Building and Construction

  In today’s economy and considering the cyclical nature of the construction industry, the benefits of renting construction equipment are amplified. Many contractors, construction companies, and a wide variety of industries are more and more exploring rental options. As cited by Keith Homes, Vice President of operations at the equipment rental platform BigRentz, there has been a significant shift from purchasing new equipment to the rental model among the contractors and construction companies that use the site. Many economists and business leaders foresee economic recession to be on the horizon, which may further fuel the demand for equipment rental and push companies even further away from leasing and ownership. There are several costs associated with the purchase of new equipment, such as the cost of equipment ownership, the initial asset cost, and the tenure to pay off equipment financing, plus maintenance and repair costs. Construction companies are wary of such costs and, on ...

The construction equipment rental market reached a record revenue of USD 93 billion in 2018 and is projected to reach USD 122 billion by 2024, at a CAGR of 4.3%, in terms of value, between 2019 and 2024. This is attributed mainly to the increasing revenue of construction equipment rental providers driven by major infrastructure projects in emerging markets and boom in residential construction in the US and Europe. Sales of construction equipment witnessed substantial growth in 2018, reaching 1.13 million units. This growth is attributed to the increasing building & construction activities, especially in China, Japan, and India, coupled with increasing investments from domestic & foreign investors in public & private sectors, which is expected to drive the Asia Pacific market during the forecast period. Browse 54 market data Tables and 49 Figures spread through 152 Pages and in-depth TOC on “Construction Equipment Rental Market by Equipment (Earthmoving, Materia...