Equipment Rental on the Rise! Research Shows The Construction Equipment Rental Industry Worth $230 Billion by 2025
The construction equipment rental industry is on the rise, and has been for some time. The world-wide market is projected to hit some heavy growth over the coming years as well. Grand View Research inc. is suggesting a 4.8% compound annual growth rate, expected to reach $230 billion USD globally, by 2025.
This growth is attributed to a shift that seems to be catching on. Renting the heavy equipment needed for the high demand construction industry comes with some hefty benefits over buying your own equipment. To many project managers, it’s much easier to rent and return than it is to buy, store, and maintain. Clients can rent the newest and most tech-advanced equipment to save time and money in the long run.
Excavators and loaders are common rentals. Earth Moving equipment is poised as the largest rental category, consisting of heavy construction machinery for general construction, mining and agriculture. On their own, excavators cover more than 50% of the rental market. Developing countries like China, Brazil, Africa, and India are growing their mining operations, which will provide a boost in demand for the above machinery as well.
Skyscraper construction is growing, and pushing a segment boost for material handling equipment. Cranes will likely gain market share by 2025. Countries around the world continue to build a better connected transportation network. Well connected roads stimulate economic growth, and promote business and trading opportunities.
Below are some quick key findings from the report:
Notable Findings From the Report:
- World-wide construction equipment rental industry in 2016 was valued at USD 159.35 billion. By 2025, it is expected to exhibit a CAGR of 4.8%.
- The largest product segment in 2016 was Earth moving machinery, and is projected to reach USD 133.78 billion by 2025.
- The material handling machinery segment is projected to grow significantly at a CAGR of 5.3% over the forecast.
Construction Equipment Rental Ranking Outlook by Region (Revenue, USD Billion, 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
Grand View Research Inc.’s full research report is available for further review here: https://www.grandviewresearch.com/industry-analysis/construction-equipment-rental-market
SOURCE Grand View Research, Inc.