The global Construction Equipment Rental Market size is expected to reach USD 280.13 billion by 2030, registering a CAGR of 6.12% during the forecast period according to a new report by Grand View Research, Inc. Increasing government spending on infrastructure projects and rising Foreign Direct Investment (FDI) in the building sector for skyscrapers, motorways, bridges, and smart cities is driving the growth. The market for renting construction equipment is expanding as a result of ongoing technological advancements that result in modern construction tools that focus on projects and streamline the entire construction process. Small and medium-sized construction enterprises and contractors are encouraged to use rental construction equipment due to the higher total cost of ownership of modern construction equipment and machines. Additionally, construction equipment leasing offers a cost-effective substitute for purchasing for construction companies since it lowers the costs of ownership such as maintenance, repair, insurance, and storage.
The
pandemic led to a global lockdown and disrupted the supply chain, which had a
significant impact on the industrial, building, and mining industries.
Following the pandemic, problems with the supply of skilled labor, rising raw
material prices, and high EMIs have exacerbated uncertainty in the construction
business, slowing expansion. The market for construction rental equipment is
expanding as a result of larger construction enterprises migrating to renting
equipment in order to prevent risk aversion and lessen uncertainty.
Asia
Pacific is expected to witness a high pace of growth during the forecast
period. The major participants in the Chinese construction equipment rental
market are concentrating on creating cutting-edge machinery that uses less
fuel, produces more, and minimizes machine downtime, driving the growth of the
construction equipment rental market. Additionally, the Indian government is
making significant investments in expansive infrastructure projects to
strengthen the nation's economy; as a result, these factors are anticipated to
support the expansion of the construction equipment market in the area.
Related Press
Release@ Construction Equipment Rental Market Report
Construction Equipment Rental Market Report
Highlights
- The global
construction equipment rental market was valued at USD 187.46 billion in
2022 and is expected to exhibit a CAGR of 6.12% from 2023 to 2030.
- The earthmoving
machinery segment dominated the market in 2022 and is expected to
generate a market revenue of over USD 104.53 billion by the end of the
forecast period.
- The
increasing application of earthmoving excavators for mining, agriculture,
and construction industries significantly contributes to segmental growth.
- Asia Pacific
is expected to witness significant growth in construction equipment rental
market by 2030, owing to governments’ investment in the development of the
highway, airports, dams, and special economic zones(SEZs).
- The
construction equipment rental market is witnessing high competition across
the globe. Major players are inclining towards enhancing the business and
product offering through strategic business acquisition.
- For
instance, in April 2021, United Rental Inc., a global equipment rental
company announced the acquisition of General Finance Corporation, a
specialty rental service company. United Rental Inc. acquired complete
assets of General Finance Corporation which helped the company to enhance
its product portfolio.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
No comments:
Post a Comment