Renting construction equipment can be more cost-effective than purchasing, especially for short-term projects. It allows construction companies to avoid the high costs of buying new equipment and instead pay only for the equipment they need during specific project durations. It offers a wide range of construction equipment from small tools to heavy machinery.Rental companies often update their equipment inventory with the latest technology and models. By renting, construction companies can access state-of-the-art machinery that may be too costly to purchase outright. Renting allows construction companies to avoid the risk of owning obsolete equipment and ensures access to modern and efficient machinery. Asia-Pacific is expected to witness the highest growth rate during the forecast period 2023-2030.

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Market Dynamics

Infrastructure projects often involve changing requirements and varying workloads. Renting equipment provides flexibility that quickly adapts project demands and scales up or down as needed. Rental companies offer technical support and operator training which ensures that contractors can operate the equipment safely and efficiently and this support can be valuable, especially for complex machinery.According to India Brand Equity Foundation, India enhances its infrastructure upto 2025 and has targeted US$ 5 trillion. India is heavily investing in improving its transportation network to enhance connectivity and mobility. The expansion and modernization of roads, railways and airports are major focus areas. The development of expressways, national highways and the country aims to reduce transportation time and costs, boosting trade and commerce.The construction equipment rental market offers a lucrative opportunity for private companies as the construction industry continues to expand, with the increasing demand for infrastructure projects and urban development, there is a constant need for construction equipment, create a robust market for rental services.

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Segment Analysis

Earthmoving equipment is expected to hold a share of more than 1/3rd of the global market in 2022. The increased use of earthmoving excavators among the agricultural, mining and building sectors considerably promotes corporate growth. Backhoe loaders, crawler excavators, skid-steer loaders and compact excavators, on the contrary hand, have a bigger load capacity and more powerful engines.The characteristics of earthmoving equipment allow it to be used in severe operating settings. A well-developed infrastructure is required to improve trade and commerce activities and road connectivity has the potential to affect the economy's destiny. The federal government of U.S. passed The Bipartisan Infrastructure Deal (Infrastructure Investment and Jobs Act) in November 2021, allowing an investment of US$ 110 billion to upgrade roads, bridges and other infrastructure in five years.

Competitive Landscape

The major global players include United Rentals Inc., Kanmoto Co Ltd., Herc Rentals Inc., Hitachi Construction Machinery Co., Ltd, Caterpillar Inc., Loxam Group, Liebherr, H&E Equipment Services, Inc., Boels Rental and Ahern Rentals.

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