Market Research Report

Southeast Asia Construction Equipment Rental Market Research Report: Forecast (2023-2028)

By Type (Earthmoving Equipment, Excavator, Loader, Grader, Bulldozer), Material Handling Equipment, (Forklifts, Cranes), Road Building & Concrete, (Road Roller, Paver)), By End Use...rs (Residential, Commercial & Retail (Hotels, Malls, Theatres, etc.), Healthcare, Government & Infrastructure, Industrial (Manufacturing Facilities, Power & Utilities, etc.), Others (Education Institutions, Religious Centres, etc.)), By Country (Singapore, Indonesia, Malaysia, Thailand, Vietnam, Philippines, Rest of Southeast Asia) By Company (Nishio Rentall, Kanamoto Co., Ltd., Aktio Co., Ltd., Nikken Corporation, Sumitomo Corporation, PT Coates Indonesia, Tat Hong, Dingchang Group, Ravago Equipment Rentals, Sin Heng Heavy Machinery, Guzent, Chu Kai Co., Ltd, and Others.) Read more

  • Buildings, Construction, Metals & Mining
  • Aug 2023
  • 155
  • BM10212

Market Definition

Construction equipment renting refers to renting heavy equipment, like hydraulic cranes, overhead cranes, rough terrain cranes, telescopic cranes, tower cranes, etc., at construction sites.

Market Insights & Projections: Southeast Asia Construction Equipment Rental Market (2023-28):

The Southeast Asia Construction Equipment Rental market is projected to grow at a CAGR of around 7.52% during the forecast period, i.e., 2023-28. The major factors responsible for the market growth of construction equipment rentals across the region are the rising construction of the residential sector in countries like Indonesia, Malaysia, etc. A rise in urbanization, coupled with population growth, has led to a significant increase in residential construction in these countries. The construction of several residential projects that started in 2021, in Malaysia, such as Oakwood Premier Kuala Lumpur, Merdeka 118, etc., has boosted the requirement for construction equipment across the country.

As a result, the market demand for construction equipment rental has also expanded at these construction sites because the contractors prefer to rent heavy equipment rather than buy & invest extra money, further embracing the market outlook of the Southeast Asia Construction Equipment Rental market.

Report Coverage Details
Study Period Historical Data: 2018-21
Base Year: 2022
Forecast Period: 2023-28
CAGR (2023-2028) 7.52%
Country Covered Singapore, Indonesia, Malaysia, Thailand, Vietnam, Philippines, Rest of Southeast Asia
Key Companies Profiled

Nishio Rentall, Kanamoto Co., Ltd., Aktio Co., Ltd., Nikken Corporation, Sumitomo Corporation, PT Coates Indonesia, Tat Hong, Dingchang Group, Ravago Equipment Rentals, Sin Heng Heavy Machinery, Guzent, Chu Kai Co., Ltd, and Others.

Unit Denominations USD Million/Billion

 

Additionally, the enhancement in the construction of malls, theatres, retail stores, etc., across the region, owing to the rising young earning population & high tourism potential of the region, also enriches the construction projects. With the presence of affluent consumers & the expansion of cities like Melaka in Malaysia, and Hue in Vietnam, across the region, the top retail market brands are also expanding their presence in these geographical locations.

Also, the rising demand of consumers for quick & personalized services, and their expectation to get a wider range of products delivered to their doorsteps in a short time, has led to a quick expansion of Omni channels in the region. Therefore, this led to the construction of several retail stores at different geographical locations, allowing market players like Harvey Norman, etc., to cater to a large number of consumers. Thus, with the rising number of construction projects for retail stores, the market demand for construction equipment rentals has increased sharply over the past few years across the regional market.

Further, there is an upsurge in public-private partnerships (PPP) to facilitate the construction of institutional centers, which also supports the rise in the number of institutional construction projects. Therefore, the market need for construction equipment rentals is also enhancing across the region mainly because of their high cost linked with ownership & maintenance. Hence, the rising inclination of contractors toward rental construction equipment has supported the growth of the Southeast Asia Construction Equipment Rental market during 2023-28.


Southeast Asia Construction Equipment Rental Market Research Report: Forecast (2023-2028)

Southeast Asia Construction Equipment Rental Market Drivers:

Expanding Government Infrastructure Projects Across the Region – The rising government investments across the region to improve roads & transport infrastructures have been uplifting the demand for rental construction equipment during 2018-2022. The increasing support from the government of different countries, like Vietnam, Indonesia, Thailand, etc., for the construction of infrastructure projects & energy projects is required to upscale the country's economy. For instance,

  • In 2022, the Transport Ministry of Thailand announced an investment of around USD42.87 billion to complete nearly 37 infrastructure projects in the country.

