The global construction rental market is expected to witness immense growth during the forecast period, 2019-26. According to the data released by Market Insights Reports, growth at a CAGR of 5.06% is expected in this sector. And its net value is expected to reach USD 174.52 billion by 2026. One of the major factors responsible for it is the high growth of the construction industry.
Especially, in developing countries, the increasing growth opportunities in infrastructure, residential, and non-residential sectors are responsible for the high growth of this market. It is observed that the rising population and the increasing urbanization are leading to the construction of roads, metros, smart cities, bridges, and expressways.
Moreover, the use of automation in this sector is also leading to the rising demand of the global construction rental market. The availability of many online services for hiring different construction equipment has made things easier for construction units to meet their needs. For instance, the use of excavators has seen a constant increase over the last few years.
A lot of construction companies are hiring wheeled and crawler excavators for carrying out construction works in an easy manner. It is observed that construction units focus on mini excavator hire services due to their huge demand. Rental companies are focusing on providing wheeled excavators because they are available at low-cost over the high cost wheeled excavators.
Since crawler excavators offer high-stability in carrying out digging operations on rough terrains, their availability is high. It is found that this industry is expected to witness high demand in the Asia-Pacific sector.