Market Overview: Introduction
The practice of leasing heavy machinery construction equipment instead of purchasing it has proven to be beneficial for all sizes of companies across the world. This has resulted in robust growth of the construction equipment rental market. Major growth is observed in sectors such as transport, housing, energy and power, which have large scale investments. With such high level of investments construction companies prefer to rent equipment so as to reduce their project costs. This is a cost effective approach as in doing so they face lower maintenance costs and fewer technical charges. Adding to that, transportation, operation and servicing requirements are reduced many folds. Both these factors fuel demand for the construction equipment rental market in the coming future.
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Construction Equipment Rental Market: Dynamics
Developments in the infrastructure sector, clubbed with a varied range of advanced construction equipment in rental fleets are expected to drive demand for the construction equipment rentals market. Companies in the construction equipment rental market are skilful in identifying customers; they relocate construction equipment to different locations to monopolize on increasing demand from real estate industries in commercial and residential sectors. Strict regulations, increasing ownership cost and financial constraints are some of the key reasons fueling the construction equipment rental market.
On the other hand, fluctuating fuel prices and expenditure of picking up and delivering machinery, especially if the contractor is working in remote areas, is expected to obstruct demand in the construction equipment rental market over the forecast period.
Construction Equipment Rental Market: Segmentation
The construction equipment rental market can be segmented on the basis of product type.
- Earthmoving machinery (loading shovels, excavators, site dumpers and dump trucks)
- Material handling machinery (shelves, frames, sliding racks, bulk containers, bins, silos, conveyors, pallet trucks, fork lifts, platform trucks, hand trucks, cranes, etc.)
- Concrete & road construction (trenchers, planers, pavers, rollers, hot boxes, etc.)
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Construction Equipment Rental Market: Regional Outlook
The construction equipment rental market can be segmented by geographies as North America, Latin America, Eastern Europe, Western Europe, Asia Pacific excluding Japan, Middle East & Africa and Japan. Among these regions, Asia pacific is expected to dominate the construction equipment rental market over the forecast period. Developing countries like India and China are expected to offer better opportunities owing to rising population and urbanization, along with growth in the IT sector that propels demand for the construction equipment rental market over the forecast period. North America is expected to show robust progression due to increasing investments in the residential sector. European countries like Spain, Germany, Poland and France are expected to drive the construction equipment rental market.
In the Middle East, countries like Saudi Arabia focus extensively on sustainable practices and promote ecofriendly construction of buildings. Rising capital investments in transportation, hospitality, infrastructure and energy, coupled with easy availability of machinery has led to a boost in the construction equipment rental market.
Construction Equipment Rental Market: Key Players
Some examples of recognized players in the construction equipment rental market are listed below:
- Zahid Group.
- Industrial Supplies Development Co. Ltd
- JCB
- Ahern Equipment Rentals
- Caterpillar Inc.
- Gemini Equipment and Rentals (GEAR)
- Hertz Equipment
- John Deere
- KOMATSU EQUIPMENT
- Maxim Crane Works
- Neff Rental
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