The global machinery leasing market is anticipated to grow at a considerable CAGR of 5.6% during the forecast period. The machinery leasing market consists of sales of machinery rental services by the entities that rent out or lease commercial type and industrial type machinery and equipment to farmers, construction workers, and other end-users. The main types of machinery leasing are heavy construction machinery, commercial air, rail, and water transportation equipment machines, among others. The factor that drives the market growth is the need to replace outdated equipment, increasing number of drilling activities, improved logistics infrastructure, growing capital expenditure for the development of infrastructure, and rising number of agriculture practices majorly in the emerging economies countries such as India, and Japan. Moreover, the application of machinery leasing in agriculture, construction activities, and the mining and gas extraction practices leads to support significant growth in the coming years. For farmers, machinery leasing offers a variety of advantages that allow the crops to be harvested on time. Over time, the outdated equipment becomes obsolete such as tillers, harvesters, tractors which are needed to be replaced with new and advance machines and offers a chance to farmers to improve the operations conveniently.
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Impact of COVID-19 Pandemic on Global Machinery Leasing Market
The COVID-19 pandemic had impacted the global machinery leasing market to a great extent. During COVID-19, as of May 2020, 212 countries had been impacted by the pandemic, and the governments of these countries had ordered nationwide lockdowns due to which people were forced to stay in their homes which impacted the travel, transportation industry which in turn impacted the machinery leasing market. Additionally, the operations of several industries were put to a halt such as infrastructure development, construction, commercial rail, and water transportation which also negatively impacted the market growth. Furthermore, the mining and drilling activities were also severely impacted by the COVID-19 pandemic which in turn hampered market growth. However, as the COVID-19 situation normalizes, the global machinery leasing market started recovery as many industries construction and infrastructure industries were normalized after the recovery.
Segmental Outlook
The global machinery leasing market is segmented based on type, and mode. Based on type, the market is segmented into heavy construction machinery rental, commercial air, rail, and water transportation equipment rental, mining, oil and gas, forestry machinery, and equipment rental. Based on mode, the market is bifurcated into online, and offline. Based on type, heavy construction machinery rental is expected to witness the highest growth during the forecast period, owing to an increase in construction and mining activities in developing nations of Latin America and Africa. In addition, excessive operational costs, and additional expenses charged for the maintenance of the equipment can be saved to some extent by renting heavy construction machinery for the required time, which significantly contributes toward the growth of the heavy construction machinery rental market.
By Type (Heavy Construction Machinery Rental, Commercial Air, Rail, and Water Transportation Equipment Rental, Mining, Oil and Gas, Forestry Machinery, and Equipment Rental)
By Mode (Online, and Offline)
Market Players Outlook
The major companies serving the global machinery leasing market are AerCap, Aggreko Ltd., Ahern Rentals, Air Lease Corp., Ashtead Group Plc., Fuyo General Lease Co. Ltd., Tokyo Century Corp., United Rentals Inc., Herc Rentals Inc., Maxim Crane Works L.P., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in November 2021, Herc Holding Inc. has completed its acquisition of Rapid equipment, and also acquired SkyKing Lift Rentals. With this partnership, the company has significantly improved the coverage in the dynamic Toronto and Chicago equipment rental markets by serving a diverse mix of construction, industrial machine equipment.
The Report Covers
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global machinery leasing market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.
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