not been able to effectively penetrate the market in this region.
A more detailed analysis is available in the Technavio report, Global Construction Equipment Rental Market 2015-2019.
We can customize reports by other regions and specific segments upon request.
Other related reports:
