“COVID-19 Pandemic May Have a Strong Influence on Construction
Equipment Rental Market”
The global report on the construction equipment rental market is predicted to rise by 4.7%
CAGR during the forecast period of 2018 to 2023. Market Research Future (MRFR), in its
attempt to know more about the market, analyzed factors like the rising inclusion of better
technologies, a huge surge in construction activities in the Asia Pacific region, investment
influx in the construction sector, increased competition among players, innovation in
methods of handling the situation, and others. Rising labor costs are also a reason for the
growth of this sector.
The global construction equipment rental market includes a proper discussion of segments
like equipment type and application. These segments further reveal details about various
factors that can impact the strategic output of players involved in the market.
By equipment type, the study of the construction equipment rental market includes material
handling, earthmoving, and concrete & road construction. The earthmoving segment
comprises a study of loader, excavator, motor grader, backhoe, and others. The material
handling segment studied segments like trailer mounted crane, crawler crane, and truck
mounted crane. The earthmoving segment had the largest market share in 2017 and it will
continue its dominance till 2023. This will be bolstered by ongoing construction activities in
the Asia Pacific region. The material handling segment would record the maximum growth
during the forecast period due to increased demand for truck-mounted cranes, crawler
cranes, and trailer-mounted cranes for mega infrastructure projects, especially in countries
like China, India, and UAE.
By application, the report of the construction equipment rental market includes non-
residential, residential, and infrastructure. The residential segment had the maximum market
share in 2017, which the segment is expected to retain till 2023.