Global Construction Equipment Rental Marketto 2027
Global Construction Equipment Rental Market Size, Trends & Growth Opportunity, By Product (Backhoes & Excavators, Loaders, Crawler Dozers, Cranes, Forklift, and Others), By Propulsion System (Electric, and ICE), By Application (Excavation & Mining, Material Handling, Earthmoving, and Concrete), By Region and Forecast till 2027
Global Construction Equipment Rental Market
The Construction equipment rental is defined as the service to rent out construction equipment to end users for a certain period of time by signing contracts with terms & conditions about their uses. These equipments are majorly used at construction & mining sites to facilitate heavily operations. The surge in the construction & mining activities, mostly in the developing regions is the key driving factor for growth of global construction equipment rental market.
Market Drivers
The increase in advancements of new technologies including digital services for automated service improvements, equipment service tracking & mapping features expected to boost the global construction equipment rental market growth. Construction equipment manufacturers are focusing on incorporating advanced safety features such as lift assist, additional work lights, and 360-degree camera visual will support the market growth. Also, the rise in construction and mining activities will propel the global construction equipment market growth during this forecast period. Moreover, additional expenses incurred owing to maintenance of the equipment, high wages of skilled operators, and excessive operational cost can be saved by renting equipment for the required time will significantly drive the global construction equipment rental market growth over the forecast period.
Market Restraints
Lack of skilled labors is a major restraining factor which is expected to hamper the global construction equipment rental market growth over the forecast period. Also, lack of incentives and favorable tax policy may hinder the global construction equipment rental market growth.
Market Segmentation
The Global Construction Equipment Rental Market is segmented into product such as Backhoes & Excavators, Loaders, Crawler Dozers, Cranes, Forklift, and Others, by propulsion system such as Electric, and ICE. Further, market is segmented into application such as Excavation & Mining, Material Handling, Earthmoving, and Concrete.
Also, the Global Construction Equipment Rental Market is segmented into five regions such as North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
Market Key Players
Various key players are discussed in this report such as United Rentals, Inc., Herc Holdings Inc., Ashtead Group Plc, Aktio Corporation, Loxam Sas, Kanamoto Co., Ltd., Nishio Rent All Co., Ltd, H&E Equipment Services, Inc., Nikken Corporation, Cramo Group, etc.
Market Taxonomy
By Product
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