U.S. construction equipment rental industry size is estimated to register a notable 3.5% CAGR between 2018-2024. Growing refurbishment activities in countries like the U.S. and the presence of old infrastructure that need upgradation is giving rise to reconstruction activities to ensure sturdy structures. Heavy investments made by the government along with stringent deadlines to complete development projects are other pivotal factors proliferating the product landscape in the coming years.
Improved standards of living coupled with increased disposable income among people is steering global construction equipment rental market share. In developing countries, the increase in FDI investments has led to a rising number of residential construction projects as well as amusement parks and malls, further accelerating the demand for construction equipment.
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According to report, global construction equipment rental market size is estimated to surpass USD 140 billion by 2024.
How is urbanization in emerging nations propelling construction equipment rental market trends?
The rise in urbanization and higher purchasing power of consumers have positively impacted construction market size in developing countries such as India, China, Japan, among others. On account of urbanization there has been unprecedented growth in the demand for commercial and residential infrastructure such as offices, amusement parks and malls, deploying construction equipment in large quantities.
Projects initiated by the governments, such as the Rashtriya Rajmarg Zila Sanjoyokta Pariyojna in India will further influence product penetration. Investments made by foreign companies and governments has led to a rise in the number of factories and expansion of multinational companies across the world, adding impetus to construction equipment rental industry forecast.
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How are technological advancements contributing to reinforce construction equipment demand?
The need to have an enhanced throughput is impacting the construction industry, compelling contractors to resort to technologically advanced material handling equipment. These machines are witnessing large scale adoption due to their efficiency, movability, energy-saving capabilities and enhanced reliability and safety.
Currently, many heavy construction machines are GPS enabled and carry RFID technology. By renting these advanced machines the overhead expenses, cost of maintenance and the manual labor cost are reduced, making it a viable option and transforming global construction equipment rental market outlook.
The launch of smart city projects that focuses on making the cities sustainable in countries like Japan and India and the establishment of foreign subsidiaries owing to cheap labor and easy availability of resources has steered the demand for new infrastructure. Moreover, rising wage rates in China along with changing consumption patterns is complementing APAC construction equipment market share.