Construction equipment rental market
The earthmoving machinery segment accounted for 55% of the market in 2015 and will grow at more than 9% over the next eight years. The material handling sector will grow at 9.9% CAGR from 2016 to 2024 due to the escalating need for automated production processes to achieve optimal raw material usage, resource and energy consumption.
The construction equipment rental industry was worth USD 34 billion in 2015 and is expected to record a CAGR of 9.1% over 2016-2024. The growing trend to lease construction equipment in order to reduce maintenance and administrative overhead costs is expected to drive market growth over the coming years. The rising number of renovation projects and rapid technological innovations will also contribute to further growth.
The rapidly growing real estate sector will play a key role in the growth of the construction equipment rental market over the coming years. New smart cities in emerging economies such as India will drive the growth of construction and infrastructure sector. This in turn is expected to boost construction equipment rental industry growth. Furthermore, growing natural gas drilling activities coupled with enhanced highway infrastructure are expected to provide operational, logistical, and monetary benefits to the market over the coming years.
Major construction equipment products include; concrete and road construction equipment, earthmoving equipment, and material handling equipment. The earthmoving equipment market accounted for 55% of the global construction equipment rental market in 2015, and is expected to surpass USD 40 billion by 2024. This growth can be attributed to the increasing use of heavy equipment such as excavators and loaders. The concrete and road construction equipment market is expected to see high growth in 2016-2024, due to demand across new infrastructure projects. The material handling equipment market is expected to record a CAGR of 9.9% over the period of 2016-2024, due to the growing need for automatic manufacturing processes to enable optimum energy conservation and raw material consumption.
The Chinese construction equipment rental market price was worth USD 3 billion in 2015, and is expected to witness high growth over the coming eight years. The regional growth is credited to favourable government legislation, high economic development, rising population, and rapid urbanisation.
The Germany construction equipment rental market size is expected to grow at a rate of 6.5% over the forecast period due to the expansion of construction across the residential sector and favourable government policies in this region.
The U.S. construction equipment rental market size is projected to exceed USD 23 billion by 2024.
The key market players will try to grow their global presence and expand their businesses through mergers and acquisitions, joint ventures, and strategic alliances. Key industry participants include United Rentals Company, Neff Rentals, Gemini Equipment and Rentals Private Limited, Terex Corporation, Sunbelt Rentals, Aggreko, Maxim Crane Works, L.P. Company, Ahern Rentals, The Hertz Corporation, Komatsu Limited, Liebherr Group, and Weldex International Offshore Limited.
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