The Global Construction Equipment Rental Market is expecting around 4.7% CAGR during 2022-27, states MarkNtel Advisors in their recent research report. The rapidly increasing infrastructural developments aided by governments of different countries worldwide, i.e., displaying a swiftly accelerating number of construction projects for highways, airports, shopping malls, corporate offices, & residential complexes, is the prime aspect projected to drive the global market through 2027.
These projects that would meet the burgeoning requirements of the exponentially rising population and the massive influx of migrants & tourists across countries are surging the demand for construction equipment. However, since the overall cost of equipment, transportation, & maintenance is extremely high, most contractors are increasingly inclined toward renting them.
Hence, the increasing number of construction activities across different countries is also directly impacting the growth of the global market, further states the research report, “Global Construction Equipment Rental Market Analysis, 2022.
Rapid Smart City Constructions to Promote the Market Expansion across the Residential Sector
The residential sector is expecting the largest share in the Global Construction Equipment Rental Market during 2022-27, principally due to the exponentially rising population entwined with the massive influx of migrants in various countries. It, in turn, is stimulating the demand for the construction of numerous residential complexes and propelling the demand for construction equipment on a rental basis.
Besides, the increasing government focus on infrastructural developments is leading to the rapid construction of smart cities and the transformation of rural areas. As a result, the entire construction sector is witnessing significant projects for the residential sector, which, in turn, is propelling the demand for construction equipment rentals and driving the global market.
Asia-Pacific to Display Remunerative Opportunities for the Market through 2027
The rapid progress in the economies of different countries, i.e., demonstrating a mounting focus of governments on infrastructural developments, viz., construction of airports, highways, shopping malls, hotels, resorts, etc., is driving the Asia-Pacific Construction Equipment Rental Market.
Besides, the rising population levels, mounting development of smart cities, and the availability of cheap labor & advanced equipment manufacturing facilities are making the region an opportunistic area for leading players to expand their offerings and, in turn, further augment the market growth across Asia-Pacific over the forecast years, reveals MarkNtel Advisors in their research report, "Global Construction Equipment Rental Market Analysis, 2022."
The leading players in the Global Construction Equipment Rental Market include United Rentals, Inc., Herc Holdings Inc., Loxam SaS, H&E Equipment Services, Inc., Aktio Corporation, Kanamoto Co., Ltd., Cramo Group, Sarens NV, Ramirent PLC, and Nikken Corporation.
Key Questions Answered in the Research Report: