Europe - Full Service Long-term Material Handling Equipment Rental Market 2024-2028
The Europe - full service long-term material handling equipment rental market size is estimated to grow at a CAGR of 25.24% between 2023 and 2028. The market size is forecast to increase by USD 4,833.66 million. The growth of the market depends on several factors such as the high initial investment and maintenance cost, the growing demand for improved operational efficiency, and the thriving logistics market in Europe.
The report includes a comprehensive outlook on the Europe Full Service Long-term Material Handling Equipment Rental Market, offering forecasts for the industry segmented by End-user, which comprises construction, industrial, and agriculture. Additionally, it categorizes Type into, cranes and lifting equipment, industrial trucks, continuous handling equipment, and racking and storage equipment. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD million for each of the mentioned segments.
What will be the Size of the Full Service Long-term Material Handling Equipment Rental Market In Europe During the Forecast Period?
Europe Full Service Long-term Material Handling Equipment Rental Market Forecast 2024-2028
To learn more about this report, Request Free Sample
Europe Full Service Long-term Material Handling Equipment Rental Market in Dynamic
Driver- Growing demand for improved operational efficiency
Material handling plays an important role in almost every industry, including manufacturing and construction. Increasing globalization and the rapid growth in online shopping have fueled the demand for efficient and cost-effective solutions for material handling. Complexities in the supply chain due to the need for the time-bound delivery of materials and products are fueling the demand for more efficient material handling equipment.
In addition, the use of standard material handling equipment enhances the efficiency of the workflow, improves customer service, reduces the cost of production, improves product quality, reduces material damage, and minimizes delivery time. Thus, the growing demand for improved operational efficiency will boost the growth of the Europe full-service long-term material handling equipment rental market during the forecast period.
Trends- Technological development in material handling equipment
New technological innovations such as electronic signature capture, applications, and radio-frequency identification (RFID) are gaining popularity. The introduction of the Enfinity (electronic signature capture) system will expose the rental industry to electronic signal capture technology. RFID technology has been available in the market. However, it has been gaining popularity in the rental industry recently. besides, customers now want access to data around the clock.
Consequently, the quick response (QR) codes embedded on equipment labels can be read using applications that provide information about service records and safety standards. Furthermore, due to the increasing volume of data being integrated with the Internet, customer calls related to dispatch and customer service requests for deliveries and pickups of equipment will decrease significantly. Thus, such factors will drive market growth during the forecast period.
Challenge- Availability of refurbished machines
The use of second-hand material handling equipment that is refurbished serviced and sold at a lesser price is increasing in Europe. Cost-sensitive SMEs, to reduce their capital expenditure, often opt for refurbished equipment rather than renting equipment. The high cost of new material handling equipment can be attributed to the high R&D and technology costs associated with designing new material handling equipment.
Furthermore, this equipment usually contains several redundant and high-end components aimed at reducing the probability of machine failure, which further increases the manufacturing cost of full-service long-term material handling equipment. Thus, due to the high cost of such equipment, refurbished machines serve as cost-effective alternatives. They are certified, updated with new technologies, and have valid warranties. Therefore, such factors may impede market growth during the forecast period.
Europe Full Service Long-term Material Handling Equipment Rental Market Segmentation by End-user, and Type
End-user Segment Analysis:
The construction segment will account for a major share of the market's growth during the forecast period.?Full-service long-term material handling equipment, such as cranes, telehandlers, and forklifts, help construction companies improve efficiency by reducing manual labor, increasing lifting and transporting capacity, and speeding up construction timelines. The construction industry often requires specialized material handling equipment for unique tasks, such as rough terrain forklifts for construction in challenging environments or tower cranes for high-rise buildings.
Customised Report as per your requirements!
The construction segment was valued at USD 772.52 million in 2018. Many European countries are focusing on infrastructure development, including transportation, energy, and telecommunications projects. Moreover, Europe is at the forefront of renewable energy initiatives, including wind farms and solar installations. These projects often involve heavy equipment for transporting and installing large components, increasing the demand for material handling equipment rental, which will boost the growth of the market during the forecast period.
Type Segment Analysis
Based on type, the market has been segmented into cranes and lifting equipment, industrial trucks, continuous handling equipment, and racking and storage equipment. The cranes and lifting equipment?segment will account for the largest share of this segment.?Cranes and lifting equipment are essential for tasks such as erecting buildings, bridges, and other infrastructure, driving up the demand for rental services. Cranes are crucial for lifting heavy construction materials and equipment in densely populated cities. The manufacturing sector in Europe depends on cranes and lifting equipment for material handling, production, and maintenance. Furthermore, rental companies provide access to the latest equipment innovations. There is a growing emphasis on environmentally friendly construction and industrial practices in Europe. Some rental providers offer eco-friendly crane options, such as electric cranes or those with reduced emissions. Therefore, such factors may impede market growth during the forecast period.
Who are the Major Europe Full Service Long-term Material Handling Equipment Rental Market Companies?
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
- Scale DC S.r.l.: The company offers full service long-term material handling equipment rental such as SDM material lifter.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Boels, Caterpillar Inc., Cramo Oy, Dawsongroup plc, Herc Holdings Inc., HSS ProService Ltd., Jungheinrich Group, KION GROUP AG, KYNNINGSRUD GROUP, Liebherr International Deutschland GmbH, Loxam, MasterMover, MEDIACO LEVAGE, MHEGURU, Peab AB, Sarens NV, Toyota Motor Corp., UnikTruck AS, and Veni and Co Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
Segment Overview
The Europe full service long-term material handling equipment rental market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
- End-user Outlook
- Construction
- Industrial
- Agriculture
- Type Outlook
- Cranes and lifting equipment
- Industrial trucks
- Continuous handling equipment
- Racking and storage equipment
|
Europe Full Service Long-term Material Handling Equipment Rental Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
159 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 25.24% |
|
Market Growth 2024-2028 |
USD 4,833.66 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
21.29 |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Boels, Caterpillar Inc., Cramo Oy, Dawsongroup plc, Herc Holdings Inc., HSS ProService Ltd., Jungheinrich Group, KION GROUP AG, KYNNINGSRUD GROUP, Liebherr International Deutschland GmbH, Loxam, MasterMover, MEDIACO LEVAGE, MHEGURU, Peab AB, Sarens NV, Scale DC S.r.l., Toyota Motor Corp., UnikTruck AS, and Veni and Co Ltd. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
What are the Key Data Covered in this Europe Full Service Long-term Material Handling Equipment Rental Market Report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Europe full service long-term material handling equipment rental market between 2024 and 2028
- Precise estimation of the Europe full service long-term material handling equipment rental market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the market across Europe
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of f Europe full service long-term material handling equipment rental market companies
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch