Construction Equipment Rental Market - Business Opportunities and Segment Outlook to 2026
Category: #business  By Rahul Varpe  Date: 2020-10-16
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Construction Equipment Rental Market - Business Opportunities and Segment Outlook to 2026

Increasing focus of contractors to avert the initial high cost associated with the purchase of construction machines has strengthened the global construction equipment rental market outlook over the years. The economic improvement among people in both developed and developing countries has led to an increase in the construction activities world over, due to the surge in demand for advanced residential, commercial and industrial infrastructure solutions.

During October 2018, United Rentals acquired BlueLine from Platinum Equity for an approximate value of USD 2.1 billion. This helped the company to improve its rental capacity across the North American region. Moreover, the construction equipment rental market players are aiming at optimizing their fleet size to meet the changing demand for the construction equipment.

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Worldwide, governments are focusing on refurbishing the present infrastructure and have signed new construction projects to ensure the overall economic development. The emergence of smart cities is one of the major construction activities to have magnified the construction equipment rental market prospects. In developing countries such as India, smart cities have gained considerable popularity due to their enhanced citizen and government engagement as well as reduced environmental footprint.

Reportedly, the government of India established a road development plan for the North East Indian region. Phase 1of the project states the upgrade of nearly 4,099 km of roads with a budget of USD 3.3 billion and is slated to be completed by the end of 2021. This has in turn magnified construction equipment rental service demand in the region.

Mentioned below are some of the main factors influencing construction equipment rental market trends through 2026:

Initiatives undertaken by industry players

Construction equipment rental service providers are constantly aiming at entering into strategic alliances and mergers to increase their target customer reach, with an aim to increase revenue gains. Some of the prominent construction equipment rental market players include Aktio Corporation, Unirent LLC, The Hertz Corporation, United Rentals, Inc. and Ahern Rentals, Inc., among various others.

The emergence of smart cities

The governments in emerging countries like India, Brazil, China and Argentina have heavily invested towards the development of roads and railways to increase the road connectivity across remote and urban areas. This has amplified the use of concrete equipment which has consequently boosted the construction equipment rental market share.

The Ministry of Housing and Urban Affairs, Government of India, launched the Smart Cities Mission in the year 2015 with an aim to improve the quality of life of people by enabling local development and using technology as a means to develop smart outcomes for the citizens.

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European Government to ensure sustainability in construction

In Europe, the governments have invested towards the smart city development projects, with countries aiming to develop nearly 300 smart cities by the end of 2020. Moreover, the increasing cost of labor along with the need for energy-efficient, sustainable, LEED-certified green buildings has fueled the use of electric and automated construction machineries in the region.

Construction equipment manufacturers like Volvo, Liebherr and JCB have launched electric version of construction machinery to encourage the use of zero-emission equipment.

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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