Market Trends of Machinery Rental And Leasing Industry
Rising Growth of Heavy Construction Equipment Rental Market
Heavy Equipment Rental refers to a location where huge pieces of machinery or large vehicles, typically related to construction, can be stored and retrieved for public use and may also feature extra and related retail activities. The heavy construction equipment rental market is classified into equipment, end users, and applications. By equipment, the market is classified into earthmoving equipment, material handling equipment, heavy construction vehicles, and others. Based on equipment, earthmoving equipment dominated the market in terms of revenue, whereas the others are expected to witness growth in the forecasted period. As per the end user, the construction segment led the heavy construction equipment rental market. However, other segments are expected to exhibit the highest growth.
Furthermore, large construction projects worldwide are expected to drive the crane and construction machinery rental market. Europe is planning various construction projects. Due to the construction projects, Germany, France, and Italy witnessed the highest growth rates.
Asia-Pacific is Expected to Dominate The Machinery Rental And Leasing Market
Asia-Pacific is one of the largest markets that has perceived a boom in infrastructural and construction development because of the increasing emphasis by governments on developing infrastructure for a sustainable economy. This region experienced growth in Special Economic Zones (SEZs), hydroelectric projects, dams, highway construction, metro construction, airports, etc., to sustain high-level industrial activities, growing energy demand, and better connectivity.
As a result, several international players have started to invest. They are setting up regional distribution centers and manufacturing facilities to meet the mounting demand and capture the regional market. Construction machinery manufacturers, such as Sumitomo Corporation, Hitachi, Caterpillar, and Liebherr, offer rental services that face powerful competition from several regional and domestic players due to their competitive pricing and technologically advanced equipment availability.
Machinery rental and leasing companies offer a diverse range of equipment, including construction equipment (e.g., excavators, bulldozers, cranes), industrial machinery (e.g., manufacturing equipment, generators), agricultural machinery (e.g., tractors, harvesters), and specialized equipment for various industries. Customers of machinery rental and leasing services include construction companies, manufacturing firms, agriculture businesses, contractors, event organizers, municipalities, and individuals requiring equipment for short-term or long-term projects. Renting or leasing machinery provides flexibility to businesses, allowing them to access equipment as needed without the upfront capital investment required for purchasing.
