Australian Mobile Crane Rental Market Growth Trends

The crane rental market can reflect the vitality of a country's economy. We help us to better formulate sales plans in Úc by studying the crane rental market in Australia. The Australia mobile crane rental market is expected to grow at a CAGR of over 5% during the forecasted period (2020 - 2025)

Factors Affecting the Size of the Mobile Crane Rental Market in Australia

When researching the Australian mobile crane rental market, we found that the development of the construction industry is closely related to the size of mobile crane rentals. This interaction is mainly manifested in the following aspects:

• Australia is now encountering an apartment construction boom. The cranes are littering the horizons of Australia's biggest urban communities, especially in inner-city territories.
• The construction industry holds significant share in the Australian economy. It is an industry that provides employment to 1.15 million Australians and had a turnover of USD 360 billion in 2019 accounting to 9% of GDP. Preference of mobile cranes on rental basis rather than purchasing is increasing due to low cost, this coupling with increasing investment in various construction industries is expected to drive the Australian mobile crane market growth.
• The growth of construction industry was affected due to COVID-19 economic crisis. However this is expected to help the mobile crane rental market grow during the forecasted period as mobile crane rentals are cheaper and don’t require high initial investment for construction companies. Instability in the euro territory and financial instability in China pose dangers to the Australian economy, especially from the industrial sector. Drop in the Australian dollar value in the past has driven Australian enterprises to expand their presence in the market.

With the increasing magnitude of human endeavours, the capacity of mobile cranes is also increasing. With the advancement of technology, there are cranes that can lift extremely heavy weights. The mobile crane rental market is expected to expand, backed by recovery in oil prices and growth in the residential and commercial construction projects in metropolitan cities. The oil companies have scrambled to sell their underused cranes through auctions, leading to a glut in the crane market, consequently bringing down prices of cranes which most rental companies are purchasing. The demand for fast-paced, environment-friendly and cost-effective cranes would drive the demand for cranes in this segment.

Mobile crane rentals help generate significant profits for the company while getting the job done without any hassle. Along with the maintenance and operating costs of ownership, there is a host of other expenses, such as insurance, government licensing fees, etc. These charges vary considerably along with the application. Renting is an inclusive price, but given that a rental company bears all the cost in an economical and efficient manner, the cost burden is fairly less. Thereby, for a short-term industrial application, renting the cranes is the preferred choice.

The current state of the construction industry in Australia and the mobile crane rental market forecast

The construction activities in the country are rapidly declining. According to the Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI), the sharp fall in residential building activity along with the drop in commercial construction and a slight dip in engineering construction saw construction sector performance in December 2018 record its steep monthly contraction since mid-2013. According to the Ai Group, the PCI dropped 1.9 points to 42.6 in December 2018, indicating a fourth consecutive month of decline and the sharpest rate of contraction in last five and a half years. All four construction sectors in the Australian PCI contracted in January 2019, with a further weakening in the house-building (down 1.9 points to 34.4) and apartment-building sectors (down 1.6 points to 24.9). Commercial construction was again subdued (down 0.5 points to 44.9) while engineering construction declined for a second month (down 3.2 points to 43.3).

Australia’s cities are under the strain of rapid growing population, the government is planning to invest USD 600bn in next 10 years for development. The government has planned 103 initiatives in the upcoming 10 years. Population growth offers economic opportunities for development of the infrastructure. Crane index of Australia is 735, a record high (Sydney 342, Melbourne 157, Brisbane 67, Perth 33, Gold coast 23, Canberra 17, Adelaide 15). This will open opportunities for rental construction equipment market as businesses prefer rental than owing equipment due to uncertainty of the growth of construction business and government investment.

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