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RELEASED: FEBRUARY 2009
After researching the UK plant & tool hire market development and taking into account various other factors the following conclusions can be drawn from MBD's report:
MARKET REVIEW 2004-2008:
The UK market for plant and tool hire is believed to have contracted by a moderate 2% to £4934 million in 2008, reversing the growth trend evident in recent years. This decline is largely attributable to the economic downturn and global credit crunch, which has resulted in reduced private construction output in the housing and commercial sectors. Moreover, declining disposable income is believed to have had an adverse effect on DIY based hire, again reflecting the downturn. Nonetheless, a stronger decline has been avoided by continued investment in improving UK infrastructure, along with an estimated increase in repair & maintenance activity.
MARKET FORECAST 2009-2013:
The UK market for plant and tool hire is anticipated to decline in the short term, reflecting the economic downturn, declines in private construction output in the housing, retail and office sectors, static house moving activity and reduced demand for DIY. However, demand for plant and tool hire is projected to recover during 2010, with moderate real term growth of around 2%-3% expected between 2011 and 2013. In the latter year, the value of the market is forecast to reach £5163 million (at 2008 prices), representing an increase of 3% in the year and cumulative real term growth of 5% compared with 2008. Projected growth reflects a recovery in construction output and repair & maintenance activity. Planned infrastructure investment in utilities, energy and the renewables market and Government programmes for health, education and social housing are also expected to boost demand for plant and tool hire. Moreover, the 2012 London Olympics will provide opportunities for the construction sector, in turn positively affecting demand for plant and tool hire. However, an area of concern surrounds the possibility of weakening Government finances as resources for the Olympics could be ‘ring fenced’ and regions outside London could then suffer.
NOTE TO EDITORS:
MBD specialises in business to business market research. The range of reports and industries in which we operate in constantly expanding (our portfolio comprises of more that 140 titles). All our reports are written by in-house market consultants.
Click here for full details of the UK Plant & Tool Hire Market Research Report
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