Trencher Rental Market
Trencher Rental Market Analysis By Type (Self-Propelled and Tractor Mounted), By Mechanism (Rock Wheel and Chain or Ladder) and Region - Global Market Insights 2023 to 2033
Analysis of Trencher Rental Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Trencher Rental Market Growth Outlook (2023 to 2033)
The trencher rental market is estimated to reach a valuation of US$ 136.1 million in 2023 and further expand at a CAGR of 3.8% to reach US$ 197.7 million by the end of 2033.
A trencher is a machine used for digging trenches, which are narrow excavations in the ground. Hence, the demand for trenchers is directly linked to the demand for trenching activities. As construction and infrastructure projects increase, so does the need for trenching.
Renting trenchers offers flexibility in terms of project duration and equipment availability. Construction projects often have variable timelines, and renting allows contractors to access trenchers for specific periods as needed. Additionally, rental companies usually maintain a fleet of trenchers, ensuring that customers have access to equipment even during peak demand periods.
Report Attributes | Details |
---|---|
Trencher Rental Market (2022A) | US$ 131.2 Million |
Estimated Market Value (2023E) | US$ 136.1 Million |
Forecasted Market Value (2033F) | US$ 197.7 Million |
Global Market Growth Rate (2023 to 2033) | 3.8% CAGR |
U.S. Market Share (2023) | 24.7% |
Germany Market Share (2023) | 9.3% |
United States Market Growth Rate (2023 to 2033) | 4.0% CAGR |
Market Share of Top 3 Countries | 72.6% |
Key Companies Profiled | BlueLine Rental; Herc Rentals; Neff Rental; Sunbelt Rentals; United Rentals |
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Comprehensive Analysis of the Trencher Rental Market
Factors such as urbanization, population growth, and the expansion of utility networks contribute to the growing demand for trenching services. As, trenchers are typically used for installing pipes, cables, irrigation systems, or drainage systems in construction, agriculture, and utility work. The trencher rental market is expected to grow with the growing construction and agriculture sectors.
Purchasing a trencher is a significant investment, and not all companies or individuals have the financial resources or the need for long-term ownership. Renting a trencher provides a cost-effective alternative, allowing users to access the equipment for specific projects without the burden of ownership costs.
- Short Term (2023 to 2026): The growing construction industry drives trencher rental market growth by increasing the demand for trenching activities, creating a need for cost-effective and flexible equipment solutions, leading to an uptick in renting trenchers rather than purchasing them outright.
- Medium Term (2026 to 2029): Mushrooming agriculture sector especially across emerging economies, coupled with supportive government initiatives, drives trencher rental market growth. Increased agricultural projects and policies promoting mechanization and modernization create a demand for trenchers, leading to the expansion of rental services as a cost-effective and accessible equipment solution.
- Long Term (2029 to 2033): Efforts led by rental service providers to remain competitive in the market are likely to drive trencher rental market growth in the long run. By offering competitive rental rates, expanding their fleet of trenchers, providing excellent customer service, and adopting innovative rental models, providers attract more customers and sustain market growth over time.
According to Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 3.8% CAGR between 2023 and 2033.
Market share analysis of trencher rental based on trencher type and region is illustrated briefly in the above image. Under the trencher type segment, the self-propelled trencher segment will dominate with 69.1% market share in 2023.
"Pullulating Mining Activities to Drive Trencher Rental Market in Coming Years"
The rise in electric vehicles (EVs) and renewable energy systems has significantly increased the demand for lithium, a key component in lithium-ion batteries. As a result, lithium mining operations have expanded to meet the growing demand. Trenchers are commonly used in such mining operations to extract lithium-rich ores from the ground efficiently.
Further, the mining of lithium often requires the development of infrastructure, such as roads, pipelines, and power transmission lines, to support the mining operations. Trenchers are essential in creating trenches for such developments. As the mining activities expand, the need for trenchers to dig trenches for infrastructure development also increases creating growth opportunities for the trencher rental service providers.
As trencher rental provides mining companies with scalability and flexibility in their operations. As lithium mining activities expand or shift to different locations, the rental market allows companies to easily adapt to changing requirements. Mining companies can also rent trenchers for specific projects or periods, avoiding the need for long-term ownership and maintenance commitments. Hence, the growing mining activities are likely to drive the demand for trencher rentals.
"Factors Restraining the Market Growth"
Trenchers are not the only equipment used for trenching purposes. There are alternative solutions available, such as excavators, backhoes, or other specialized machinery, which compete with trencher rentals. Depending on the specific requirements of a project, companies are likely to opt for such multipurpose alternatives instead of renting trenchers, likely to hamper trencher rental market growth.
