APAC Construction Equipment Rental Market size is projected to reach USD 45 billion by 2026, according to a latest forecast report by Graphical Research.
High initial cost required for the purchase of new machinery is encouraging construction companies and contractors to opt for equipment rental services. Factors, such as expensive equipment insurance, heavy taxes, and high costs incurred for regular maintenance requirements for new machines, are also supporting the market growth .
Increasing urbanization in the countries including China and Japan will provide a positive outlook to the construction equipment rental market in Asia Pacific. The growing urban population in the region will augment the demand for the commercial and residential spaces, enhancing the market revenue. As per the data published by World Bank, the urban population in China increased from 59.1% in 2018 to 60.3% in 2019.
The surging spread of COVID-19 has impacted the construction equipment rental industry in Asia Pacific on account of the economic disruption faced by the region during the first two quarters of 2020. The rising financial insecurities in countries, such as India, Japan, and South Korea, have encouraged the adoption of rental equipment. The shifting trend toward rental services owing to financial crunch and lack of capital availability with construction companies will boost the market size.
Browse detailed statistical insights from the report, “Asia Pacific Construction Equipment Rental Market Size By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants]), Research Report, Country Outlook (China, India, Japan, and South Korea), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 - 2026” along with the table of contents (ToC) @
On the basis of product, the earth moving & road building equipment will witness a significant growth during the forecast timeframe attributed to the increasing adoption of loaders, backhoes, and excavators in construction activities. High investments in public infrastructure development activities, such as road building and refurbishment of ageing buildings, in China and Japan will contribute to the market expansion.
The prominent players in the market are Caterpillar Inc., Herc Rentals, United Rentals, Inc., Briggs Equipment, Hitachi Group, Loxam Group, Mahindra & Mahindra Ltd, and Kanamoto Co. Ltd. These players are majorly focusing on the expansion of their business with acquisitions and mergers. In July 2019, Nishio Rent All Co. Ltd. acquired United Power & Resources, a Singapore-based rental company. Through this acquisition, Nishio strengthened its foothold in China.
The APAC construction equipment rental market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026 for the following segments:
Asia Pacific Market, By Product
- Earthmoving & Road Building Equipment
- Compaction Equipment
- Material Handling & Cranes
- Storage & Handling Equipment
- Engineered Systems
- Industrial Trucks
- Bulk Material Handling Equipment
- Concrete equipment
- Concrete Pump
- Transit Mixer
- Asphalt paver
- Batching plant
The above information has been provided for the following countries:
- Asia Pacific
- South Korea