Global Construction Equipment Rental Market worth US$ 123.50 billion in 2019 with a CAGR of 5% (Business Opportunities - Marketing & Sales)
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Global Construction Equipment Rental Market worth US$ 123.50 billion in 2019 with a CAGR of 5% | |
The report " Global Construction Equipment Rental Market, By Vehicle Type (Earthmoving Equipment (Backhoe, Loaders, and Excavators) and Material Handling (Cranes and Dump Trucks)), By Drive Type (IC Engine and Hybrid Drive), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”. Global Construction Equipment Rental Market accounted for US$ 123.50 billion in 2019 with a CAGR of 5%. Developments in the infrastructure sector, coupled with a varied range of advanced construction equipment in rental fleets is the major factor driving the growth of the global construction equipment rentals market globally. According to data published by IBEF in 2019, India has a requirement of investment worth Rs 50 trillion (US$ 777.73 billion) in infrastructure by 2022 to have sustainable development in the country. India is witnessing significant growth from international investors in the infrastructure space. Also, huge growth is observed in sectors such as housing, transport, energy and power, which have large scale investments, thus boosting the growth of the target market. Moreover, strict government regulations, increasing financial constraints and ownership cost are some of the key reasons propelling the global construction equipment rental market. Key Highlights: In November 2018, Sarens NV has launched the largest crane SGC-250 (Sarens Giant Crane - 250) in the world in terms of capacity and size. It is the first 3rd generation ring-based crane with maximum load moment of 250.000Tm which allows lifting 5.000T. The company has captured the extremely heavy lifting segment of the market with the launched of this product. Key Market Insights from the report: The global construction equipment rental market accounted for US$ 123.50 billion in 2019 and is projected to register a moderate CAGR of 5% over the forecast period. The market report has been segmented based on the property type. Based on vehicle type, earthmoving vehicle type segment is anticipated to dominate the construction equipment rental market over the forecast period. This is attributed mainly due to the ease of operation, wide acceptability, mobility, and coupled with the high cost of excavators, making rental a more viable option. Based on the drive type, the global market is segmented into the IC engine and hybrid drive. Based on region, North America region is anticipated to be the largest, whereas the Asia Pacific region is projected to grow at the highest CAGR in the construction equipment rental market during the forecast period. Rising population and increasing investments in construction in the Asia Pacific region are expected to boost demand for construction equipment on a rental basis over the forecast period. In 2018, Europe accounted for the second-largest market share. However, the Asia Pacific is anticipated to outrank Europe to become the second-largest construction equipment rental market by 2024. Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Construction Equipment Rental Market, By Vehicle Type (Earthmoving Equipment (Backhoe, Loaders, and Excavators) and Material Handling (Cranes and Dump Trucks)), By Drive Type (IC Engine and Hybrid Drive), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030 To know the upcoming trends and insights prevalent in this market, click the link below: Links: https://prophecymarketinsights.com/market_insight/Global-Construction-Equipment-Rental-Market-3671 | |
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2022-05-26 (0.401 sec)