When segmenting by product, the global market share in construction machinery rental from the Material Handling & Cranes segment will increase sharply in the coming years, driven by increasing economic growth and the increasing demand for material movements.
On the other hand, the Concrete Equipment & Cranes segment will generate significant sales in the coming years, based on the increasing need to ensure safe working environments in industrial plants, coupled with the rapid development of wireless technologies, flexible electronics, and robotics.
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The increasing focus on reducing emissions from vehicles and equipment used in the construction sector has led to the introduction of electrically powered construction systems in recent years. Building contractors and companies aim to reduce their carbon footprint and work in such a way that the environment is best protected by using zero-emission systems.
With promising commercial development and the shared need for local building materials movement, the rental material handling and crane equipment business is expected to grow at an accelerating pace. The need to provide construction workers with a safe working environment has led to the introduction of wireless technologies in construction machinery. The advent of flexible electronics and robotics could further fuel the demand for rental crane equipment
The increasing focus of government agencies on renovating and maintaining existing public infrastructure is expected to fuel the expansion of the construction equipment rental industry. A market volume for the rental of construction machinery is forecast to exceed 155 billion US dollars by 2026. This growth is expected to be driven by the introduction of machine rental services offered by numerous construction equipment OEMs such as Caterpillar, Inc. and Volvo Group.
The EU strategy to build over 300 smart cities in the region by 2021 will open up new opportunities for market participants. Factors such as strict occupational health and safety laws in several European countries, including Germany, France and Great Britain, will further strengthen the regional share of the industry. The strong presence of construction OEMs such as the Liebherr Group and Volvo supports the expansion of the market prospects for construction machinery rental across Europe.
The COVID-19 pandemic has severely affected the construction machinery rental market. Government agencies are now more focused on managing the health crises that affect millions of people around the world. This shift in focus has had an impact on spending in the construction sector and has resulted in various ongoing projects being postponed. Due to the COVID-19 situation, the demand for residential real estate has decreased, which directly hinders the business of construction machinery rental companies.
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Some points from the table of contents:
TABLE 1 Global 360 Degree View of the Construction Equipment Rental Industry, 2015-2026
TABLE 2 Global Construction Equipment Rental Market, 2015-2019 (In MILLION USD)
TABLE 3 Global Construction Equipment Rentals Industry, 2020-2026 ($ MILLION)
TABLE 4 Global Construction Equipment Rentals Industry, By Region, 2015-2019 ($ MILLION)
TABLE 5 Global Construction Equipment Rentals Market, By Region, 2020-2026 (In MILLION USD)
TABLE 6 Global Construction Equipment Rental Market, By Product, 2015-2019 (In MILLION USD)
TABLE 7 Global Construction Equipment Rental Market, By Product, 2020-2026 (In MILLION USD)
TABLE 8 Global Earthmoving and Road Construction Equipment Rental Market, By Product, 2015-2019 (In MILLION USD)
TABLE 9 Global Earthmoving and Road Construction Equipment Rental Market, By Product, 2020-2026 ($ Mn)
TABLE 10 Global Material Handling and Crane Rental Market by Product, 2015-2019 (In MILLION USD)
TABLE 11 Global Material Handling and Crane Rental Market, by Product, 2020-2026 (MILLION USD)
TABLE 12 Global Concrete Equipment Rental Market, By Product, 2015-2019 (In MILLION USD)
TABLE 13 Global Concrete Equipment Rental Market, By Product, 2020-2026 (In MILLION USD)
TABLE 14 Supplier matrix
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