Construction Equipment Rental Market Set to Witness 1.6X Growth; Analyses Fact.MR
The exorbitant cost of construction equipment, coupled with expensive equipment maintenance services is set to give tailwinds to construction equipment rental services.
The widespread outbreak of COVID-19 has brought the construction activities in the affected regions to a screeching halt. Furthermore, prolonged construction inactivity has led to job sites being closed down and projects being delayed. Moreover, the supply chain has been disrupted due to stringent travel restrictions. For instance, India has been a leading importer of steel and iron products, technical construction equipment among other products from China.
With production in China going down, the prices of these materials may rise, increasing costs and reducing profit margins for developers in India. Similar conditions prevail in major regions as general manufacturing is shut down and trading is shut down.
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Earthmoving Machinery is expected to account for more than 60% of the total market revenues, on the back of a wide array of applications coupled with favorable project developments in infrastructure, oil, gas, and power generation industries and healthy agreements between small builders and contractors in developing economies.
Concrete & Road Construction Machinery holds the second largest market share, holding more than 1/5th of the total value, on the back of increasing the need for land connectivity in developing countries.
Material handling machinery product segment will gain traction among end-users and is expected to register higher growth as compared to other product types.
North America persists its dominance with nearly half of share in the global market value, owing to surge in construction and mining activities. Furthermore, shale gas exploration in countries such as the US and Canada is propelling the demand for earth moving machinery in this region.
East Asia, South Asia, and Oceania are bestowing lucrative revenue opportunities for players in construction equipment rentals on the back of proliferating infrastructure development in developing countries such as India, China, and Indonesia.
Products Covered: Earthmoving machinery, Material handling machinery, Concrete & road construction machinery
Regions Covered: North America, Latin America, Europe, East Asia, South Asia & Oceania, and Middle East & Africa
PR Source- https://www.factmr.com/