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Construction equipment rental market growth is driven by increase in construction & mining activities in developing nations of Latin America and Africa regions.
PORTLAND, OR, UNITED STATES, November 28, 2021 /EINPresswire.com / -- The report analyzes the global construction equipment rental market on the basis of application, product, propulsion system, and region. The growth of the global market is driven by surge in infrastructural construction activities in developing nations. In addition, rental services save end users from investing a large amount in buying the equipment, thereby overcoming the financial constraints.
In addition, end users does not have to bear the maintenance and operating cost of equipment, which significantly contributes toward the growth of the global market. Moreover, issues of finding and hiring skilled equipment operators is resolved at the user's end, as rental company deals with such problems. However, lack of skilled labors acts as a key restraint for the growth of rental companies.
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According to a recent report published by Allied Market Research, titled,“Construction Equipment Rental Market by Application, Product and Propulsion System: Opportunity Analysis and Industry Forecast, 2020–2027,” the global construction equipment rental market size was $91.0 billion in 2019, and is expected to reach $106.4 billion by 2027, registering a CAGR of 4.2% from 2020 to 2027.
Covid-19 Impact Analysis
However, dearth of skilled labors is a major factor restraining the growth of the global market. Moreover, saturation in construction and mining industry in developed nations is another factor that hampers the growth of the market. Furthermore, lockdown implemented due to the outbreak of COVID-19 has led to either decline in construction activities or have come to a complete halt. This led to cancellation of equipment contracts by end users with rental companies, thereby declining the business during the lockdown period. However, reopening of construction sites and introduction of vaccines for COVID-19 are anticipated to lead to re-initiation of construction equipment rental market companies and construction industry at their full-scale capacities.
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Key Benefits for Stakeholders
The report provides an extensive analysis of the current and emerging construction equipment rental market trends and dynamics.
In-depth construction equipment rental market analysis is conducted by estimations for the key segments between 2020 and 2027.
Extensive analysis of the market is conducted by following key product positioning and monitoring of top competitors within the market framework.
A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
The construction equipment rental market forecast analysis from 2020 to 2027 is included in the report.
Key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the construction equipment rental market industry.
Key Market Players
Boels Rentals
H&E Equipment Services
Herc Rentals Inc.
Kanamoto Co., Ltd.
Nesco Holdings, Inc.
Maxim Crane Works, L.P.
Mtandt Group
Ramirent
Sarens n.v./s.a.
United Rentals, Inc.
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Allied Analytics LLP
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