Southern Africa Construction Equipment Rental Market Trend Forecast 2020-2024 By Regional Players
Category: #headlines  By Rahul Varpe  Date: 2020-05-14
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Southern Africa Construction Equipment Rental Market Trend Forecast 2020-2024 By Regional Players

The development of advanced construction equipment with eco-friendly features and low maintenance will provide an alternative to legacy machinery in the coming years, thereby driving the Southern Africa construction equipment rental market. Purchasing machinery requires heavy down payments which avert a huge capital from key operating expenses and add extra expenditure in the form of insurance, licensing, interest on loan amount, storage cost, and tax, among others. By renting the equipment, companies are able to avoid the costs associated with inflation and depreciation, which would otherwise be factored in during replacement. Rental companies upgrade their equipment fleets on a regular basis, thereby providing access to advanced and new equipment and making it easier for the leasing party to act in accordance with the international and regional rules and standards.

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The size of the Southern Africa Construction Equipment Rental Market was accrued at USD 3 billion in 2017 and is presumed to accumulate over USD 3.5 billion by the year 2024. According to research, the Southern Africa Construction Equipment Rental Industry is expected to grow with a CAGR of 3% during the period of 2018-2024.

Continued privatization rise in health & safety regulation and growing labor is providing an impetus to the Southern Africa construction equipment rental market growth. The growing preference of renting this equipment in industry verticals such as mining, and transportation will provide growth opportunities to the rental companies in the Southern Africa Construction Equipment Rental industry.

Emerging economies in the region such as Mozambique and Zambia have shown sustained economic growth in sectors including manufacturing over the past few years contributing towards the Southern Africa construction equipment rental market. The Government of Mozambique is investing in large scale infrastructure projects. For instance, in 2016, the government announced a new project, with Japan investing USD 255 million in renovation of ports and railway capacity to facilitate mineral resources exports in the growing economies.

Southern Africa Construction Equipment Rental Market, By Product

  1. Earthmoving & Road Building Equipment
  2. Material Handling & Cranes
  3. Concrete Equipment

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Southern Africa Construction Equipment Rental Market Growth Drivers -

  1. High initial costs of construction equipment
  2. Implementation of advanced technologies in construction equipment
  3. Growing construction industry in South Africa
  4. Rapid urbanization in Mozambique and Zambia
  5. Growth in the mining industry in Angola, Botswana and South Africa

The practice of renting construction equipment instead of purchasing is proving to be beneficial for SMBs and large enterprises across several industries, leading to robust Southern Africa construction equipment rental market growth. Major growth is being witnessed in sectors such as transportation, and oil & gas, which have large scale investments. With such high level of investments, several construction companies are preferring to lease or rent heavy equipment, which will help them lower project costs. This approach is assisting construction companies to save maintenance costs and incur lesser technical charges. The reduced transportation, operation and maintenance requirements are also major driving forces for the industry revenue

The major companies operating in the Southern Africa construction equipment rental market include: -

American Equipment Company (AMECO), Deere & Company, Doosan Corporation, Finning International Inc., Hitachi Sumitomo Heavy Industries Construction Crane Co. Ltd., Industrial Supplies Development Co. Ltd., J C Bamford Excavators Ltd. (JCB), Komatsu Ltd., Liebherr Group, Loxam Group, Sany Group, Terex Corporation, Volvo Construction Equipment, Weldex (International) Offshore Ltd.

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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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