The global construction equipment rental market is expected to grow at a CAGR of 5% over the forecast period (2021-2028).
(ProNewsReport Editorial): – Apache Junction, Arizona August 23, 2021 (Issuewire.com) – Market overview
Construction equipment rental, also known as factory rental in some countries (e.g. the UK), is a service industry that offers machines, equipment and tools of all types and sizes (from earthmoving to motorized access routes, from power generation to handheld tools ). ) for a limited period of time to end users, mainly to building contractors, but also to industry and individual consumers.
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Increasing investment in infrastructure, growth in the construction industry, growing public-private partnerships in housing and construction are some of the factors driving market growth.
The growth of the construction industry is the main driver behind the growth of the global construction equipment rental market. According to a survey report by the Construction Intelligence Center, the production volume of the construction industry grew 3.1% in 2018 from $ 10.6 trillion in 2017. In addition, the volume of construction production will increase by 85% by 85% in the global level, according to Oxford Economics Year 2030. Due to the factors, the global home rental market is expected to grow steadily in the future.
On the other hand, tracking device movement and performance, as well as fluctuating fuel prices are the main obstacles hindering market growth.
Market segmentation analysis
- Earthmoving systems
- Industrial trucks
- Heavy construction vehicles
Geographical share of the market
Geographically, the global construction equipment rental market is divided into North America, South America, Europe, Asia-Pacific, the Middle East, and Africa. North America in particular dominates the market due to high consumer spending, business investments in construction activities.
Consumer spending on construction continues to drive growth in the US, aided by rising employment, rising household wealth and real income coupled with tax breaks. According to Trade Economics, the US government, GDP from construction in the US rose from $ 641.40 billion in the second quarter of 2018 to $ 646 billion in the third quarter of 2018, while the US construction industry rose from $ 1,276.3 billion in January 2018 to $ 1,279.6 billion in January 2019, growing at a rate of 1.3%. Because of these factors, the US construction market is expected to dominate the global construction equipment rental market in the future.
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Competitive trends in the market
The global rental market for construction machinery is fragmented by the presence of many local and international players. However, H&E Equipment Services, Inc, United Rentals Inc., Herc Rentals Inc., and Hitachi Construction Machinery Co., Ltd are leading players in the global construction equipment rental market.
As part of their business strategy, the companies are concentrating more on acquisitions in order to consolidate their market position. In January 2019, for example, H&E Equipment Services, Inc. announced a definitive agreement to acquire We-Rent-It (WRI), which has six offices for the growing Central Texas market.
United Rentals Inc. is one of the largest construction machinery rental companies and strengthens the market through acquisitions. For example, in December 2018, United Rentals, Inc. announced that United Rentals of Canada, Inc., a wholly owned subsidiary of the company, had acquired WesternOne Rentals & Sales LP for a cash purchase price of approximately $ 90.4 million.
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