According to the research report titled ‘Asia Pacific Construction Equipment Rental Market Size By Product, Research Report, Country Outlook, Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2020 - 2026‘, available with Market Study Report, Asia Pacific construction equipment rental market is projected to accumulate USD 45 billion over 2020-2026.
 

Surging construction activities, increasing urban populace with demand for commercial & residential projects, and economic transition in different nations are catalyzing Asia Pacific construction equipment rental industry growth.

 

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Additionally, troubles of owning construction machines like heavy taxes, huge investments, costly insurance policies, and expensive maintenance are compelling the end-users to opt for renting these equipment as much cheaper alternative, hence augmenting the industry outlook.

 

However, the construction industry encountered numerous roadblocks during the initial stages of COVID-19 pandemic owing to shortage of manpower and lack of finances to run construction projects, which hampered the demand for construction equipment rental in the recent past. With ease of lockdown restrictions coupled with gradual reopening of different industries; the market is poised to gain pace.

 

In terms of product gamut, Asia Pacific construction equipment rental market is classified into earthmoving & roadbuilding equipment, concrete equipment, and material handling & cranes. Of these, material handling & cranes segment share is anticipated to grow significantly in the coming years, owing to amplifying e-commerce sector. For instance, The United Nations Conference on Trade and Development reported that in 2018, the B2B industry in China recorded sales worth USD 2,304 billion, whereas, Japan amassed sales amounting to USD 3,280 billion.

 

Regionally, India industry is poised to grow significantly over the forecast timeframe, creditable to numerous infrastructure projects which are backing the economic growth of the nation, such as Delhi-Mumbai Industrial Corridor, Pune Metro Rail, Navi Mumbai International Airport, and others.

 

Some of the leading companies in Asia Pacific construction equipment rental market sphere are Briggs Equipment Inc., Herc Rentals Inc., United Rentals Inc., Caterpillar Inc., Unirent OÜ, Sunstate Equipment Company LLC, Riwal Holding Group B.V., Ramirent Group, Pekkaniska Oy, Nesco LLC, Mtandt Rentals Limited, LTech-Lifting Technology, Loxam Group, Hinkel Equipment Rental Associates, H&E Equipment Services Inc., Ashtead Group plc, and Ahern Rentals Inc. among others.