With the emergence and long-term Impact of COVID-19, Global Construction Equipment Rental Market to reach USD 167.8 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis of the Global Construction Equipment Rental Market is poised to raise up to USD 167.8 Billion by 2030. Construction equipment rental refers to the practice of leasing or renting construction machinery and equipment for a specified period, typically on a short-term basis, to contractors, construction companies, or individuals involved in construction projects. It offers a flexible and cost-effective solution, allowing users to access a wide range of equipment without the need for substantial upfront investments.
Rental providers take care of equipment maintenance and service, while customers benefit from increased flexibility, scalability, reduced maintenance costs, and access to the latest technology and specialized machinery tailored to their project needs. The driving factors boosting the market growth are increasing infrastructure investment and the adoption of rental culture.
Geographically, the global Construction Equipment Rental market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA North America dominated the market in 2022 due to developed infrastructure, large-scale construction projects, strong economy and construction sector and the presence of prominent construction equipment manufacturers. Asia Pacific is expected to become the fastest growing during the forecast period, owing to factors such as rapid urbanization and infrastructure development, emerging economies such as India and China that are investing heavily in infrastructure projects, and a growing focus on sustainable construction practices.
The global Construction Equipment Rental market is highly competitive owing to the presence of several key manufacturers such as Herc Rentals, Inc., H&E Equipment Services Inc., United Rentals Inc., Ashtead Group PLC, Sumitomo Corp., Hitachi Construction Machinery Co. Ltd.., and others.
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Key findings of the study suggest:
- Global Construction Equipment Rental Market is anticipated to grow with a healthy growth rate of more than 5.16% over the forecast period 2023-2030.
- In the vehicle Type, Earth Moving Equipment emerged out as the leading market segment in 2022.
- In the Drive Type, Hybrid Drive emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth Owing to due to developed infrastructure, large-scale construction projects, strong economy and construction sector and the presence of prominent construction equipment manufacturers.
- Asia-Pacific is expected to grow at higher rate followed by North America during 2023-2030.
Bizwit Research & Consulting has considered following segments for the study:
Vehicle Type:
- Earth Moving Equipment
- Material Handling Equipment
Drive Type:
- IC Engine
- Hybrid Drive
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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