The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Earth Moving Machinery Rental market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Earth Moving Machinery Rental
The report offers actionable and valuable market insights of Earth Moving Machinery Rental. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Earth Moving Machinery Rental Market across various industries and regions.
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As per a recent market analysis by Fact.MR, the ubiquitous construction equipment rental market will exceed US$ 115 Bn in 2021, projected to grow at 4.3% CAGR from 2021 to 2031. Exorbitant construction equipment costs, combined with the high cost of equipment maintenance services is expected to boost demand for construction equipment rental services.
This newly published and insightful report sheds light on Market Insights of Earth Moving Machinery Rental, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Earth Moving Machinery Rental Market.
An impetus in construction, mining, and agriculture sector globally, acts as a central driving force behind the growth of the construction equipment rental market. The high cost of procuring next generation construction equipment with features such as lift assist, predictive maintenance systems, and 360 vision cameras, heighten the demand for rental services.
The global construction equipment rental market will grow 1.6X during the forecast period (2019-2029). Booming infrastructure development in emerging and developed countries will continue to generate demand for construction equipment rental services.
Key Takeaways of Construction Equipment Rental Market Study
- Earth Moving Machinery accounts for a majority share of more than 60% of the total market revenues. The versatility of applications of this product type coupled with favorable project developments in infrastructure, oil, gas, and power generation industries propel the demand for earth moving machinery.
- Concrete & Road Construction Machinery hold the second largest market value share of over 22% on the back of increasing need for land connectivity in developing countries.
- North America maintains its stronghold with over 49% share of the total market value. Early adopters in this region are exploring alternative fuel resources which employ construction equipment rental services for cost efficient exploration.
- East Asia and South Asia and Oceania offer the most remunerative opportunities owing to the rampant infrastructure development in emerging economies such as India, China, and Indonesia.
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“The construction equipment rental market is consolidated with tier-1 players garnering most of the revenues. Front running organizations are constantly updating their equipment fleets with advanced technologies. Market players stand to benefit from increasing government investments in infrastructure development in emerging economies.” –Says the Fact.MR Analyst
Onsite Maintenance Services to Offer New Revenue Streams
Onsite service programs with the help of predictive maintenance and monitoring exhibits strong remunerative opportunities. Reducing the loss of time due to breakdowns, onsite maintenance services is a disruptive trend that benefits both parties. Customers can prevent loss of productive man-hours and construction equipment rental companies can garner sustainable revenue opportunities. Skill development of the workforce with the advancements in construction equipment technologies will give market players a competitive edge during the forecast period. Frequent mergers and acquisitions such as the March 2019 announcement of Prime Rentals Ltd. being acquired by Cooper Equipment Rentals Ltd. are projected to continue through 2029.
Global Construction equipment rental Market: In-Depth Assessment on Key Segments
The global construction equipment rental market is segmented on the basis of product type and region.
|Product Type||Earth Moving MachineryMaterial Handling MachineryConcrete & Road Construction Machinery|
|Region||North AmericaLatin AmericaEuropeEast AsiaSouth Asia & OceaniaMiddle East & Africa|
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More Valuable Insights on Earth Moving Machinery Rental Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Earth Moving Machinery Rental, Sales and Demand of Earth Moving Machinery Rental, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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