Global Construction Equipment Rental Market Is Expected to Reach $168.7 Billion by 2031: Says AMR
Rise in construction & mining activities in the developing nations of Africa and Latin America drive the growth of the global construction equipment rental market. By product, the loaders segment held the major share in 2021. By region, Asia-Pacific would cite the fastest CAGR by 2031.
Portland,OR, Feb. 13, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global construction equipment rental market was estimated at $108 billion in 2021 and is expected to hit $168.7 billion by 2031, registering a CAGR of 4.5% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
|Market Size in 2021||$108 Billion|
|Market Size in 2031||$168.7 Billion|
|No. of Pages in Report||220|
|Segments Covered||Application, Product, Propulsion System, and Region.|
|Drivers||Rise in construction & mining activities in the developing nations of Africa and Latin America|
|The fact that high initial investment required to buy equipment can be avoided by opting for rental equipment|
|Restraints||Dearth of skilled labor|
|Saturation in the construction and mining industries in developed nations|
|Opportunities||Integration of IoT that is expected to overcome the shortage of skilled labors|
- Disruptions in construction activities resulted in the downfall of the construction equipment rental market, especially during the initial phase of the pandemic.
- Nevertheless, the industry regained its full-scale performance by the end of 2021.
The global construction equipment rental market is analyzed across application, product, propulsion system, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
By application, the earthmoving segment held the largest share in 2021, garnering nearly two-fifths of the global construction equipment rental market revenue, and is projected to maintain its dominance by 2031. The excavation and mining segment, on the other hand, would showcase the fastest CAGR of 5.2% during the forecast period. The material handling and concrete segments are also analyzed in the report.
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By product, the loaders segment contributed to more than one-third of the global construction equipment rental market share in 2021, and is projected to rule the roost by 2031. The other segment, however, would display the fastest CAGR of 6.1% throughout the forecast period. The backhoes and excavators, crawler dozers, cranes, and forklift segments are also studied in the report.
By propulsion system, the ICE segment accounted for the highest share in 2021, generating more than 90% of the global construction equipment rental market revenue. The electric segment, simultaneously, would portray the fastest CAGR of 7.1% during the forecast period.
By region, North America held the major share in 2021, garnering more than two-fifths of the global construction equipment rental market revenue. Asia-Pacific, at the same time, would showcase the fastest CAGR of 5.8% from 2022 to 2031. The other provinces analyzed in the report include Europe and LAMEA.
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The key market players analyzed in the global construction equipment rental market report include H&E Equipment Services, Herc Rentals Inc., United Rentals, Inc., Loxam (Ramirent), Maxim Crane Works, Nesco Holdings, Boels Rental, MTANDT Rentals Limited, Sarens n.v./s.a., and Kanamoto Co., Ltd. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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