Machinery Leasing Market Characteristics
The machinery rental market consists of the sales of machinery rental services by entities (organizations, sole traders and partnerships) that rent out or lease commercial-type and industrial-type machinery and equipment. Establishments in this generally provide capital or investment-type equipment that clients use in their business operations. These establishments typically cater to a business clientele and do not generally operate a retail-like or storefront facility.
Competitive Landscape of the Machinery Leasing Market
Major players in the global machinery leasing market include United Rental, Sunbelt Rental, Blueline Rental, H&E Equipment Services, and Home Depot Rentals.
Machinery Leasing Market Size
The machinery leasing market size is expected to reach a higher value by 2022, significantly growing at a steady CAGR during the forecast period. The growth is due to expected stabilization in global prices, increased demand for leasing.
However, the market for machinery leasing is expected to face certain restraints from several factors such as increasing digitization and use of traditional methods.
Machinery Leasing Market Segmentation
The global machinery leasing market is further segmented based on type and geography.
By Type - The machinery leasing market is segmented 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.
By Geography - The global machinery leasing is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific machinery leasing market accounts the largest share in the global machinery leasing market.
Trends in the Machinery Leasing Market
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 as the major trends witnessed in the global consumer goods and general rental centres market.
Potential Opportunities in the Machinery Leasing Market
With increase increasing government initiatives, increased leasing activity, emerging markets growth, the scope and potential for the global machinery leasing market is expected to significantly rise in the forecast period.