Further, trenchers are specialized and expensive equipment, requiring significant investment for rental companies. The high initial costs of acquiring and maintaining trenchers limit the growth of the rental market. Some mining companies also find it more cost-effective to purchase their trenchers instead of relying on rentals, restraining the market growth.
Country-wise Insights
How Does the Growing Military and Defense Industry Drive Trencher Rental Market in the US?
The military and defense sector often requires the development of infrastructure, including bases, training facilities, and logistical support systems. Trenchers play a crucial role in digging trenches for various purposes, such as laying utility lines, constructing communication networks, installing underground facilities, and creating defensive fortifications. As the military expands and modernizes its infrastructure, the demand for trencher rentals is likely to increase.
In addition, the military and defense sector often operates within budget constraints. Renting trenchers allows military organizations to optimize their expenses by avoiding the substantial upfront costs associated with purchasing and maintaining specialized equipment. Trencher rentals offer flexibility in managing project-specific budgets, allowing military entities to allocate resources effectively and efficiently.
What Are the Trends That Have Impelled the Demand for Trencher Rental in China?
China is experiencing rapid urbanization and infrastructure development, including the construction of roads, railways, bridges, and utilities. Trenchers are essential for digging trenches to lay underground pipes, cables, and other infrastructure components. The ongoing infrastructure projects in China are driving the demand for trencher rentals to meet the excavation requirements efficiently.
The expanding utility and telecommunications infrastructure in China requires extensive trenching work. Trenchers are used to dig trenches for laying underground cables, fiber optics, and other utility infrastructure. The demand for trencher rentals has grown to support the expansion and maintenance of utility and telecommunications networks across the country.
Trencher rentals offer cost-effectiveness and operational efficiency to businesses in China. Renting trenchers eliminates the need for significant upfront investments, reduces maintenance costs, and allows companies to access specialized equipment when needed. These advantages have made trencher rentals an attractive option for construction, infrastructure, and utility companies in China.
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Category-wise Insights
Why the Demand for Self-Propelled Trenchers Rental is Growing?
Self-propelled trenchers offer enhanced efficiency compared to other types of trenching equipment. Self-propelled trenchers are equipped with powerful engines and advanced hydraulic systems, allowing them to dig trenches fast and effectively. The self-propelled capability eliminates the need for manual pushing or towing, resulting in faster completion of trenching projects. As companies strive for improved productivity, the demand for self-propelled trencher rentals has increased.
Self-propelled trenchers are designed to tackle a wide range of soil conditions and terrains. They operate in various environments, including soft soil, hard ground, and uneven surfaces. Their adjustable digging depths and widths make them adaptable to different project requirements. The versatility and adaptability of self-propelled trenchers make them suitable for a variety of applications, driving the demand for rentals in industries such as construction, utilities, landscaping, and agriculture.
Which Application is Gaining Traction?
Trenchers are widely used in agriculture and forestry for land preparation and drainage purposes. They are utilized to create trenches for irrigation systems, subsurface drainage networks, and field leveling. As agricultural and forestry activities expand to meet the rising demand for food and wood products, the need for trenchers to efficiently prepare the land and manage water drainage increases, driving the demand for trencher rentals.
Renting trenchers provides accessibility to specialized equipment without the need for significant upfront investments. Agricultural and forestry operations often have seasonal or project-specific needs, making rentals a cost-effective option compared to purchasing and maintaining trenchers year-round. Rental contracts are tailored to specific durations, allowing farmers, foresters, and agricultural contractors to optimize costs while having access to the necessary trenching equipment creating trencher rental market growth opportunities.
Competitive Landscape
Prominent trencher rental service providers are BlueLine Rental, Compact Power Equipment Rental, Diamond Rental, Herc Rentals, Neff Rental, Sunbelt Rentals, Sunstate Equipment Co., and United Rentals.
Trencher rental market players adopt several growth strategies to remain competitive in the rental service market. Providing excellent customer service is crucial for rental companies to differentiate themselves in the market. Companies focus on delivering prompt responses to inquiries, offering flexible rental terms, ensuring timely equipment delivery and pick-up, and providing ongoing support during the rental period. Building strong customer relationships and addressing customer needs effectively help rental companies maintain a competitive edge in the trencher rental market.
Fact.MR has provided detailed information about the key rental service providers of trenchers, their total fleet, service portfolio, and revenue growth, in the recently published report.
