Market Size of India Construction Equipment Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.10 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Construction Equipment Rental Market Analysis
The India construction equipment rental market (henceforth referred to as the market studied) is anticipated to register a CAGR of about 5.1 % during the forecast period (2020 - 2025).
- The increasing focus on infrastructure and development of automation in the construction and manufacturing processes had a significant impact on the market growth. The road construction machinery market has witnessed significant growth in the recent past, owing to the increased road development programs undertaken by the central and state government.
- The renting or leasing of construction equipment has been on the rise, owing to the equipment cost and the cost of the maintenance process. Apart from the cost, there are also other benefits associated with renting the construction equipment. Rental companies provide the machinery, along with the required professional machine operators and drivers, included in the rent.
- For short-term construction application, renting a machinery has been preferable than a purchase among construction contractors, as renting allows optimum utilization of the machinery.
- India has nearly 1,263 construction projects in progress across various sectors, such as power, road, railways, telecom, and shipping. Additionally, the growing demand for office space in tier 1 and 2 cities is anticipated to continue to increase the demand for rental construction equipment in the country during the forecast period.
India Construction Equipment Rental Industry Segmentation
The India construction equipment rental market is segmented by vehicle type (Earth Moving Equipment, Material Handling), and by drive type (IC Engine and Hybrid Drive)
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| Hybrid Drive |
India Construction Equipment Rental Market Size Summary
The India construction equipment rental market is experiencing significant growth, driven by increased infrastructure development and the adoption of automation in construction and manufacturing processes. The demand for rental equipment is rising due to the high costs associated with purchasing and maintaining machinery, making renting a more cost-effective solution for short-term projects. The market is further bolstered by the government's focus on road development and the ongoing construction of numerous projects across sectors such as power, railways, and telecom. The growing need for office space in urban areas also contributes to the increasing demand for rental construction equipment.
Government initiatives like the Smart Cities Mission and 'Housing for All by 2022' are pivotal in propelling the construction sector forward, with substantial investments aimed at developing sustainable urban environments. The rental market is dominated by cranes, including crawler, all-terrain, and tower cranes, which are essential for large-scale construction projects. The high cost of these cranes has led to a surge in rental demand, with major corporations opting for rentals over new purchases. Key players in the market, such as Volvo Construction Equipment and ACE Cranes, are expanding their operations to meet this demand, further solidifying the market's growth trajectory.
India Construction Equipment Rental Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Vehicle
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2.1.1 Earth Moving Equipment
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2.1.1.1 Backhoe
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2.1.1.2 Loaders
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2.1.1.3 Excavators
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2.1.1.4 Other Earth Moving Equipment's
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2.1.2 Material Handling
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2.1.2.1 Cranes
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2.1.2.2 Dump Trucks
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2.2 By Drive
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2.2.1 IC Engine
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2.2.2 Hybrid Drive
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India Construction Equipment Rental Market Size FAQs
What is the current India Construction Equipment Rental Market size?
The India Construction Equipment Rental Market is projected to register a CAGR of 5.10% during the forecast period (2024-2029)
Who are the key players in India Construction Equipment Rental Market?
Volvo Construction Equipment, IQUIPPO, All India Crane Hiring Co.,, ABC Infra Equipment Pvt Ltd., and Sanghvi Movers Limited (SML) are the major companies operating in the India Construction Equipment Rental Market.
