Trends in the construction equipment rental market
A valuation of USD 100 billion in 2017 was recorded by the Construction equipment rental market. The vertical hit the coveted 100-billion frontier owing to rapidly expanding construction sector reported Global Market Insights, Inc. Driven by the rising number of investments in infrastructural developments across the globe, the business space has forecasted register a CAGR of 4% over 2018-2024.
APAC construction equipment rental industry size is huge. With India, China, and Japan as the chief contributors of construction projects will be pegged at USD 40 billion by 2024. Numerous initiatives such as the Setu Bharatam project in India and the rising infrastructure reconstruction activities in the continent are credited for the rise.
From purchasing equipment to renting the same, the construction equipment rental sector in Europe is in a dicey situation. Europe is anticipated to record a CAGR of 4.5% over 2018-2024 as there’s expansion of the construction sector seen in France, Italy, Russia, and many other European places.
Road building and earth moving equipments emerged as the dominant product segment in 2017, accounting for 65% of the revenue share and is believed to continue the same for the year 2018.