The soaring investment by construction equipment selling & renting companies & their expansion across the region have been contributing to the Southeast Asia Construction Equipment Rental Market. Therefore, with the rising government investment & the uplifted construction projects across the region, the market demand for rental construction equipment is also anticipated to shoot up during the forecast period.

Southeast Asia Construction Equipment Rental Market Opportunity:

Expansion of Crane Rental Services Across the Region – Southeast Asia is experiencing significant infrastructure development, including roads, bridges, ports, and urban projects in which cranes are essential for heavy lifting tasks in these projects. As construction activities increase, the requirement for crane rental services is likely to surge, creating opportunities for rental companies to meet this demand. The surging infrastructure development activities have been supported by the government, in line with its objective of developing countries across the region.

Moreover, better connectivity to brace the soaring incoming leisure tourism & the government's aim to make the country a hotspot destination for healthcare tourism has been the main reasons for the investments in infrastructure development. Thus, to satiate the booming infrastructure development, primarily roads, highways, rail lines, airports, etc., a sudden increase in demand for cranes has been observed.

Owing to this, the requirement for cranes has increased & many equipment rental companies have solely started offering cranes on hire, which is anticipated to increase the Southeast Asia Construction Equipment Rental Market growth during 2023-28.

Southeast Asia Construction Equipment Rental Market Challenge:

Volatile Rents of Construction Equipment to Hamper Market Growth – The volatile cost of renting construction equipment has led to frequent shifting of customer base from one company to the other, which highly affects the companies' overall revenue. Further, the increasing number of small local players & contractors across the region, who are offering construction equipment on rent at a comparatively lower cost, affects the overall market demand of existing players & affects market revenue.

Along with this, fluctuations in rental rates make it difficult for rental companies to predict their revenue & profit margins accurately. Hence, rapid changes in rental rates could lead to uncertainty in company planning & hinder the ability to make long-term investment decisions, resulting in hampering the market growth.

Southeast Asia Construction Equipment Rental Market Trend:

Integration of Telematics & Automation in Construction Equipment by Rental CompaniesThe integration of telematics with construction equipment allows rental companies & end-users to track a variety of data & information linked to it, which has increased the demand for the equipment by rentals among contractors, hence encouraging the growth of the Southeast Asia Construction Equipment Rental Market. By using telematics, rental market players & contractors can monitor the exact location of their construction assets, reducing the chances of thefts related to them.

Telematics technology also provides data analytics, which helps the market end-users to track the performance of the equipment & to determine its maintenance time. Additionally, telematics integrated with construction equipment could track idle time, wear & tear, engine hours, and fuel consumption. The increasing automation of construction equipment like robots, conveyors, lifters, and turn-over machines, which enhances the safety & efficiency of the construction process, uplifts their usage across the region.

Even though the construction market is slow to adapt to technology, small & automated robots are used actively at construction sites to properly monitor the construction process. Therefore, with the enhanced benefits of telematics, and their augmented integration into construction equipment, the usage of such equipment is further projected to heighten significantly during 2023-28.

Southeast Asia Construction Equipment Rental Market (2023-28): Segmentation Analysis

The Southeast Asia Construction Equipment Rental Market study of MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2023–2028 at the global, regional, and national levels. Based on the analysis, the market has been further classified as:

Based on Type:

  • Earthmoving Equipment
    • Excavator
    • Loader
    • Grader
    • Bulldozer
  • Material Handling Equipment
    • Forklifts
    • Cranes
  • Road Building & Concrete
    • Road Roller
    • Paver

Earthmoving Equipment witnessed significant growth during 2018-22, majorly because of their versatile usage in earthworks, required during different construction projects in residential & commercial sectors. Earthmoving equipment is primarily employed at construction sites for moving & digging a large amount of earth to establish foundations for large buildings. Therefore, the surge in construction activities across the region, along with rapid industrialization, which has led to a spike in the number of construction projects, has enhanced the demand for earthmoving equipment on rentals at construction sites, further enhancing the Southeast Asia Construction Equipment Rental Market size.

