Construction Equipment Rental Market Revenue to Cross USD 155 Bn by 2026: Global Market Insights, Inc.

SELBYVILLE, Del., Dec. 16, 2020 /PRNewswire/ -- 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 $155 billion by 2026. The market growth is driven by the increasing focus of government authorities on refurbishing and upkeep of existing public infrastructures.

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.

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The material handling & cranes in the construction equipment rental market are 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 & 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.

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Some major findings of the construction equipment rental market report include:

- Rising investments by government authorities and the private sector in the development of new infrastructure are spurring the global market revenue.

- Integration of technologies, such as IoT, Digital Twins, and telematics, into construction equipment, is assisting rental service providers to maintain records of equipment usage and reduce downtime.

- Increasing awareness related to vehicular emissions has led to the growing trend of adopting electric construction equipment in the industry. Construction contractors and companies are focusing on reducing their carbon footprint.

Table of Contents (ToC) of the report:

Chapter 3 Construction Equipment Rental Market Insights

3.1 Industry segmentation

3.2 Impact of COVID-19

3.3 Industry ecosystem analysis

3.4 Pros and cons - rent vs purchase of construction equipment

3.5 Cost calculator - rent vs purchase of construction equipment

3.6 Technology & innovation landscape

3.6.1 Telematics

3.6.2 Electromobility

3.6.3 AI & machine learning

3.6.4 IoT

3.7 Regulatory landscape

3.8 Top construction equipment rental providers' fleet size

3.9 Industry impact forces

3.9.1 Growth drivers

3.9.2 Industry pitfalls & challenges

3.10 Growth potential analysis

3.11 Porter's analysis

3.12 PESTEL analysis

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About Global Market Insights, Inc.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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Global Market Insights, Inc.
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Construction Equipment Rental Market Growth Predicted at 5.5% Through 2026: GMI
The material handling & cranes in the construction equipment rental market is projected to grow at an escalating rate during the forecast period due to a positive economic growth and increasing demand for material movement.

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SOURCE Global Market Insights Inc.