Construction equipment rental market to grow at a 12.1 percent from 2015 to 2022
The global construction equipment rental market was valued at US$34.24 billion in 2014 and is anticipated to reach US$84.60 billion by 2022 reports Grand View Research.
Increasing construction activities across the globe and rising government investment in emerging economies are projected to drive market demand in the coming years, reports Grand View Research, Inc. a U.S.-based market research and consulting company that provides syndicated research reports, customized research reports, and consulting services.
The abundance of modern and productive equipment in rental fleets along with ongoing infrastructure development is expected to fuel demand. Rented construction equipment has several benefits such as ease of replacement, cost effective approach, less technical charges, lower maintenance cost, reduced transportation and less servicing requirement.
These factors have been continuously driving the demand in the coming years.
The material handling rental machinery segment is anticipated to grow at a compound annual growth rate (CAGR) of 13.0 percent from 2015 to 2022 due to an increasing focus on automated production facilities. Increasing requirements of automated production processes for optimal use of raw material, energy and resource consumption are expected to result in the higher adoption of the product over the forecast period.
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Earthmoving rental machinery market was valued at US$19.27 billion in 2014 and is projected to witness significant gains at a CAGR of 12.3 percent by 2022. Growing demand for heavy equipment from emerging economies is anticipated to drive growth shortly.
The emergence of advanced machinery with eco-friendly and low maintenance features is expected to outcast conventional equipment in the coming years. The high purchasing power of consumers with changing preference for rental equipment has also resulted in the high adoption of rental products.
Middle East rental equipment industry is projected to witness substantial growth at a CAGR exceeding 15 percent by 2022 owing to ongoing construction activities and extensive focus on sustainable expansion practices such as eco-friendly building construction. Rising capital investment in retail, hospitality, banking, transportation, energy, infrastructure and agriculture programs and development of metal and mining sector in the region are considered to be the major driving factors for the growth of the market.
Asia Pacific construction equipment market accounted for 25 percent of the total revenue in 2014 and is expected to witness significant growth shortly. Rapid urbanization, commercialization of industry, burgeoning population, robust fiscal growth, and increasing government initiatives are expected to drive the market in the coming years.
North America is projected to grow at a CAGR of over 10 percent by 2022. Economic revival coupled with increasing capital investments is estimated to compliment demand in the region. Increasing residential construction with increasing investment, along with volatile energy pricing and favorable regulations is expected to escalate volume sales in the European market.
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