As per the analysis by Market Research Future Reports (MRFR), the global construction equipment rental market is estimated to project a CAGR of 4.7% during the forecast period. The global construction equipment rental market 2020 is majorly driven by the increase in disposable income along with technological development. The market has displayed an exponential rise from the past few years due to the increasing innovation being implemented in the sector. The rising number of construction activities, along with the growing demand for infrastructure across the world, is estimated to expand the market in the forthcoming period. Besides, the inclination towards heavy rental construction devices such as the loader, excavator, motor graders, and other are influencing the market growth.
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Moreover, the growing labor costs in developing nations like India and China, other Asian nations has additionally expanded the market. The increasing concentration on the innovation of new products is further estimated to fuel the demand for construction device rental during the forecast period. With the assistance of advanced technology, consumers can rent new models. It saves time, reduces labor cost, operational cost, maintenance cost. Hence, it is a piece of preferred equipment. However, a lack of expertise to operate the advanced technology acts as a significant factor of a hindrance.
Due to the outbreak of COVID-19, the dynamics of the market have changed significantly. We will provide COVID-19 impact analysis with the report.
The global construction equipment rental market can be segregated on the basis of equipment type, application, and region.
On the basis of equipment type, the global construction equipment rental market can be classified into material handling, earthmoving, and concrete & road construction. The earthmoving segment is further classified into motor grader, loader, excavator, backhoe, and others. The material handling segment is further classified into the trailer-mounted crane, crawler crane, and truck mounted crane.
On the basis of application, the global construction equipment rental market can be classified into non-residential, residential, and infrastructure. Among all segments, the infrastructure segment is projected to exhibit a maximum growth rate in this market.
On the basis of region, the global construction equipment rental market can be classified into North America, Asia-Pacific, Europe, and the Rest of the World (RoW).
The geographical analysis of North America, Asia-Pacific, Europe, and the Rest of the World (RoW) has been conducted. As per the analysis by MRFR, the APAC market is likely to dominate the global market. It is anticipated to expand at the fastest pace during the forecast period. Among all the countries of the APAC region, China is the most significant market. It is one of the largest exporters of construction types of machinery. The country is progressing due to the presence of construction machinery manufacturing facilities. The second position is attained by North America. The North American market is estimated to acquire the largest market share in the global construction equipment rental market, which is acknowledged to the rising demand for construction machines such as motor graders and excavators. The third position is attained by Europe. The European market is likely to expand at a significant rate during the forecast period.
The market dynamics have changed significantly due to the sudden outbreak of pandemic coronavirus. Several regions have been affected due to the sudden impact of COVID-19.
The forefront players of the global construction equipment rental market are Ashtead Group, Ahern Rentals, Inc., Blueline Rental LLC, Cramo PLC, Caterpillar, Inc., Shanghai Hongxin Equipment Engineering Co., Ltd., Nesco Rentals, Herc Holdings, Riwal, United Rentals, Inc, and many others.
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