- Growing construction market in developing countries and no high ownership cost & financial constraints have boosted the growth of the global construction equipment rental market
PORTLAND, Ore., Aug. 18, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Construction Equipment Rental Market by Application (Excavation & Mining, Material Handling, Earthmoving, and Concrete), Product (Backhoes & Excavators, Loaders, Crawler Dozers, Cranes, Forklift, and Others), and Propulsion System (Electric & ICE): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global construction equipment rental industry was pegged at $90.99 billion in 2019, and is expected to reach $106.42 billion by 2027, growing at a CAGR of 4.2% from 2020 to 2027.
Major drivers, restraints, and opportunities
Reduction of expenses including maintenance cost, operational costs, and labor cost, growing construction market in developing countries, and no high ownership cost & financial constraints have boosted the growth of the global construction equipment rental market. However, lack of skilled and qualified operators and decrease in new construction activities in developed nations hamper the market. On the contrary, easy relocation & fuel-efficiency along with new IoT technology are expected to create new opportunities for the market players in the coming years.
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The earthmoving segment dominated the market
By application, the earthmoving segment held the largest share in 2019, accounting for nearly two-fifths of the global construction equipment rental market, owing to large number of earthmoving activities on construction and mining sites. However, the excavation & mining segment is expected to register the highest CAGR of 5.1% during the forecast period, due to rise in construction and mining activities in developing nations.
The electric segment to manifest the highest CAGR through 2027
By propulsion system, the electric segment is expected to register the highest CAGR of 7.3% during the study period, owing to rise in awareness for using electric operated machines to reduce carbon emission. However, the ICE segment held the largest share in 2019, contributing to around 94% of the global construction equipment rental market, due to its higher operating power and stability in operations.
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North America held the lion's share
By region, the market across North America held the largest share in 2019, accounting for more than two-fifths of the global construction equipment rental market, due to higher usage of rental equipment over owing the equipment. However, the market across Asia-Pacific is expected to register the highest CAGR of 5.9% during the forecast period, due to rising awareness regarding benefits of renting and leasing of construction equipment.
Major market players
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