In addition, the changing trends of the construction and industrial sectors regarding technologically advanced machinery will provide business opportunities to leading companies, thereby boosting construction equipment rental market.
With the rising number of construction activities and the subsequent requirement for heavy machinery, Construction Equipment Rental Market is set to grow at a remarkable pace. Rental facilities help end-use sectors operate new and advanced machinery at an affordable price.
In addition, the changing trends of the construction and industrial sectors regarding technologically advanced machinery will provide business opportunities to leading companies, thereby boosting construction equipment rental market.The globe is also witnessing a steady rise in the number of infrastructure renovation activities in various civil sectors, which will augment construction equipment rental industry considerably. According to Global Market Insights, Inc., “Worldwide Construction Equipment Rental Market collected a revenue of USD 34 billion in 2015 and will record an annual growth rate of 9.1% over the coming years of 2016 to 2024.”
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Of late, rental agencies offer varied equipment incorporated with advanced features such as ergonomic controls, remote monitoring, GPS system, and quick change linkage. GPS equipped machinery helps to enhance vehicle performance and management. Rental equipment suppliers are focusing on customer satisfaction to attract a wider range of consumers by providing on-time delivery, high product quality, scheduled pick-ups, and enhanced response time, which in turn, will stimulate construction equipment rental industry size considerably.
Based on the product trends, construction equipment rental market is mainly divided into material handling machinery, earthmoving machinery, and concrete & road construction. Surging investment in infrastructure development such as road, dams, and power plants will augment the product demand. Concrete & road construction equipment rental market generated a revenue of USD 10 billion in 2015 and will exhibit a significant growth rate over the coming seven years.
Earthmoving machinery occupied 55% of the global revenue industry share in 2015 and is anticipated to witness an annual growth rate of more than 9% over the period of 2016 to 2024. The growth can be attributed to the escalating requirement of this product to carry out heavy construction work. Material handling will be another lucrative product segment of construction equipment rental industry. As per statistics, material handling product segment will record a CAGR of 9.9% over the years ahead. Shifting trends toward automation will augment the industry growth notably.
Geographically, Europe construction equipment rental market is predicted to generate significant revenue over the years ahead. Availability of new technologically advanced machinery as well as multifunctional models will augment the industry growth. Germany construction equipment rental industry will register an annual growth rate of more than 6.5% over the coming years of 2016 to 2024. The growth can be attributed to the surging construction activities across the residential sector. Moreover, the implementation of supportive rules and regulations along with increasing energy costs will attribute the product demand.
U.S. construction equipment rental market will surpass a revenue collection of USD 23 billion by 2024, owing to the availability of technologically enhanced equipment coupled with growing concerns regarding safety and security.
In Asia Pacific, China construction equipment rental market collected a revenue of USD 3 billion in 2015 and is anticipated to exhibit substantial growth over the coming seven years. The rapid commercialization and urbanization across China coupled with favorable government support and an ever-growing population will generate lucrative avenues for the business over the coming timeframe. The need for privatization in the construction sector will also augment the growth of construction equipment rental market.
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The business growth strategies adopted by the market players include strategic mergers & acquisitions and partnerships. The key participants in construction equipment rental market are Sunbelt Rentals, United Rentals, Neff Rental LLC., The Hertz Corporation, Ahern Rentals, Terex Corporation, Gemini Equipment, Maxim Crane Works, Weldex International Offshore Ltd, and Komatsu Limited.
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