United Kingdom (UK) Construction Equipment Rental Market Overview, 2028

United Kingdom (UK) Construction Equipment Rental Market Overview, 2028

The United Kingdom dominates the construction rental market in Europe. In terms of production units, the UK was the largest producer of construction equipment in Europe in 2018 and the fifth largest in the world, trailing only China, Japan, the United States, and India. Major infrastructure development projects are introduced by the government, which in return will fuel the construction equipment rental market. Plant hire companies dominate the market in the United Kingdom, with an estimated 37.7% share driven primarily by earth moving equipment, road construction equipment, and crushing and screening equipment. With 37.1 percent, the hybrid category is approaching parity with the plant hire category. Specialists are an important market segment, particularly for welfare equipment, ancillary equipment, and cranes. This accounts for 22.2% of the market. The remaining 3.1% is made up of tool rental businesses. Sunbelt Rentals Ltd and Speedy Hire plc are major players in U.K for construction equipment rental industry.

According to the research report, “United Kingdom (U.K) Construction Equipment Rental Market Overview, 2028” published by Bonafide Research, the market is projected to add USD 1.32 Billion by 2028. Infrastructure improvement projects in rural areas of the country, such as the refurbishment of commercial buildings, railway stations, and airports, the repair of runways, and the extension of roadways and bridges, are fueling the strong demand for the United Kingdom (U.K) construction equipment rental industry. Also, the rental business is experiencing increased demand as a result of rising equipment costs, increased economic insecurity, a cash crisis, technical advancements, and major infrastructural construction. Contractors prefer to hire construction equipment to control project costs, which have risen due to increases in labour and raw material prices. Rental companies are heavily investing in technologically innovative and environmentally friendly construction equipment in order to expand their fleet sizes and successfully meet their clients' increasing expectations.

According to the World Bank, the United Kingdom has a population of 67.3 million people, 33.25 million of whom are men and 34.05 million of whom are women. The majority of the population (422.7 million) is between the ages of 15 and 65. Country regions have 10.8 million people, whereas metropolitan areas have 56.5 million. The UK has a GDP of 3.19 trillion USD in 2021, an inflation rate of 2.5 per cent, and a per capita income of USD 47,334.4. The increasing expenditure of government in housing industry will surely increase the demand for the construction equipment rental. According to the RICS (Royal Institute of Chartered Surveyors) construction survey for the fourth quarter of 2021, published in early February, +33% of respondents said they continued to see increases in demand for construction work, driven by new infrastructure projects, for the fourth quarter of 2021. In the private housing sector, a net balance of +37% of respondents reported new work.

Government Future construction projects
 The High Speed 2 (HS2) Railway is now the second most costly infrastructure undertaking in the world. It is being built from London to the North West and will connect Manchester, Birmingham, and London with Scotland's largest cities.
 The UK's first ever third-generation nuclear power facility will be called Hinkley Point C (HPC). With a total area of 430 acres, it is the largest construction project in Europe. Over 22,000 individuals are working on the Hinkley Point C project in Britain, and 922 apprentices have been trained thus far, according to EDF.
 The Elizabeth Line, formerly known as Crossrail, is one of the largest train infrastructure projects in Europe. It connects the Great Western Main Line and the Great Eastern Main Line, two significant railway lines that terminate in London, across a distance of 73 miles. The Elizabeth line travels eastward through Shenfield and Abbey Wood from Reading to Heathrow in the west. In total, there are 41 stations, 10 of which were newly constructed for the central London segment.

This are the government projects which will boost the market of construction equipment rental in the foreseeable future.

Covid-19 Impact
The spread of COVID-19 contributed to the decline of the United Kingdom (U.K) Construction Equipment rental sector as a result of disruptions in the supply chain and production discontinuity. Furthermore, construction site closures and event cancellations have serious consequences for the equipment rental industry, including the health and safety of rental company employees, the suspension or cancellation of rental contracts, the management and maintenance of machinery, and the ability to retain staff and pay salaries.

Considered in this report
• Geography: United Kingdom (U.K)
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• United Kingdom (U.K) Construction Equipment Rental market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By Equipment type
• Earthmoving
• Material Handling
• Concrete & Road Construction
• Others

By Application type
• Residential
• Non-Residential
• Others (Infrastructure, industrial, real estate, etc.)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Construction equipment rental industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.