The global construction equipment rental market report analyst said rapid growth of the construction industry is a significant factor that spurs the prospects for growth in this market during the forecast period 2015 - 2019. The recent increase in infrastructure development is one of the primary factors that drive growth in this market and results in its healthy CAGR of more than 7% by 2019.
Construction equipment rental market research analysts estimate eminent factors, such as the rising need to replace outdated equipment, to drive the prospects for growth in this market during the forecast period. Leading construction equipment manufacturers, like Caterpillar, Komatsu, and Volvo, are offering rental services to construction companies. This shows that the market is not dominated by third-party rental companies and the leading manufacturers are also occupying a huge share in the equipment rental market. Moreover, many companies prefer to rent equipment from manufacturers because of the additional services provided by them. Therefore, this trend is expected to gain more prominence in the coming five years.
The sectors such as housing, transport and power and energy infrastructure are currently attracting large-scale investment. Therefore, owing to such high levels of investment, construction companies are choosing to rent equipment. This enables the companies to reduce their project costs.
Growth Drivers, Challenges and Upcoming Trends: Equipment Rental
Upcoming trends such as the introduction of fleet management software service by leading OEMs are rapidly gaining popularity as they provide equipment related information to the end users. This software provides information pertaining to equipment wear out, preventive maintenance forecasting, commercial repair tracking, and accident tracking. This information helps to reduce the operating and maintenance cost of construction equipment and also provides real-time information on the replacement of any particular attachment.
Geographical Segmentation of the Construction Equipment Rental Market: Europe, North America and Asia
The market research analysts estimate the European region to account for an impressive market share of more than 40% by 2019. Robust growth in the construction industry, especially in countries like Poland, Spain, Germany, and France, is expected to drive the market for construction equipment rental in Europe.
Competitive Landscape and Key Vendors
This market is primarily dominated by large vendors and is envisaged to witness substantial growth during the forecast period owing to the augmented demand for construction equipment. In regions like Asia and Middle East, the sale of equipment through rental is estimated to be low as the well-established vendors have not been able to effectively penetrate the market in this region.
The leading vendors in the construction equipment rental market are: Hertz Equipment, Loxam group, Neff Rental, Sunbelt and United Rentals.
Other Prominent Vendors in the market are: ACCESS INDUSTRIE, Ahern Equipment Rental, American Equipment Company (Ameco), Finning, Maxim Crane Works, Sunstate Equipment Company, Quippo, and Gemini Equipment and Rentals.
Further, the construction equipment rental market report states that one of the major challenges facing construction companies is the availability of services to the contractors. This is more evident when the contractor is working in a remote area; some rental companies are unable to provide the necessary support to the contractor, thus hampering the productivity of the project.
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