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In-depth Analysis of Crane Market Industry Landscape
Cranes, including tower cranes, all-terrain cranes, and crawler cranes, are available for rent based on project needs. Renting cranes is preferred due to lower costs compared to buying new ones. Small and medium-scale manufacturers often find it challenging to afford such equipment, leading to a rise in the crane rental business. Renting allows contractors to reduce working capital costs on a project and access advanced equipment. Consumers can rent various types of cranes for specific periods, reducing overall project costs. Purchasing a variety of equipment for projects, such as all-terrain cranes and tower cranes, can involve high expenses, making renting a more cost-effective option.
The benefits of renting cranes include convenient and cost-effective access to technologically upgraded equipment tailored to specific projects, limited space, and maintenance requirements. These advantages are expected to drive the growth of the global crane market in the forecast period.
According to the European Rental Association (ERA) Market Report 2017, the European equipment rental market experienced growth. In the EU-28 and EFTA countries, the equipment rental industry saw a 3.1% growth in 2016 from the previous year. The estimated growth for 2017 was a 2.5% increase from 2016, with a forecasted 2.8% increase in 2018 compared to 2017 at a constant exchange rate.
The American Rental Association is actively contributing to the growth of the rental market. According to the latest five-year forecast from the American Rental Association (ARA), equipment and event rental revenues in North America were expected to exceed ~USD 61.5 billion in 2019, marking a 5.3% growth from the previous year. In Canada, rental revenue was forecast to grow by 4.6% in 2019, totaling approximately USD 5.7 billion, and by 5.8% in 2020, reaching ~USD 6.5 billion in 2022. The American Rental Association has implemented a new strategy to foster the growth of the equipment and event rental industry, providing a boost to the crane rental market during the forecast period. Hence, the increasing demand for rental units is expected to create opportunities for players in the global crane market.
Covered Aspects:| Report Attribute/Metric | Details |
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Crane Market Highlights:
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