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Segmentation of Trencher Rental Industry Research
-
By Type :
- Self-Propelled
- Walk Behind
- Ride On
- Tractor Mounted (Attachment)
- Self-Propelled
-
By Mechanism :
- Rock Wheel
- Chain or Ladder
-
By Application :
- Mining
- Construction
- Agriculture & Forestry
- Marine & Sub Sea
- Military & Defense
- Other
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Oceania
- MEA
Table of Content
- 1. Market - Executive Summary
- 2. Market Overview
- 3. Market Background and Foundation Data
- 4. Global Market Value (US$ million) Analysis and Forecast
- 5. Global Market Analysis and Forecast, By Type
- 5.1. Self-Propelled
- 5.1.1. Walk Behind
- 5.1.2. Ride On
- 5.2. Tractor Mounted (Attachment)
- 5.1. Self-Propelled
- 6. Global Market Analysis and Forecast, By Mechanism
- 6.1. Rock Wheel
- 6.2. Chain or Ladder
- 7. Global Market Analysis and Forecast, By Application
- 7.1. Agriculture & Forestry
- 7.2. Military & Defense
- 7.3. Mining
- 7.4. Construction
- 7.5. Marine & Sub Sea
- 7.6. Others
- 8. Global Market Analysis and Forecast, By Region
- 8.1. North America
- 8.2. Latin America
- 8.3. Europe
- 8.4. East Asia
- 8.5. South Asia & Oceania
- 8.6. Middle East & Africa
- 9. North America Market Analysis and Forecast
- 10. Latin America Market Analysis and Forecast
- 11. Europe Market Analysis and Forecast
- 12. East Asia Market Analysis and Forecast
- 13. South Asia & Oceania Market Analysis and Forecast
- 14. Middle East & Africa Market Analysis and Forecast
- 15. Country-level Market Analysis and Forecast
- 16. Market Structure Analysis
- 17. Market Competition Analysis
- 17.1. BlueLine Rental
- 17.2. Compact Power Equipment Rental
- 17.3. Herc Rentals
- 17.4. Sunbelt Rentals
- 17.5. The Home Depot
- 17.6. United Rentals
- 17.7. Other Prominent Players
- 18. Assumptions & Acronyms Used
- 19. Research Methodology
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List Of Table
Table 1: Global Market Value (US$ million) by Region, 2018 to 2022
Table 2: Global Market Value (US$ million) and Forecast by Region, 2023 to 2033
Table 3: Global Market Value (US$ million) By Type, 2018 to 2022
Table 4: Global Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 5: Global Market Value (US$ million) By Mechanism, 2018 to 2022
Table 6: Global Market Value (US$ million) and Forecast By Mechanism, 2023 to 2033
Table 7: Global Market Value (US$ million) By Application, 2018 to 2022
Table 8: Global Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 9: North America Market Value (US$ million) by Country, 2018 to 2022
Table 10: North America Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 11: North America Market Value (US$ million) By Type, 2018 to 2022
Table 12: North America Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 13: North America Market Value (US$ million) By Mechanism, 2018 to 2022
Table 14: North America Market Value (US$ million) and Forecast By Mechanism, 2023 to 2033
Table 15: North America Market Value (US$ million) By Application, 2018 to 2022
Table 16: North America Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 17: Latin America Market Value (US$ million) by Country, 2018 to 2022
Table 18: Latin America Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 19: Latin America Market Value (US$ million) By Type, 2018 to 2022
Table 20: Latin America Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 21: Latin America Market Value (US$ million) By Mechanism, 2018 to 2022
Table 22: Latin America Market Value (US$ million) and Forecast By Mechanism, 2023 to 2033
Table 23: Latin America Market Value (US$ million) By Application, 2018 to 2022
Table 24: Latin America Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 25: Europe Market Value (US$ million) by Country, 2018 to 2022
Table 26: Europe Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 27: Europe Market Value (US$ million) By Type, 2018 to 2022
Table 28: Europe Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 29: Europe Market Value (US$ million) By Mechanism, 2018 to 2022
Table 30: Europe Market Value (US$ million) and Forecast By Mechanism, 2023 to 2033
Table 31: Europe Market Value (US$ million) By Application, 2018 to 2022
Table 32: Europe Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 33: East Asia Market Value (US$ million) by Country, 2018 to 2022
Table 34: East Asia Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 35: East Asia Market Value (US$ million) By Type, 2018 to 2022
Table 36: East Asia Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 37: East Asia Market Value (US$ million) By Mechanism, 2018 to 2022
