Turkey Construction Equipment Rental market is anticipated to grow at a rate of steady CAGR for the forecast period, 2022-2026. The rise in the infrastructural development activities to boost the economy of the country and the cost-effectiveness of using rental instead of buying construction equipment are the major driving factors for the Turkey Construction Equipment Rental market.
Developing Economy of Turkey Fuels the Construction Activity
Leading authorities are offering attractive investment opportunities in various sectors, including healthcare, energy, and transportation. High-end investments to develop the new railway, roadways, tunnels, airports, tunnels to project Turkey as an international trade partner are accelerating the demand for construction equipment. Continuous rise in the population is creating the need to construct more residential, commercial, and industrial places. The rapid urbanization of people in search of better job opportunities and quality living standards is fueling the demand for infrastructural development. The growing trade activities in the country and outside the country and the strategic location of Turkey favor the development of infrastructure in the next five years. Turkey acts as a bridge between the East and West and leads as a Middle Corridor located at the middle of the Belt and Road Initiative (BRI). Turkey boasts of excellent healthcare services as it hosts more than 600,000 foreign patients per year. The government is continuously investing in developing the healthcare sector and improving the quality of services offered to patients. Upgradation and development of the healthcare sector are expected to create lucrative opportunities for the Turkey Construction Equipment Rental market growth. Due to the vast size of Turkey, infrastructural development projects focus on the transport sector to improve connectivity between different parts of the country. Such as the introduction of a rapid-speed bus system separated from the traffic congestion in Istanbul to ease the transportation in the ancient city is expected to accelerate the demand for rental construction equipment.
Large-scale Construction of Residential Spaces Supports Market Growth
The Housing Development Administration of Turkey (TOKİ) aims to develop solutions for problems relating to urbanization and housing at a national scale and construct a sufficient number of quality houses in a healthy urban environment. High demand for affordable houses from the low and middle-income people and the need to develop mass housing projects are expected to fuel the demand for construction equipment. The government project, “Planned Urbanization and Housing Development Mobilization,” is involved in constructing residential spaces for low-income target people. Also, the social housing program that aims to build affordable houses and construct affordable low-cost housing is expected to multiply.
Shift In Trend Towards Rental Drives Market Growth
Due to the cyclical nature of the construction industry and the budget constraints, while constructing residential, commercial spaces, the demand for rental construction equipment is on the rise. The construction companies and the contractors prefer to rent the construction equipment as it eliminates the need for high initial capital cost and construction equipment maintenance costs. Rental is considered an attractive alternative by the companies to make companies ready for any economic recession and prevent operational slowdown.
The Turkey Construction Equipment Rental market is segmented on the basis of equipment, product, regional distribution, and competitive landscape. Based on the equipment, the market is divided into earthmoving, material handling, road building & concrete. Based on the product, the market is divided into crane, diesel generator, excavator, wheel loader, bulldozer, motor grader, telescopic handler, forklifts, trucks, manlifts, others. To analyze the market based on the region, the Turkey Construction Equipment Rental market is studied in major regions namely Marmara Region, Central Anatolia, Aegean Region, Mediterranean Region, Black Sea Region, South Eastern Anatolia Region, Eastern Anatolia Region.
ENKA İnşaat ve Sanayi A.Ş., KHL Group, Fruitful Machinery Co., Ltd., Euroline International Ltd., Powerscreen, ED Machinery, Linde Material Handling, TSM Global, Hitachi Construction Machinery, Volvo Construction Equipment, are among the major market players in the Turkey that lead the market growth of the Turkey Construction Equipment Rental market.