Global Construction Equipment Rental Market: Overview
A surge in the mining and construction activities, particularly in the developing parts of the world is likely to fuel growth of the global construction equipment rental market in the years to come. With the advent of various new technologies, such as mapping features, equipment service tracking, and automated service improvements, the global construction equipment rental market is likely to witness considerable growth in the years to come. Technological upgradation or enhancements provided by the manufacturers of original equipment are further expected to drive the renting services for construction equipment in the market.
Technological progress made in the heavy machinery and automotive sectors has ushered in several new features in the market, which is likely to play a catalytic role in driving the demand for rented construction equipment in the years to come. Manufacturers are emphasizing on the integration of high-end safety features, such as additional work lights, 360-degree camera visual, and lift assist. They are also focused toward offering systems that need less maintenance and better operational efficiency. However, features such as these do not come cheap and are not affordable to many of the small contractors and builders. Some builders who cannot afford such high-end machines opt for rental services for construction equipment, which is likely to trigger expansion of the global construction equipment rental market in the years to come.
Product, and region are the two important parameters based on which the global construction equipment rental market has been categorized. Such dissection of the market comes with the purpose to offer stakeholders with a detailed and clear analysis of the global construction equipment rental market.
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Global Construction Equipment Rental Market: Notable Developments
One of the developments that offer a glimpse of the market dynamics about the global construction equipment rental market is mentioned below:
- In March 2019, Canada-based Cooper Equipment Rentals Ltd. made an acquisition of an independent equipment rental company, Prime Rentals Ltd. The acquisition is likely to expand the reach of Cooper Equipment Rentals Ltd.
- In January 2019, French equipment renting service provider, Loxam’s wholly owned subsidiary in the UK, Nationwide Platforms Limited, acquired UK Platforms Limited. The latter specializes in the supply of powered access units and has around 3000 such units the country. This acquisition is likely to strengthen the position of Nationwide Platforms Limited, in provisioning powered access units.
Some of the prominent organizations in the global construction equipment rental market include the below-mentioned:
- Kanamoto Co. Ltd.
- H&E Equipment Services, Inc
- Taiyokenki Rental Co., Ltd.
- United Rentals Inc.
- Maxim Crane Works, L.P.
- Nishio Rent All Co. Ltd.
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