The construction equipment rental market is primarily driven by rising rental demand for earthmoving and road building equipment along with new commercial facilities and residential complexes around the world over the past decade. As global economies begin to recover from the financial crisis, the requirement of novel construction facilities has surged more than ever before.
How have upscaled living standards contributed to the growth of construction equipment rental market?
Growing disposable incomes among the middle class population have fueled their aspiration for improved standard of living, boosting investments in the housing sector as well as technology and industrial segments. These have ensued increasing construction activities to keep up with the requirements of new buildings, factories, along with transportation and communication infrastructure. Subsequently, the construction equipment rental industry has witnessed higher demand for material handling, earthmoving, road building and concrete equipment from private and government funded development projects.
What are the advantages of renting equipment that propagate the construction equipment rental industry?
Effectively, construction and infrastructure companies have to bear heavy costs for owning heavy equipment as they also need to spend on maintenance and upgradation from old to new equipment. It also affects them in case of any unforeseen recession in the industry and sometimes limits their ability to be flexible in different construction projects. Companies worldwide are preferring to rent equipment to protect themselves against any financial downturn and be able to use custom equipment depending on the requirements of a project. Not only do they avoid high maintenance and transport costs but can also benefit from acquiring and using the latest technology provided by various players in the construction equipment rental market.
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What is the growth potential of the construction equipment rental industry in terms of earthmoving and road building equipment?
Earthmoving and road building equipment find a wide range of applications in both commercial and residential segment. A rise in the number of residential communities being built in regions such as Asia and Europe will propel the consumption of earthmoving equipment, while rapid industrialization will augment commercial construction activities. A report by Global Market Insights, Inc. stated that in 2017, the earthmoving and road building equipment segment had led the overall construction equipment rental market with a 65% share of the global market. Key upcoming projects in both developed and emerging economies will further propel the industry expansion.
How will the Europe construction equipment rental market develop over the coming years?
Europe comprises many developed countries as well as smaller nations that are in the post-crisis recovery phase, gradually adopting advanced infrastructure technology and building major road and highway networks. A significant part of the region consists of aging infrastructure which governments are looking to rebuild, while rural areas are increasing becoming modern with access to increased funds and construction equipment. Countries like Russia, Germany and Italy are taking up major energy and highway projects to provide their residents with the better utility and transportation services. The report has estimated that the construction equipment rental market in Europe will register a robust 4.5% CAGR over 2018-204.
Which major companies occupy the competitive hierarchy of the construction equipment rental industry?
With the presence of innumerable construction companies and equipment suppliers, the construction equipment rental market is extremely competitive and even small differences in product and services offered could affect the preference of customers. Some key industry participants include Ashtead Group, Ahern Rentals, Blueline Rental LLC, Caterpillar, Inc., Loxam Group, Nesco Rentals and Shanghai Hongxin Equipment Engineering Co.