Construction Equipment Rental Market Expected to Hit $106.4 Billion | Allied Market Research

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According to the application, the earthmoving segment led the global construction equipment rental market in 2019, in terms of revenue, owing to the increase in the number of earthmoving activities carried out at construction sites and of mining. Additionally, on the basis of product, the loader segment dominated the market in 2019 and will continue to dominate during the forecast period. Also, by propulsion system, the ICE segment led the market in 2019, as the engines are powerful
The global construction equipment rental market size was USD 91.0 billion in 2019 and is projected to reach USD 106.4 billion by 2027, registering a CAGR of 4.2% from 2020 to 2027. 2019, North America led the market in terms of revenue, accounting for around 4.2% market share, followed by Europe and Asia-Pacific.

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Rental of construction equipment

The report analyzes the global construction equipment rental market based on application, product, propulsion system and region. The growth of the global market is driven by the boom in infrastructure construction activities in developing countries. Moreover, the rental services save the end users from investing a large sum in the purchase of the equipment, thus overcoming the financial constraints.

handling, earthmoving and concrete. On the basis of product, the market is fragmented into backhoes and excavators, loaders, crawler bulldozers, cranes, forklifts, and others. By type of propulsion, it is differentiated into electric and ICE. Regionally, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

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Moreover, the end users do not have to bear the maintenance and operating costs of the equipment, which contributes significantly to the growth of the global market. In addition, the problems of finding and hiring qualified equipment operators are solved on the user’s side, because the rental company takes care of these problems. However, the lack of skilled labor is a major impediment to the growth of rental companies. Additionally, the lockdown put in place due to the outbreak of the COVID-19 pandemic is having a negative impact on the market as construction and mining activities have either been partially halted or completely halted. Additionally, several end users have terminated contracts with equipment rental companies to avoid paying rent, which has hampered the growth of the construction equipment rental market. However, the reopening of construction sites over a period of time and the introduction of COVID-19 vaccines are expected to lead to the reactivation of equipment rental companies and the construction equipment rental industry to full capacity. .

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According to the application, the earthmoving segment led the global construction equipment rental market in 2019, in terms of revenue, owing to the increase in the number of earthmoving activities carried out at construction sites and of mining. Additionally, on the basis of product, the loader segment dominated the market in 2019 and will continue to dominate during the forecast period. Also, by propulsion system, the ICE segment led the market in 2019, as the engines are powerful

Market players-
Boels Rentals, H&E Equipment Services, Herc Rentals Inc., Kanamoto Co., Ltd., Nesco Holdings, Inc., Maxim Crane Works, LP, Mtandt Group, Ramirent, Sarens nv/sa and United Rentals, Inc.
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