GLOBAL EQUIPMENT RENTAL MARKET WORTH $84.60 BILLION BY 2022
The Construction Equipment Rental Market Analysis By Product (Earthmoving, Material handling, Concrete & Road Construction) and Segment Forecasts to 2022 prepared by Grand View Research says the construction equipment rental market in 2014 was valued at over $34 billion and is expected to grow to $84 billion in the next six years.
The study breaks down its equipment type data into three categories: earthmoving machinery; material handling machinery; and concrete & road construction equipment.
Grand View Research predicts earthmoving rentals will increase at a CAGR of over 10 percent by 2022. Material handling rental machinery market is expected to grow at a CAGR of over 12 percent from 2015 to 2022 owing to the increasing need to optimize handling of raw materials. In addition, implementation of technologies which include data analytics, cloud computing and IoT are anticipated to further surge the demand.
As older construction equipments reaches its maintenance versus cost of investment tipping point, contractors are expected to consider rental options as a way to reduce the burden of upfront investments. Other factors favoring the construction rental market include the opportunity to manage risk of equipment breakdown and repair, improved cost control, and reducing the need to transport machines to various locations.
Source: Grand View Research