Fact.MR Analysis: Developing infrastructure creates demand for rental concrete mixer, its market to shoot up to 5.7 Bn by 2033
With the increasing spending on infrastructure development by the government is driving the growth of concrete mixer rental market. Increase in the number of construction projects such as residential and commercial buildings and other urban structures is growing the demand for concrete mixers.
The global concrete mixer rental market is estimated to be valued at US$ 3.2 billion in 2023 and further expand at a CAGR of 6.1% to reach US$ 5.7 billion by the end of 2033.
Historic to Future Growth Analysis of the Concrete Mixer Rental Market
- Short Term (2023-2026): Increase in construction projects due to increased government spending on infrastructure development. Construction of high-rise buildings and other urban structures.
- Medium Term (2026-2029): Rise in the population will create an opportunity for concrete mixer rental services as there will be a requirement for the construction of buildings in confined areas.
- Long Term (2029-2033): Continuous growth in population and urbanization will result in the development of residential buildings. An advanced tool with optimum efficiency and standardized quality will be a key factor that will establish an opportunity for market expansion in the near future.
Market Dynamics Outlook:
“Growing Construction Industry Drives Market Growth”
The development of the rental market for concrete mixers is significantly impacted by rising urbanization growth rates. The need for concrete mixers to make construction projects easier is growing as metropolitan areas grow and construction activity picks up. Concrete mixers are crucial pieces of equipment for the construction industry because they make it possible to transport and mix concrete, which is a crucial part of most building projects, effectively.
“Factors Affecting Market Growth”
Although the market for renting concrete mixers has enormous growth potential, a number of constraints limit its development. Fewer rental options are available due to rental firms’ reluctance to invest in growing their fleet due to the high initial cost of purchasing concrete mixers. In addition, concrete mixer maintenance and repair fees raise the total cost of operations, making it difficult for rental companies to remain profitable.
How Does the US Contribute to the High Demand for Concrete Mixer Rental?
The rising demand for concrete mixer rental services is largely due to the United States. One important aspect is the country’s thriving construction sector, which is constantly expanding and necessitates efficient equipment for a variety of projects. Significant infrastructure development projects, such as the building and repair of roads, bridges, airports, and commercial buildings, have been taking place throughout the US.
What Are the Trends That Have Impelled the Use of Concrete Mixer Rental in China?
Concrete mixer rental services have become more popular in China as a result of many factors. The nation’s growing urbanization, which has resulted in an increase in construction activities, is one notable trend. The need for concrete mixers has grown significantly as new cities and infrastructure projects are built.
Concrete mixer rentals are now required as a result of China’s Belt and Road Initiative (BRI), which has sparked infrastructure growth both domestically and internationally. Additionally, rental services’ flexibility and cost-effectiveness fit the market’s preference for effective resource use. Construction companies in China are increasingly turning to concrete mixer rentals to complete their projects due to a focus on sustainability and lower capital expenditure.
Which Mixer Type has Prominent Share in the Concrete Mixer Rental Market?
Under the mixer type segment, the batch mixing truck sub-segment is anticipated to hold the dominating market share. The segment is attributed to holding an approximate share of 69.1% in the year 2023.
Owing to the flexibility of batch size and quality, batch mixing trucks provide more control over the desired size and quality of the batch. Also, compared to continuous mixing, batch mixing cost less. These factors tend to favor the demand for batch mixing trucks by the end users.
Prominent concrete mixer rental service providers are A-1 Rentals, A-Plant, Coates Hire, Herc Rentals, HSS Hire, Kennards Hire, Speedy Hire, Sunbelt Rentals, The Home Depot, and United Rentals.
Some concrete mixer rental companies forge partnerships or collaborations with other businesses in the construction industry. This can include contractors, construction equipment dealers, or suppliers. These partnerships can help expand the customer base, generate referrals, and provide additional value-added services or discounts to customers.
Rental market players understand the significance of competitive pricing to attract customers. They analyze the market rates and set rental prices that are competitive while still allowing them to cover costs and generate profits. Offering flexible rental periods, package deals, or discounts for long-term rentals are some ways they make their pricing more attractive.