Construction Equipment Rental Market To Accrue Substantial Gains Over 2018-2024 - Industry News 360


Saturday, 18 August 2018

Construction Equipment Rental Market To Accrue Substantial Gains Over 2018-2024

Concrete equipment category accounts for significant revenue shares in the Construction Equipment Rental Market and is expected to witness growth from 2018 to 2024. Rising industrialization and the construction of skyscrapers across various economies demand high-strength concrete, driving the concrete equipment segment in the industry.

In the construction equipment rental market, material handling devices are projected to witness a growth owing to high technological advancements in the machinery. Utilization of IoT and other advanced technologies, GPS, and RFID in equipment such as cranes are enabling the operators to scale their business operations and benefit from the high ROI.

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Construction Equipment Rental Market size is set to exceed USD 140 billion by 2024. The increasing infrastructure investments are driving the construction equipment rental market globally. Rental services enable the users to avoid huge initial costs involved in purchasing the equipment. Rising wages coupled with the change in consumption patterns in countries including China and the U.S. are generating a significant demand for the construction machinery renting.

In addition, construction companies opt for renting the equipment for the on-time completion of projects with stringent deadlines, resulting in reduced overall expenditures. To minimize the overall project expenses, equipment renting is considered as a profitable choice, contributing to the industry demand. Large-scale projects such as Crossrail Project in the UK, South-to-North Water Transfer Project in China, and Al Maktoum Airport in Dubai, among others are anticipated to provide significant growth opportunities to the construction equipment rental market.

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The implementation of advanced technologies in the construction industry is pushing the demand for the construction equipment rental market. Due to the wide range of technologically-advanced equipment available for rental and reduced ownership & maintenance expenditures, the industry is currently witnessing a high demand from users with limited monetary resources. The increasing number of re-construction activities in the U.S. and Japan considering the replacement of aging structures with sturdy ones is fueling the industry demand. Furthermore, the growing number of smart city projects across various economies is further contributing to the industry growth.

Factors such as economic crisis, fluctuating fuel rates, compliance with changes in standards & regulations, and rising maintenance costs associated with aging fleets are hindering the construction equipment rental market growth. Additionally, the lack of skilled and qualified operators coupled with the reluctance of enterprises to rent the equipment is restricting the industry growth.

Players operating in the construction equipment rental market include Ashtead Group, Ahern Rentals Inc., Riwal, Kilotou, Mtandt Rentals Ltd., Unirent LLC, Blueline Rental LLC, Loxam Group, Cramo PLC, Shanghai Hongxin Equipment Engineering Co., Ltd., Herc Holdings, Caterpillar, Inc., United Rentals, Inc., and Nesco Rentals. These players are investing extensively in the R&D to incorporate the latest technologies, such as IoT and telematics, to enhance operations and minimize the overall expenditure. To ensure worker safety, various industry participants are focusing on providing training and certification programs.

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