The construction industry has been on a steady rise for the past few years, and this growth has been fueled by the increasing demand for infrastructure and real estate projects. With the expansion of the construction industry, there has been a corresponding increase in the demand for construction equipment. However, not all construction companies have the resources to purchase the required equipment. This is where construction equipment rental companies come in.
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The global construction equipment rental market size was $108 billion in 2021, and is projected to reach $168.7 billion by 2031, growing at a CAGR of 4.5% from 2022 to 2031. The construction equipment rental is the service to rent out construction equipment to end users for a certain period of time by signing contracts with terms and condition about their usage. Construction equipment are majorly used at construction mining sites to facilitate heavy operations.
Construction equipment rental involves renting out equipment such as cranes, bulldozers, excavators, loaders, and other heavy machinery to construction companies. The rental companies charge a fee for the use of the equipment, and the construction companies can save money by avoiding the high upfront costs of purchasing the equipment. Additionally, rental companies offer maintenance and repair services, reducing the burden on the construction companies.
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The global construction equipment rental market has been growing rapidly over the past few years. According to a report by Technavio, the market is expected to grow at a CAGR of over 4% from 2021 to 2025. The growth of the market can be attributed to several factors, including:
- Increasing construction activities: As the global population continues to grow, so does the need for infrastructure such as housing, transportation, and utilities. This has led to an increase in construction activities, which has in turn fueled the growth of the construction equipment rental market.
- Cost savings: One of the primary reasons why construction companies opt for rental equipment is cost savings. Purchasing heavy machinery can be a significant financial burden for companies, especially those that are just starting out. By renting equipment, companies can save money and invest in other areas of their business.
- Maintenance and repair services: Rental companies offer maintenance and repair services for their equipment, reducing the burden on construction companies. This allows construction companies to focus on their core activities without having to worry about maintaining their equipment.
- Flexibility: Construction equipment rental offers flexibility, allowing companies to rent equipment only when they need it. This is particularly beneficial for companies that have fluctuating demand for equipment.
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Key Benefits For Stakeholders
This report provides a quantitative analysis of the construction equipment rental market forecast, segments, current trends, estimations, and dynamics of the construction equipment rental market analysis from 2021 to 2031 to identify the prevailing construction equipment rental market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the construction equipment rental market segmentation assists to determine the prevailing market opportunities.
The global construction equipment rental market is highly competitive, with several players in the market. Some of the leading players in the market include United Rentals Inc., Ashtead Group plc, Herc Holdings Inc., and Sunbelt Rentals, Inc. These companies offer a range of equipment and services, including maintenance, repair, and training services.