According to the latest report “Construction Equipment Rental Market by Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]),, Regional Outlook, Price Trends, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of construction equipment rental will cross US$155 billion by 2026.
The market growth is driven by the increasing focus of government authorities on refurbishing and upkeep of existing public infrastructure.
The construction equipment rental industry is being severely impacted by the ongoing COVID-19 pandemic. A shift in the focus of government authorities toward mitigating the health-related and economic impacts of the pandemic has impacted the spending on construction activities. A decline in demand for residential real estate is also hampering the construction of new residential buildings, adversely affecting the industry growth.
The material handling and cranes in the construction equipment rental market is expected to grow at an escalating rate during the forecast period owing to positive economic growth and increasing demand for material movement. Moreover, the need for safe working environments in industrial facilities and developments in areas, such as wireless technologies, robotics, and flexible electronics, will fuel the global concrete equipment and cranes demand.
The high focus of the European Union on the development of smart cities will boost the demand for the construction equipment rental market in the European region. The EU’s plan of construction of over 300 smart cities in the region by 2021 will provide new opportunities for market expansion. Market factors, such as stringent labor safety laws in several European countries including Germany, France, and the UK, will further strengthen the regional industry share. The strong presence of several construction OEMs including Liebherr Group and Volvo is also augmenting the market value.
Key companies operating in the market include United Rentals, Inc., Unirent LLC, Mtandt Rentals Limited, Aktio Corporation, Boels Rental, Ahern Rentals, Inc., and Caterpillar Inc. Industry players are investing in upgrading their rental fleet with advanced equipment to cater to the changing market demand.
Read the article online at: https://www.worldpipelines.com/equipment-and-safety/16122020/construction-equipment-rental-market-forecast/