Construction Equipment Rental Market Segmentation:
Application Segment Analysis
The commercial segment is expected to garner a significant share by the end of 2035. Commercial construction, such as offices, hotels, and restaurants is a great means to attract substantial investments for a region's development. It is estimated that globally, the floor space of commercial buildings should grow to 125 billion square feet by 2050. The figure reflects the growth of up to 36% from that of 2021. The rising interest rates for single-family buildings are thought to indirectly contribute to the surge in the number of construction activities involving commercial property. There is also a great demand for building space for offices and shops in many parts of the world. This requirement for buildings and space for commercial purposes is also expected to lead to a high demand for construction equipment for rent.
Product Type Segment Analysis
The earth moving machinery segment is estimated to gain the largest construction equipment rental market share of 56% over the projected time frame. The increased undertaking of commercial and residential construction projects by various governments is expected to encourage contractors and firms to lease earthmoving equipment. As the increase in construction projects are the result of the growing industrialization and urbanization of a region, these aspects are expected to contribute to market growth indirectly. According to the World Bank, the urban population comprised 56% of the total world population in 2019. Quarrying and mining activities are expected to make use of earthmoving equipment the most. Some mostly used earthmoving equipment include backhoe loaders, mini excavators, crawler excavators, and skid-steer loaders.
Our in-depth analysis of the global market includes the following segments:
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