Construction Equipment Rental Market: Current Analysis and Forecast (2022-2028)
$3999 – $6999
Emphasis on Equipment (Earthmoving, Material Handling, Road Building, and Concrete Pumps); Product (Backhoes, Cranes, Excavators, Loaders, and Others); Application (Construction & Infrastructure, Transport Power, Energy Infrastructure, and Others); and Region/Country
Global Construction equipment rental Market is expected to grow at a significant rate of around 4% during the forecast period. Heavy-duty vehicles designed specifically for carrying out construction tasks, most frequently earthwork, are referred to as construction equipment. The primary drivers of the global construction equipment market are rapid urbanization, rapid industrialization, rising government investments in the development of infrastructure, and the expansion and growth of real estate and construction companies worldwide. Moreover, the countries are looking forward to build up the advanced infrastructure that will boost up the growth of the market during the forecast period. For instance, in January 2021, Saudi Arabia announced to create a green smart city, NEOM.
Caterpillar, CNH Industrial N.V, Doosan Corporation, Escorts Limited, Hitachi Construction Machinery Co Ltd., Hyundai Construction Equipment Co Ltd., J C Bamford Excavators Ltd., Deere & Company., Kobelco Construction Machinery Co Ltd., and Komatsu Ltd. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst equipment, earth moving category to witness robust CAGR during the forecast period”
Based on equipment, the market is segmented into earthmoving, material handling, road building, and concrete pumps. The earth-moving segment category to witness higher CAGR during the forecast period. As earthmoving construction equipment is benefiting greatly from the demand for better infrastructure and the growing urban population. Moreover, the growing construction of residential and large-scale commercial civil projects has increased the inclination of construction companies and contractors toward leasing earthmoving equipment.
“Amongst product, the cranes to hold a significant share in the market in 2020”
Based on product, the market is categorized into backhoes, cranes, excavators, loaders, and others. Among these, the crane holds a significant share of the market in during the forecast period. This is mainly due to the large construction projects worldwide that include the port extension, underwater tunnels, railway tunnels, including the use of many types of cranes. Thus, driving the growth of the crane segment.
“Amongst application, the construction & infrastructure to hold a significant share in the market in 2020”
Based on application, the construction equipment rental market has been classified into construction & infrastructure, transport power, energy infrastructure, and others. The construction and Infrastructure category is to witness higher adoption during the forecast period. Construction equipment sales have been impressive as a result of rising construction and infrastructure spending, particularly in emerging markets. In addition, the government is spending on infrastructure projects, primarily in rural areas, sales of construction equipment are anticipated to rise by double digits in the coming years.
“APAC to hold a significant share in the market”
For a better understanding of the market adoption of the Construction equipment rental industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the nations like China and India, development relies heavily on construction projects. The Asia-Pacific construction equipment market is expanding at a rapid rate due to the investments in construction and infrastructure. However, the demand for technologically advanced equipment, the rapid adoption of automated construction equipment, and low-interest loans to acquire this equipment will all contribute to North America’s significant growth in the coming years.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
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|2.1.||Research Process of the Construction Equipment Rental Market|
|2.2.||Research Methodology of the Construction Equipment Rental Market|
|5||IMPACT OF COVID-19 ON THE CONSTRUCTION EQUIPMENT RENTAL MARKET|
|6||CONSTRUCTION EQUIPMENT RENTAL MARKET REVENUE, 2020-2028F|
|9.1.||Construction & Infrastructure|
|10.1.3.||Rest of North America|
|10.2.6.||Rest of Europe|
|10.3.4.||Rest of Asia-Pacific|
|10.4.||Rest of World|
|12||CONSTRUCTION EQUIPMENT RENTAL MARKET OPPORTUNITIES|
|13||CONSTRUCTION EQUIPMENT RENTAL MARKET TRENDS|
|14.1.||Demand Side Analysis|
|14.2.||Supply Side Analysis|
|15||VALUE CHAIN ANALYSIS|
|16.1.1.||Porters Fiver Forces Analysis|
|17.2.||CNH Industrial N.V.|
|17.5.||Hitachi Construction Machinery Co Ltd.|
|17.6.||Hyundai Construction Equipment Co Ltd.|
|17.7.||J C Bamford Excavators Ltd.|
|17.8.||Deere & Company.|
|17.9.||Kobelco Construction Machinery Co Ltd.|
Research Methodology for the Construction Equipment Rental Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global construction equipment rental market were the three major steps undertaken to create and analyze the adoption of construction equipment rentals in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global construction equipment rental market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the construction equipment rental market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the construction equipment rental market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as by equipment, product, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the construction equipment rental market. Further, we conducted factor analysis using dependent and independent variables such as various equipment, product, and application of construction equipment rentals. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the construction equipment rental market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global construction equipment rental market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the construction equipment rental market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global construction equipment rental market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global construction equipment rental market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of equipment, product, and application in the global construction equipment rental market.
The main objective of the Global Construction equipment rental Market Study
The current & future market trends of the global construction equipment rental market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the construction equipment rental market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of equipment, product, and application.
- Define and analysis of the regulatory framework for the construction equipment rental
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the construction equipment rental market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the construction equipment rental market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry