CE rental market to witness 1.6X growth
On back of high cost of next-gen CE, finds Fact.MR
An impetus in construction, mining, and agriculture sector globally, acts as a central driving force behind the growth of the construction equipment rental market. The high cost of procuring next generation construction equipment with features such as lift assist, predictive maintenance systems, and 360 vision cameras, heighten the demand for rental services. The global construction equipment rental market will grow 1.6X during the forecast period (2019-2029). Booming infrastructure development in emerging and developed countries will continue to generate demand for construction equipment rental services.
Earth moving machinery accounts for a majority share of more than 60% of the total market revenues. The versatility of applications of this product type coupled with favorable project developments in infrastructure, oil, gas, and power generation industries propel the demand for earth moving machinery.
Concrete & road construction machinery hold the second largest market value share of over 22% on the back of increasing need for land connectivity in developing countries.
North America maintains its stronghold with over 49% share of the total market value. Early adopters in this region are exploring alternative fuel resources which employ construction equipment rental services for cost efficient exploration.
East Asia and South Asia and Oceania offer the most remunerative opportunities owing to the rampant infrastructure development in emerging economies such as India, China, and Indonesia.