Increasing ownership costs and stringent government regulations are driving the growth of Turkey Construction Equipment Rental Market in the forecast period, 2022-2026.
According to TechSci Research report, “Turkey Construction Equipment Rental Market By Equipment (Earthmoving, Material Handling, Road Building & Concrete), By Product (Crane, Diesel Generator, Excavator, Wheel Loader, Bulldozer, Motor Grader, Telescopic Handler, Forklifts, Trucks, Manlifts, Others), By Region, Competition Forecast & Opportunities, 2026”, the Turkey Construction Equipment Rental market is expected to grow at a formidable rate during the forecast period, 2022-2026. The high initial cost required for purchasing construction equipment encourages construction companies to opt for affordable rental services. Associated purchasing factors like high tax, high depreciation costs, maintenance, and insurance are fueling the demand for the Turkey Construction Equipment Rental market. Renting construction equipment saves the companies from facing unexpected market fluctuations and financial turndowns. The presence of many Construction Equipment Rental options can help in emergency times and provide flexibility that supports the logistics industry's growth and finance activities. Strong competition among the Construction Equipment Rental market players pushes them to provide better services, prices, and a range of options to the customers. Construction companies can lower their operational expenses by using the rental construction equipment over projects defined for the long term. The company requires only to provide the rental fees. Other expenditures like maintenance fees are borne by the Construction Equipment Rental company, saving a significant amount of labor and time wasted in purchasing the construction equipment. The rental service provider companies save transportation and logistics costs of the construction company or the contractor. The purchase of new or old construction equipment costs a lot of money which can raise the anxiety level of the purchasers. Equipment used at the construction sites requires proper care and needs to be running throughout their mechanical life. The purchase of construction equipment comes with an option of warranty and is a long-term responsibility to ensure the equipment's proper functioning; therefore, rental construction equipment is in high demand in Turkey. The growing demand for advanced and superior construction rental equipment for the better management of construction and processing activities and the investments by the key players for developing high-performance and efficient construction equipment with advanced and environment-friendly features is expected to influence the market demand.
However, low rental market penetration and labor force shortage may restrain the Turkey Construction Equipment Rental market growth for the forecast period.
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The Turkey Construction Equipment Rental market is segmented on the basis of equipment, product, competitional landscape, and regional distribution.
On the basis of the equipment, the Turkey Construction Equipment Rental market is divided into earthmoving, material handling, road building & concrete. The earthmoving equipment is expected to hold the largest market share in the forecast period, 2022-2026. Earthmoving equipment is mainly used to move a large amount of earth surface and dig the surface for landscaping purposes. The earthmoving equipment includes heavy hydraulic machinery, equipment for construction and engineering, heavy trucks, and other vehicles.
On the basis of the product, the Turkey Construction Equipment Rental market is divided into the crane, diesel generator, excavator, wheel loader, bulldozer, motor grader, telescopic handler, forklifts, trucks, man lifts, and others. The crane segment is expected to account for a significant market share in the next five years. The high demand for the use of the various type of cranes by contractors for construction and building activities is driving the need for cranes in the Construction Equipment Rental market.
“The government is promoting "Horizontal Urbanization," which aims to encourage the construction of low-rise buildings due to the continuous construction of tall buildings in urban cities is expected to create growth potential for the Turkey Construction Equipment Rental Market. The use of modern equipment and quality construction materials helps construct quality residential, commercial, and industrial spaces. The rapid rise in the population moving to the cities coupled with the solid economic presence of Turkey is expected to propel the Turkey Construction Equipment Rental market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.