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(IT-NEWSWIRE.COM, July 30, 2018 ) Machinery rental market comprises establishments that rent out or lease machinery and equipment related to construction, mining, forestry, transportation, offices, other commercial and industrial machinery. In this industry group, establishments included are generally involved in contributing capital or investment-type equipment that customers use in their business operations.
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The global machinery rental market was valued at $420 billion in 2017. This is mainly due to the expected increase in demand for leasing services from business establishments that are increasingly focusing on avoiding capital investments on machinery and equipment and preferring leased equipment. Asia Pacific was the largest geographic region in the market, accounting for nearly two- fifth of the global market share.
The market can be easily split into heavy construction machinery rental, off-highway transportation equipment rental, mining, oil and gas, and forestry machinery and equipment rental, office machinery and equipment rental, other commercial and industrial machinery and equipment rental.
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The USA was the largest country in the market, accounting for one-fifth of the global machinery rental market share. Fleet management software is increasingly being used by the machinery rental companies for vehicle and driver management. Fleet management software provides information related to repair and accident tracking, vehicle tracking, equipment wear-out and maintenance forecasting, vehicle inventory management, and driver management and licensing followed by China and India.
The major competitors in the market are United Rental, Sunbelt Rental, Blueline Rental, H&E Equipment Services, and Home Depot Rentals.
United Rentals, Inc. is the largest equipment rental company in North America, with about 11.4 percent of the region's market share. It owns the largest rental fleet in the world, has a workforce of roughly 14,800 employees, and operates in 997 locations across 49 U.S. states and 10 Canadian provinces.
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