Construction Equipment Rental Market growth drivers in 2018 & Challenges by 2024
Owing to a surge in the
demand for compaction equipment, loaders, excavators, and backhoes, the product
segment of the Construction
Equipment Rental Market is being presently dominated by earthmoving and
road building equipment. It would be prudent to mention that a steady stream of
new earthmoving machines has been spanning the market in the recent times. In
addition to this, rapid technological developments have undoubtedly enhanced
the working efficiency of the latest road building equipment which has
invariably proved advantageous for the construction equipment rental market
share.
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A steady
rise in the construction activities across the globe has been one of the
pivotal factors to drive the construction equipment rental market share.
Numerous rental equipment manufacturers have been proactive in incorporating
high-grade technical features such as GPS, remote monitoring, and ergonomic
controls that has contributed to swift product penetration in the construction
sector.
Speaking
along similar lines, several major heavy-equipment manufacturers have been
unveiling high-grade excavators which has strengthened the position of
earthmoving and road building equipment segment in the overall construction
equipment rental industry. Hitachi, for instance, has launched one of the most
fuel-efficient excavator in 2017. The ZH210-6 reportedly comes with a new
lightweight arm and advanced hydraulics which ensures the excavator consumes
less fuel and emit reduced levels of carbon dioxide.
Moreover,
various governments across the globe are keen to revamp the basic
infrastructure in their nations which has led to the launch of enormous
infrastructural projects. As a consequence of the aforementioned aspects, the
firms operating in the construction
equipment rental industry have been presented with humongous business
opportunities.
Apparently,
it goes without saying that the unveiling of such environment-friendly and
highly-efficient machines highlight the technological upgradations being
undertaken by construction equipment rental market players in the recent past.
As per reliable estimates, the earthmoving and road building equipment
apportioned a significant 65% of the total revenue share of the overall
industry in the year 2017 and is anticipated to grow at a similar pace in the
upcoming years.
The
rise of India and China as the foremost nations in the global economy has been
touted as one of the most significant economic developments of the 21st
century. The persistent growth being witnessed in these nations is certain to
dominate the future progression of the world economy over the next few decades.
Needless to mention, the construction sector places itself amongst the most
crucial business verticals that would not only contribute in building
infrastructural capabilities of these nations but is likely to emerge as a
noteworthy aspect of economic advancement. In this context, the expansion of
construction sector in the major Asian nations is directly proportional to the
growth of Asia Pacific construction equipment rental market in the times to
come. In fact, as per a research report put together by Global Market Insights,
Inc., the remuneration portfolio of the Asia Pacific construction equipment
rental industry is estimated to surpass a staggering USD 40 billion by 2024.
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Regarded as the second largest highways
construction project in the nation since the National Highways Development
Plan, the program has a budgetary outlay of INR 8 lakh crore and aims to build
34,800 km of roads in the first phase. Moreover, India has been deploying
enormous resources to set up new international airports, build trade corridors
of high-economic activity, upgrade government-owned buildings, revamp the rail
infrastructure, and construct huge residential projects to fulfill the needs of
housing for a burgeoning population. This would invariably have an optimistic
impact on the overall construction equipment rental market in the nation.
The easy availability of fully and semi-automated material handling
equipment coupled with rapid adoption of technological advancements by
prominent industry players is poised to impel the growth prospects of
construction equipment rental market. Driven by rising construction activities
across the globe and massive investments being made by several emerging
countries to revamp the existing infrastructure, the commercialization scale of
construction equipment rental industry is forecast to cross USD 140 billion by
the end of 2024.
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Construction Equipment Rental Market growth drivers in 2018 & Challenges by 2024
Reviewed by Pradip Varpe
on
August 28, 2018
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