Long-Term Construction Equipment Rental Market Forecast Positive
The construction equipment rental market is expected to reach USD 84.60 billion by 2022, according to a recent analysis conducted by Grand View Research, Inc.
Dhanashree Pawar, SEO analyst at Grand View Research, Inc. reports the availability of a wider range of modern, productive machinery in rental fleets coupled with infrastructural development occurring at brisk pace will continue to drive demand.
Other significant factors, such as the cost inflation associated with equipment replacement and the technical changes being required or demanded from new equipment has positively favored rental demand.
Further, environmental and safety issues make it more economical to rent than own. Renting continues to become more attractive to construction firms as it ties up less capital, lowers maintenance costs and actually help improve cost control.
Stringent regulations, financial constraints and increasing cost of ownership makes renting a considerable alternative for various government authorities, contractors and other users.
Equipment manufacturers are aggressively focused on providing tailored solutions and attractive financial packages that meet the needs of individual customers. This will further drive growth over the forecast period.
Rental equipment offers less upfront investment, and eliminates risk of expensive breakdowns and repairs,. In comparison, more than 80 percent of the machinery sold in the United Kingdom goes to the plant-hire companies.
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