Table 38: East Asia Market Value (US$ million) and Forecast By Mechanism, 2023 to 2033
Table 39: East Asia Market Value (US$ million) By Application, 2018 to 2022
Table 40: East Asia Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 41: South Asia & Oceania Market Value (US$ million) by Country, 2018 to 2022
Table 42: South Asia & Oceania Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 43: South Asia & Oceania Market Value (US$ million) By Type, 2018 to 2022
Table 44: South Asia & Oceania Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 45: South Asia & Oceania Market Value (US$ million) By Mechanism, 2018 to 2022
Table 46: South Asia & Oceania Market Value (US$ million) and Forecast By Mechanism, 2023 to 2033
Table 47: South Asia & Oceania Market Value (US$ million) By Application, 2018 to 2022
Table 48: South Asia & Oceania Market Value (US$ million) and Forecast By Application, 2023 to 2033
Table 49: MEA Market Value (US$ million) by Country, 2018 to 2022
Table 50: MEA Market Value (US$ million) and Forecast by Country, 2023 to 2033
Table 51: MEA Market Value (US$ million) By Type, 2018 to 2022
Table 52: MEA Market Value (US$ million) and Forecast By Type, 2023 to 2033
Table 53: MEA Market Value (US$ million) By Mechanism, 2018 to 2022
Table 54: MEA Market Value (US$ million) and Forecast By Mechanism, 2023 to 2033
Table 55: MEA Market Value (US$ million) By Application, 2018 to 2022
Table 56: MEA Market Value (US$ million) and Forecast By Application, 2023 to 2033
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List Of Figures
Figure 1: Global Market Value (US$ million) Forecast, 2023 to 2033
Figure 2: Global Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 3: Global Market Value (US$ million) by Region, 2023 & 2033
Figure 4: Global Market Y-o-Y Growth Rate by Region, 2023 to 2033
Figure 5: Global Market Value (US$ million) By Type, 2023 & 2033
Figure 6: Global Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 7: Global Market Value (US$ million) By Mechanism, 2023 & 2033
Figure 8: Global Market Y-o-Y Growth Rate By Mechanism, 2023 to 2033
Figure 9: Global Market Value (US$ million) By Application, 2023 & 2033
Figure 10: Global Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 11: North America Market Value (US$ million) Forecast, 2023 to 2033
Figure 12: North America Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 13: North America Market Value (US$ million) by Country, 2023 & 2033
Figure 14: North America Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 15: North America Market Value (US$ million) By Type, 2023 & 2033
Figure 16: North America Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 17: North America Market Value (US$ million) By Mechanism, 2023 & 2033
Figure 18: North America Market Y-o-Y Growth Rate By Mechanism, 2023 to 2033
Figure 19: North America Market Value (US$ million) By Application, 2023 & 2033
Figure 20: North America Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 21: North America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 22: North America Market Attractiveness Analysis By Type, 2023 to 2033
Figure 23: North America Market Attractiveness Analysis By Mechanism, 2023 to 2033
Figure 24: North America Market Attractiveness Analysis By Application, 2023 to 2033
Figure 25: Latin America Market Value (US$ million) Forecast, 2023 to 2033
Figure 26: Latin America Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 27: Latin America Market Value (US$ million) By Country, 2023 & 2033
Figure 28: Latin America Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 29: Latin America Market Value (US$ million) By Type, 2023 & 2033
Figure 30: Latin America Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 31: Latin America Market Value (US$ million) By Mechanism, 2023 & 2033
Figure 32: Latin America Market Y-o-Y Growth Rate By Mechanism, 2023 to 2033
Figure 33: Latin America Market Value (US$ million) By Application, 2023 & 2033
Figure 34: Latin America Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 35: Latin America Market Attractiveness Analysis by Country, 2023 to 2033
Figure 36: Latin America Market Attractiveness Analysis By Type, 2023 to 2033
Figure 37: Latin America Market Attractiveness Analysis By Mechanism, 2023 to 2033
Figure 38: Latin America Market Attractiveness Analysis By Application, 2023 to 2033
Figure 39: Europe Market Value (US$ million) Forecast, 2023 to 2033
Figure 40: Europe Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 41: Europe Market Value (US$ million) By Country, 2023 & 2033
Figure 42: Europe Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 43: Europe Market Value (US$ million) By Type, 2023 & 2033
