The construction industry is expected to grow rapidly during the forecast period due to the rise in renewable power generation investments. Many power generation businesses across the region are investing in renewable energy sources. Furthermore, governments across the region are supporting renewable energy sources by offering incentives and subsidies to enterprises that generate renewable energy. For instance, the Australian government granted US$ 600 million to wind power generators in Australia. Thus, the proliferation of the power sector, such as the renewable energy industry, will fuel the need for construction services. Thus, the need for heavy equipment is expected to rise in this industry in the coming years, thereby triggering the expansion of the rental industry. The resultant flourishment of the equipment rental industry is expected to provide lucrative opportunities to the equipment rental software market players, thereby driving the market across the region.
With new features and technologies, vendors attract new customers and expand their footprints in emerging markets. This factor is likely to drive the APAC equipment rental software market at a substantial CAGR during the forecast period.
The APAC equipment rental software market is segmented into component, deployment, organization size, end users, and country. Based on component, the APAC equipment rental software market is bifurcated into software and services. The software segment dominated the market in 2020, and the services segment is expected to register a higher CAGR during the forecast period. Based on deployment, the APAC equipment rental software market is bifurcated into on-premise and cloud-based. The cloud-based segment dominated the market in 2020, and it is expected to register a higher CAGR during the forecast period. Based on organization size, the APAC equipment rental software market is bifurcated into SMEs and large enterprises. The large enterprises segment dominated the market in 2020, and the SMEs segment is expected to register a higher CAGR during the forecast period. Based on end user, the APAC equipment rental software market is segmented into manufacturing, construction, transportation, and others. The construction segment dominated the market in 2020, and it is expected to register the highest CAGR during the forecast period. Based on country, the APAC equipment rental software market is segmented into China, India, Japan, South Korea, Australia, and the Rest of APAC.
Booqable.com; EZRentOut; HQ Rental Software; inspHire Ltd; MCS Global Ltd; Orion Software Inc.; and Point of Rental are among the leading companies operating in the APAC equipment rental software market.