Besides, the requirement for Material Handling Equipment like forklifts & cranes is also enhancing significantly, owing to the rising construction of high-rise buildings across the region. Therefore, the market demand for material handling equipment on rent is supplementing, owing to the high market cost of buying, which enhances their rental adoption by contractors in the coming years, thus contributing to creating a positive outlook for the Southeast Asia Construction Equipment Rental Market.

Based on End Users:

  • Residential
  • Commercial & Retail (Hotels, Malls, Theatres, etc.)
  • Healthcare
  • Government & Infrastructure
  • Industrial (Manufacturing Facilities, Power & Utilities, etc.)
  • Others (Education Institutions, Religious Centres, etc.)

The Residential Sector is anticipated to acquire the largest share of the Southeast Asia Construction Equipment Rental market during 2018-22. It is majorly because of the rising population & urbanization that led to increasing government support, which has improved the number of residential projects across the region. The increasing number of residential projects, especially in Malaysia & Vietnam, has supported the enhanced demand for rental construction equipment across the region.

Further, the rising public-private partnerships across the region to enhance the infrastructure projects related to residential housing have been improving the demand for rental construction equipment during the historical period. Nevertheless, the rising development of healthcare sectors integrated with advanced technology supports the growth of the healthcare industry.

With the growing numbers of diseases like respiratory, cancers, etc., across the region, the governments of countries like Thailand, Vietnam, etc., are actively investing in the construction of the healthcare sector to provide proper medical care to the patients. Hence, with the rising construction of healthcare units, the market demand for rental construction equipment is projected to upscale from this segment during 2023-28.

Southeast Asia Construction Equipment Rental Market Regional Projections:

Geographically, the Southeast Asia Construction Equipment Rental Market expands across:

  • Singapore
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • Philippines
  • Rest of Southeast Asia

Thailand is anticipated to hold the major market share across the region during 2018-22. Public spending on renewable, infrastructure, industrial, and residential constructions has been increasing significantly for the past few years, as construction in the country plays a critical role in developing the nation’s economy. With the economic diversification in the country, and the growth of industrial sectors, construction projects are rising considerably.

Further, the government's plan to develop chemical & pharmaceutical industries led to attracting several foreign companies to expand their presence across the country. Consequently, the foreign companies enhanced their investments to expand their manufacturing facilities across the country & also enrich the construction work. Hence, the growing foreign & government investments to uplift construction activities across the country have been supporting the Southeast Asia Construction Equipment Rental Market.

Gain a Competitive Edge with Our Southeast Asia Construction Equipment Rental Market Report

  1. Southeast Asia Construction Equipment Rental Market Report by Markntel Advisors provides a detailed & thorough analysis of market size, share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
  2. This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
  3. Southeast Asia Construction Equipment Rental Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.

Frequently Asked Questions

   A. The growth rate or CAGR of the Southeast Asia Construction Equipment Rental Market during 2023-28 would be around 7.5%.

   A. Earthmoving equipment is the leading type in the Southeast Asia Construction Equipment Rental Market.

   A. Expanding government infrastructure projects across the region have been driving the Southeast Asia Construction Equipment Rental Market during 2023-28.

   A. The top players in the Southeast Asia Construction Equipment Rental Market are Nishio Rentall, Kanamoto Co., Ltd., Aktio Co., Ltd., Nikken Corporation, Sumitomo Corporation, PT Coates Indonesia, Tat Hong, Dingchang Group, Ravago Equipment Rentals, Sin Heng Heavy Machinery, Guzent, Chu Kai Co., Ltd, and Others.

   A. The integration of telematics & automation in construction equipment by rental companies are the key trends shaping the growth of the Southeast Asia Construction Equipment Rental Market.

   A. The volatile rents & expenses on pick-ups & deliveries are the possible restraints affecting the growth of the Southeast Asia Construction Equipment Rental Market.

Southeast Asia Construction Equipment Rental Market Research Report (2023-2028) - Table of Contents

 