Figure 44: Europe Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 45: Europe Market Value (US$ million) By Mechanism, 2023 & 2033
Figure 46: Europe Market Y-o-Y Growth Rate By Mechanism, 2023 to 2033
Figure 47: Europe Market Value (US$ million) By Application, 2023 & 2033
Figure 48: Europe Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 49: Europe Market Attractiveness Analysis by Country, 2023 to 2033
Figure 50: Europe Market Attractiveness Analysis By Type, 2023 to 2033
Figure 51: Europe Market Attractiveness Analysis By Mechanism, 2023 to 2033
Figure 52: Europe Market Attractiveness Analysis By Application, 2023 to 2033
Figure 53: East Asia Market Value (US$ million) Forecast, 2023 to 2033
Figure 54: East Asia Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 55: East Asia Market Value (US$ million) By Country, 2023 & 2033
Figure 56: East Asia Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 57: East Asia Market Value (US$ million) By Type, 2023 & 2033
Figure 58: East Asia Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 59: East Asia Market Value (US$ million) By Mechanism, 2023 & 2033
Figure 60: East Asia Market Y-o-Y Growth Rate By Mechanism, 2023 to 2033
Figure 61: East Asia Market Value (US$ million) By Application, 2023 & 2033
Figure 62: East Asia Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 63: East Asia Market Attractiveness Analysis by Country, 2023 to 2033
Figure 64: East Asia Market Attractiveness Analysis By Type, 2023 to 2033
Figure 65: East Asia Market Attractiveness Analysis By Mechanism, 2023 to 2033
Figure 66: East Asia Market Attractiveness Analysis By Application, 2023 to 2033
Figure 67: South Asia & Oceania Market Value (US$ million) Forecast, 2023 to 2033
Figure 68: South Asia & Oceania Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 69: South Asia & Oceania Market Value (US$ million) By Country, 2023 & 2033
Figure 70: South Asia & Oceania Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 71: South Asia & Oceania Market Value (US$ million) By Type, 2023 & 2033
Figure 72: South Asia & Oceania Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 73: South Asia & Oceania Market Value (US$ million) By Mechanism, 2023 & 2033
Figure 74: South Asia & Oceania Market Y-o-Y Growth Rate By Mechanism, 2023 to 2033
Figure 75: South Asia & Oceania Market Value (US$ million) By Application, 2023 & 2033
Figure 76: South Asia & Oceania Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 77: South Asia & Oceania Market Attractiveness Analysis by Country, 2023 to 2033
Figure 78: South Asia & Oceania Market Attractiveness Analysis By Type, 2023 to 2033
Figure 79: South Asia & Oceania Market Attractiveness Analysis By Mechanism, 2023 to 2033
Figure 80: South Asia & Oceania Market Attractiveness Analysis By Application, 2023 to 2033
Figure 81: MEA Market Value (US$ million) Forecast, 2023 to 2033
Figure 82: MEA Market Absolute $ Opportunity (US$ million), 2023 to 2033
Figure 83: MEA Market Value (US$ million) By Country, 2023 & 2033
Figure 84: MEA Market Y-o-Y Growth Rate by Country, 2023 to 2033
Figure 85: MEA Market Value (US$ million) By Type, 2023 & 2033
Figure 86: MEA Market Y-o-Y Growth Rate By Type, 2023 to 2033
Figure 87: MEA Market Value (US$ million) By Mechanism, 2023 & 2033
Figure 88: MEA Market Y-o-Y Growth Rate By Mechanism, 2023 to 2033
Figure 89: MEA Market Value (US$ million) By Application, 2023 & 2033
Figure 90: MEA Market Y-o-Y Growth Rate By Application, 2023 to 2033
Figure 91: MEA Market Attractiveness Analysis by Country, 2023 to 2033
Figure 92: MEA Market Attractiveness Analysis By Type, 2023 to 2033
Figure 93: MEA Market Attractiveness Analysis By Mechanism, 2023 to 2033
Figure 94: MEA Market Attractiveness Analysis By Application, 2023 to 2033
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Competitive landscape highlights only certain players
Complete list available upon request
- FAQs -
What is the Trencher Rental Market size?
The trencher rental market is expected to be valued at US$ 136.1 million in 2023.
How is the market for Trencher Rental expected to fare going forward?
Worldwide demand for trencher rental is estimated to reach US$ 197.7 million by 2033-end.
How did the market perform over the last few years?
During 2018-2022, the demand for trencher rental increased at 3.9% CAGR.
Which Regional Trencher Rental Market Accounts for a Leading Market Share?
North America tops the trencher rental market, which is estimated to account for 27.0% market share in 2023.
Which Trencher type holds the highest market share?
Self-Propelled Trenchers is predicted to account for a 69.1% share of the global market in 2023.