Major companies in the machinery leasing market include United Rental; Sunbelt Rental; Blueline Rental; H&E Equiment Services and Home Depot Rentals. The global machinery leasing market is expected to grow from $316.
New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Machinery Leasing Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025313/?utm_source=GNW
22 billion in 2020 to $342.66 billion in 2021 at a compound annual growth rate (CAGR) of 8.4%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $454.78 billion in 2025 at a CAGR of 7%.
The machinery rental market consists of 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. The machinery rental market is segmented into heavy construction machinery rental; commercial air, rail, and water transportation equipment rental; mining, oil and gas, and forestry machinery and equipment rental; office machinery and equipment rental; and other commercial and industrial machinery and equipment rental.
Asia Pacific was the largest region in the global machinery leasing market, accounting for 37% of the market in 2020. North America was the second largest region accounting for 30% of the global machinery leasing market. Africa was the smallest region in the global machinery leasing market.
Companies are increasingly leasing 3D printing equipment for manufacturing purposes. The 3D printer is a computer-aided manufacturing device which creates three-dimensional objects by receiving digital data from a computer as input by building a three-dimensional model out of custom material. 3D printing is gaining popularity as manufacturers are becoming more familiar with industrial-grade 3D printers. Industrial grade 3D printers are capable of printing large products with high precision and with a wide range of materials. 3D printer leasing can reduce the overall reduction of cost of the manufacturer rather than buying. For instance, Divide by Zero technologies offers 3D printers on a lease for customers in India.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the machinery leasing market in 2020 as the need for services offered by these establishments declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the machinery leasing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy
The emergence of start-ups as major clients of leasing service providers is expected to drive the market. Driven by cost efficiency and the necessity to acquire advanced equipment which are often highly priced, start-ups have started renting or leasing their equipment. The increasing number of start-ups is also expected to positively impact the market. The number of start-ups in India is expected to increase to 10,500 by 2020, depicting new opportunities for the leasing market in the client expansion and revenue generation.
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