Published on : Nov 19, 2019
Recently, a new research report, titled “Global Construction Equipment Rental Market Size, Status and Forecast 2019-2025,” has been added to the vast repository of ResearchMoz.us. Researchers have conducted a thorough study on the global construction equipment rental market and offered a deep insight into the trends and prospects of this market in this report.
The global construction equipment rental market is displaying an exponential rise, thanks to the augmenting number of construction projects across the world. Developing countries, especially, are reporting a hike in their respective construction industries. The availability of untapped growth opportunities in the commercial and the industrial sectors in these countries are supporting the construction industry, eventually aiding the global construction equipment rental market, considerably.
Construction companies find it more convenient to rent construction equipment than buying them, as it reduces their operational cost by a large fraction. The administrative overhead and maintenance charges are also reduced significantly with leasing practices. The replacement costs and associated expenditure in case of regulatory changes and faulty machines are eliminated as well. All these factors are prompting construction companies to take up rental services and, in turn, are boosting the worldwide construction equipment rental market to a great extent. Going forward, the market is likely to benefit from the continued technological advancements in an array of construction equipment, ranging from heavy machinery to digital fuel consumption monitors, in the near future.
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The presence of numerous multinational and local players has kept the vendor landscape fragmented in the worldwide construction equipment rental market. Characterized by frequent mergers, acquisitions, and partnerships, the global market demonstrates a highly competitive business scenario. Since the market is still developing, key players are trying hard to gain a strong foothold in it. They are also expanding their bases to emerging countries, in order to capitalize on the untapped opportunities present there in abundance. The limited variety of services also calls for high competition among the leading participants in the global construction equipment rental market. Some of the prominent players in this market are:
On the geographical basis, the global construction equipment rental market is categorized into the United States, China, Europe, Southeast Asia, Japan, India, and the Central and South America. Asia Pacific has been fast emerging. The ongoing expansion in the construction industry in Asia Pacific is the main driving factor behind the growth of this regional market.
The ever-rising population in India and China has created an opportune market for construction industry and, thereby, for the construction equipment rental market. The increasing emphasis of their governments on infrastructural development for sustainable economy is also creating opportunities for construction equipment rental service providers in this region. Over the coming years, this region is likely to witness a significant rise in the number of airports, highways, special economic zones, dams, and hydroelectric projects. All these will require construction equipment on rent, creating new revenue streams for market players.