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Europe - Full Service Long-term Material Handling Equipment Rental Market by End-user and Type - Forecast and Analysis 2024-2028

Europe - Full Service Long-term Material Handling Equipment Rental Market by End-user and Type - Forecast and Analysis 2024-2028

Published: Dec 2023 159 Pages SKU: IRTNTR46609

Market Overview at a Glance

$4.83 B
Market Opportunity
25.24%
CAGR
21.29
YoY growth 2023-2024(%)

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?

Full Service Long-term Material Handling Equipment Rental Market in Europe Size

Europe Full Service Long-term Material Handling Equipment Rental Market Forecast 2024-2028

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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.

Full Service Long-term Material Handling Equipment Rental Market in Europe Size

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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.

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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

Table of Contents not available.

Research Methodology

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases

DATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts

REPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape

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Frequently Asked Questions

Full Service Long-term Material Handling Equipment Rentalin Europe market growth will increase by $ 4833.66 mn during 2024-2028.

The Full Service Long-term Material Handling Equipment Rentalin Europe market is expected to grow at a CAGR of 25.24% during 2024-2028.

Full Service Long-term Material Handling Equipment Rentalin Europe market is segmented by End-user( Construction, Industrial, Agriculture) Type( Cranes and lifting equipment, Industrial trucks, Continuous handling equipment, Racking and storage equipment, Rest of Europe)

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, Veni and Co Ltd. are a few of the key vendors in the Full Service Long-term Material Handling Equipment Rentalin Europe market.

Europe will register the highest growth rate of 100% among the other regions. Therefore, the Full Service Long-term Material Handling Equipment Rentalin Europe market in Europe is expected to garner significant business opportunities for the vendors during the forecast period.

Germany, France, Italy, UK, Rest of Europe

  • High initial investment and maintenance costMaterial handling equipment requires constant technical support and maintenance for it to operate efficiently. The maintenance cost of industrial trucks such as pallet trucks and forklifts can be high in the construction and manufacturing industries as they are exposed to hazardous conditions regularly is the driving factor this market.
  • which accelerates wear and tear and cause severe damage. Hence is the driving factor this market.
  • many end-users are reluctant to use forklift trucks. Only skilled personnel should operate is the driving factor this market.
  • repair is the driving factor this market.
  • and maintain forklifts is the driving factor this market.
  • which increases the cost of maintenance and operation. The lack of skilled labor in emerging markets such as China is the driving factor this market.
  • Africa is the driving factor this market.
  • and South America has limited the use of forklift trucks. Most manual forklift trucks cost between $3 is the driving factor this market.
  • 500 and $40 is the driving factor this market.
  • 000 per forklift is the driving factor this market.
  • and automated forklifts cost between $60 is the driving factor this market.
  • 000 and $80 is the driving factor this market.
  • 000 per forklift. The maintenance of such equipment could be in the range of 15%-20% of the total cost is the driving factor this market.
  • depending on use and the type of forklifts used. The high initial cost of forklifts and their high maintenance costs affect their sales. End-user segments is the driving factor this market.
  • especially small- and medium-sized enterprises (SMEs) that aim to improve their manufacturing and distribution facilities is the driving factor this market.
  • are considering the purchase of such equipment due to the high initial costs and the high cost of maintenance. This trend is limited to non-engineered systems. This high initial investment cost associated with material handling equipment is a significant challenge for the full-service long-term material handling equipment rental market in Europe as it affects the sales of equipment across the world. Due to the high initial and maintenance costs is the driving factor this market.
  • the full-service long-term material handling equipment rental market in Europe is stagnant in terms of growth. The demand for such equipment is reducing as end-user industries are preferring rental equipment. For rental material handling equipment is the driving factor this market.
  • there are no high initial costs is the driving factor this market.
  • and the maintenance costs are minimal when compared with own equipment. In most cases is the driving factor this market.
  • the rental company maintains the equipment. Hence is the driving factor this market.
  • the high initial investment required to procure material handling equipment and their high maintenance cost will drive the growth of the full-service long-term material handling equipment rental market during the forecast period. is the driving factor this market.

The Full Service Long-term Material Handling Equipment Rentalin Europe market vendors should focus on grabbing business opportunities from the Construction segment as it accounted for the largest market share in the base year.