Eurozone economies are expected to resume growth in 2014. However, in early 2014 economic recovery was slower than expected. The Ukrainian crisis has also brought uncertainty to growth expectations. However, its effects have so far been limited to Russia and Ukraine.
Growth is expected in the second half of the year. The expectations with regard to the strengthening growth in 2015–2016 remain unchanged. In Europe, market specific differences in the development of construction and the demand for rental services are considerable. However, in its June forecast Euroconstruct estimated that construction activity will pick up in all of Cramo’s operating countries in the next few years.
In the long term, the equipment rental market is expected to grow faster than construction. Changes in demand usually follow those in construction with a delay. In addition to construction, the demand for equipment rental services is affected by industrial investments and the rental penetration rate.
The European Rental Association (ERA) is expecting equipment rental to increase in all of Cramo’s main markets in 2014.