  1. Market Segmentation
  2. Introduction
    1. Product Definition
    2. Research Process
    3. Assumptions
  3. Executive Summary
  4. Southeast Asia Construction Equipment Rental Market Regulations & Policy
  5. Southeast Asia Construction Equipment Rental Market Trends & Developments
  6. Southeast Asia Construction Equipment Rental Market Dynamics
    1. Drivers
    2. Challenges
  7. Southeast Asia Construction Equipment Rental Market Hotspots & Opportunities
  8. Southeast Asia Construction Equipment Rental Market Value Chain Analysis
  9. Southeast Asia Construction Equipment Rental Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Type
        1. Earthmoving Equipment – Market Size & Forecast 2018-2028, (USD Million)
          1. Excavator – Market Size & Forecast 2018-2028, (USD Million)
          2. Loader – Market Size & Forecast 2018-2028, (USD Million)
          3. Grader – Market Size & Forecast 2018-2028, (USD Million)
          4. Bulldozer – Market Size & Forecast 2018-2028, (USD Million)
        2. Material Handling Equipment – Market Size & Forecast 2018-2028, (USD Million)
          1. Forklifts – Market Size & Forecast 2018-2028, (USD Million)
          2. Cranes – Market Size & Forecast 2018-2028, (USD Million)
        3. Road Building & Concrete – Market Size & Forecast 2018-2028, (USD Million)
          1. Road Roller – Market Size & Forecast 2018-2028, (USD Million)
          2. Paver – Market Size & Forecast 2018-2028, (USD Million)
      2. By End Users
        1. Residential – Market Size & Forecast 2018-2028, (USD Million)
        2. Commercial & Retail (Hotels, Malls, Theatres, etc.) – Market Size & Forecast 2018-2028, (USD Million)
        3. Healthcare – Market Size & Forecast 2018-2028, (USD Million)
        4. Government & Infrastructure – Market Size & Forecast 2018-2028, (USD Million)
        5. Industrial (Manufacturing Facilities, Power & Utilities, etc.) – Market Size & Forecast 2018-2028, (USD Million)
        6. Others (Education Institutions, Religious Centres, etc.) – Market Size & Forecast 2018-2028, (USD Million)
      3. By Country
        1. Singapore
        2. Indonesia
        3. Malaysia
        4. Thailand
        5. Vietnam
        6. Philippines
        7. Rest of Southeast Asia
      4. By Company
        1. Market Share
        2. Competition Characteristics
  10. Singapore Construction Equipment Rental Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Type – Market Size & Forecast 2018-2028, (USD Million)
      2. By End Users – Market Size & Forecast 2018-2028, (USD Million)
  11. Indonesia Construction Equipment Rental Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Type – Market Size & Forecast 2018-2028, (USD Million)
      2. By End Users – Market Size & Forecast 2018-2028, (USD Million)
  12. Malaysia Construction Equipment Rental Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Type – Market Size & Forecast 2018-2028, (USD Million)
      2. By End Users – Market Size & Forecast 2018-2028, (USD Million)
  13. Thailand Construction Equipment Rental Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Type – Market Size & Forecast 2018-2028, (USD Million)
      2. By End Users – Market Size & Forecast 2018-2028, (USD Million)
  14. Vietnam Construction Equipment Rental Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Type – Market Size & Forecast 2018-2028, (USD Million)
      2. By End Users – Market Size & Forecast 2018-2028, (USD Million)
  15. Philippines Construction Equipment Rental Market Outlook, 2018-2028F
    1. Market Size & Analysis
      1. By Revenues (USD Million)
    2. Market Share & Analysis
      1. By Type – Market Size & Forecast 2018-2028, (USD Million)
      2. By End Users – Market Size & Forecast 2018-2028, (USD Million)
  16. Southeast Asia Construction Equipment Rental Market Key Strategic Imperatives for Success & Growth
  17. Competition Outlook
    1. Company Profiles
      1. Nishio Rentall
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Development
        5. Financial Details
        6. Others
      2. Kanamoto Co., Ltd.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Development
        5. Financial Details
        6. Others
      3. Aktio Co., Ltd.
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Development
        5. Financial Details
        6. Others
      4. Nikken Corporation
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Development
        5. Financial Details
        6. Others
      5. Sumitomo Corporation
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Development
        5. Financial Details
        6. Others
      6. PT Coates Indonesia
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Development
        5. Financial Details
        6. Others
      7. Tat Hong
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Development
        5. Financial Details
        6. Others
      8. Dingchang Group
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Development
        5. Financial Details
        6. Others
      9. Ravago Equipment Rentals
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Development
        5. Financial Details
        6. Others
      10. Sin Heng Heavy Machinery
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Development
        5. Financial Details
        6. Others
      11. Guzent
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Development
        5. Financial Details
        6. Others
      12. Chu Kai Co., Ltd
        1. Business Description
        2. Product Portfolio
        3. Strategic Alliances or Partnerships
        4. Recent Development
        5. Financial Details
        6. Others
      13. Others
  18. Disclaimer


Southeast Asia Construction Equipment Rental Market Segmentation Slide