LONDON, May 30, 2016 /PRNewswire/ -- The construction
equipment rental market is expected to reach USD 84.60 billion by 2022, according to a new
study by Grand View Research, Inc.
Availability of wider range of modern, productive machinery in
rental fleets coupled with infrastructural development occurring at
brisk pace is projected to drive demand. Significant factors such
as the cost inflation associated with the replacement of equipment
and the technical changes pertaining to machinery requirement has
positively favored rental demand. Environmental and safety issues
make it more economical. Further, considerable shift towards
renting over buying due to less immobilized capital, low
maintenance, improved cost control and reduction in transportation
fleets are expected to boost revenue growth over the forecast
period.
Stringent regulations, financial constraints and increasing cost of
ownership makes it a considerable alternative for various
government authorities, contractors and other users. The
manufacturers are aggressively focused on providing tailored
solutions and financial packages in order to meet the requirement
of individual customers which is further projected to drive growth
over the forecast period.
Reduced burden of upfront investment, and eliminated risk of
expensive breakdown repairs, is expected to offer lucrative growth
opportunities. For instance, over 80% of the machinery sold in the
UK goes to the plant hire companies.
Further key findings from the study suggest:
Earthmoving machinery rental market accounted for over 55% of the
overall revenue in 2014. Growing demand for heavy machinery from
developing countries is estimated to drive the segment growth.
Emergence of advanced products with low maintenance and
eco-friendly features are projected to outcast traditional products
over the forecast period.
North America construction
equipment rental industry in 2014 is estimated to grow at a CAGR of
over 10% from 2015 to 2022. Strong economic recovery coupled with
increasing investments is projected to compliment demand across
this region. However, increasing investments in Eastern Europe combined with volatile energy
pricing and regulations is estimated to offer prominent
opportunities across the European region. Residential sector is
estimated to grow substantially across the Europe Central owing to
new building start-ups and improved consumer confidence.
Asia Pacific construction
equipment rental market accounted for over 27% of the overall
revenue in 2014. Substantial growth is estimated to be witnessed
across countries such as China
owing to government requirements of state-owned enterprises for
operating efficiently from a financial perspective, continued
privatization of the industry, increased health and safety
regulation and increasing labor costs.
Construction equipment rental market share is occupied by companies
such as United, Loxam Group, Sunbelt, Finning International and
Neff. Key vendors have been reinforcing their foundations in the
presence of increasing demand and rising costs. Total value of
construction, R&D expenditure, increasing regulations and
import competition are few factors influencing the product price
and firms to evaluate their purchasing strategies.
Download the full report:
https://www.reportbuyer.com/product/3863193/
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