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European Construction Equipment Rental Market revenue to hit $47 Bn by 2026
Published Date: 2021-03-09
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European Construction Equipment Rental Market size is expected to reach USD 47 billion by 2026, according to a latest forecast report by Graphical Research.
Rapid increase in the development of robust road infrastructure and smart cities in Europe is fueling the market demand. Initiatives undertaken by government authorities and construction companies toward infrastructural development will support the market expansion. For instance, in October 2019, Bouygues Construction Company signed an agreement to broaden four lanes of around 28.1-kilometre pathway of the Istria Motorway located in north-western Croatia. The contract was awarded by Bina Istra concession company and was worth over USD 200 million.
Increasing urbanization in countries including Russia, Italy, and the UK will provide growth opportunities for the construction equipment rental market in Europe. The growing urban population in the region will augment the demand for commercial and residential spaces, propelling the market revenue. As of 2019, over 74% of the Russian population lived in urban areas. Government support toward the development of residential infrastructure in European countries.
The rising spread of COVID-19 has impacted the construction equipment rental industry in Europe as countries in the region faced huge economic disruption and stringent lockdowns during the first two quarters of 2020. The pandemic has also adversely impacted the ongoing construction projects, resulting into a decline in demand for rental equipment. However, with the containment of virus and economic revival. Shifting preferences of construction companies toward rental equipment to reduce the operating expenditure will support the industry size.
Browse detailed statistical insights from the report, “Europe 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 (U.K., Germany, France, Italy, Russia), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 – 2026” along with the table of contents (ToC) @
The concrete equipment segment is predicted to register substantial growth during the forecast period attributed to the rapid increase in the deployment of advanced concreting machines on construction sites. The segment is further categorized into concrete pumps, transit mixers, crushers, asphalt pavers, and batching plants. Asphalt pavers are witnessing a high demand in road building activities in Europe. The highway development plan announced by the Polish government in 2014 is facilitating the development of over 1,800 km of new highways by 2021 in Poland. The European Union has invested approximately USD 13 billion in this project.
Prominent players in the market are Caterpillar Inc., Loxam Group, United Rentals, Cramo PLC., Nesco Rentals, Boels Rental, and Hertz Corporation. These players are majorly focusing on mergers and acquisitions in order to enhance their business reach and expand the customer base. For instance, in February 2020, Boels Rental acquired the majority shares of Cramo PLC. The acquisition significantly enhanced the market share of Boels Rental in the Europe market.
European 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:
Europe 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: