Construction Equipment Rental Market Size, Share, and Trends

Construction Equipment Rental Market (By Product Type: Material Handling Machinery, Earth Moving Machinery, Concrete and Road Construction Machinery) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024 - 2033

  • Last Updated : May 2024
  • Report Code : 1078
  • Category : Machinery and Equipment

Construction Equipment Rental Market Size and Growth 

The global construction equipment rental market was valued at USD 104.94 billion in 2023 and will reach over USD 161.39 billion by 2033, predicted to register a compound annual growth rate (CAGR) of around 4.44% from 2024 to 2033.

Construction Equipment Rental Market Size 2024 to 2033

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Construction Equipment Rental Market Key Takeaways

  • North America dominated the market with the highest market share of 31.64% in 2023.
  • North America is expected to expand at the largest CAGR between 2024 and 2033.
  • By Product, the earthmoving machinery segment dominated the market in 2023.

Construction Equipment Rental Market Size in the U.S. 2024 to 2033

The U.S. construction equipment rental market size was estimated at USD 23.28 billion in 2023 and is predicted to be worth around USD 38.08 billion by 2033, at a CAGR of 5.09% from 2024 to 2033.

Asia Pacific Construction Equipment Rental Market Size 2024 To 2033

North America holds the largest share in Construction Equipment Rental Market. For many construction enterprises, renting construction equipment can be more economical than buying new machinery outright. They can now access a large variety of equipment without having to worry about upkeep, storage, or depreciation. Renting offers flexibility, making it simple for businesses to scale their equipment requirements in accordance with project specifications. This is especially helpful for smaller businesses or those with varying workloads. Typically, rental businesses provide support and maintenance services to keep equipment in working order and reduce downtime for building projects. North America has a competitive rental market with several providers providing a variety of equipment alternatives. Competitive pricing and better client services are frequently the results of this competition.

Construction Equipment Rental Market Share, By Region, 2023 (%)

Construction Equipment Rental Market Size in Europe 2023 to 2033

The Europe construction equipment rental market size was calculated at USD 30.58 billion in 2023 and is projected to expand around USD 49.55 billion by 2033, poised to grow at a CAGR of 5.09% from 2024 to 2033.

Year Market Size (USD Billion)
2023 30.58
2024 31.97
2025 33.46
2026 35.05
2027 36.75
2028 38.57
2029 40.52
2030 42.60
2031 44.83
2032 47.22
2033 49.55


Construction Equipment Rental Market Growth Factors

Constant improvements in the infrastructure industry along with a diverse range of cutting-edge construction equipment in rental fleets are anticipated to spur the demand for the construction equipment rentals services across the globe. Corporations in the construction equipment rental market are skillful in identifying consumers and accordingly reposition construction equipment to diverse locations to control swelling requirement from real estate sector in residential and commercial areas. Furthermore, stringent guidelines, cumulative ownership price and financial restraints are some of the important motives stimulating the growth of global construction equipment rental market. On the other hand, unstable fuel prices and spending of delivering and picking up machinery, specifically if the contractor is working in inaccessible areas may impede demand in the construction equipment rental market during years to come.

Technological progressions in heavy machinery and automotive industry have carried out numerous new-fangled features in the construction equipment rental market. Construction equipment manufacturers are strongly concentrating on integrating cutting-edge safety features including 360-degree camera visual, lift assist, and supplementary work lights and also striving to offer systems that increase operational productivity and need minor maintenance. Nevertheless, these features come at a great cost, which is not reasonable to numerous small contractors and builders. Due to these factors, professionals are more inclined towards rental construction machinery.

Construction Equipment Rental Market Scope

Report Highlights Details
Market Size in 2023 USD 104.94 Billion
Market Size by 2033 USD 161.39 Billion
Growth Rate from 2023 to 2033 CAGR of 4.43%
Largest Market North America
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Product Type
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Construction Equipment Rental Market Dynamic


Access to latest technology

Telematics systems, which enable remote monitoring of usage, fuel consumption, maintenance schedules, and even location tracking, are being integrated by numerous rental firms into their equipment. Construction projects are using automation technology like drones, self-driving cars, and GPS-guided machinery more and more. These elements are being offered by rental firms as equipment to increase productivity, safety, and accuracy on construction sites. Manufacturers of equipment are producing lighter, more robust, and energy-efficient machinery by utilizing improved materials and production procedures. Rental equipment is being equipped with predictive maintenance algorithms to foresee and stop malfunctions before they happen. Rental companies can reduce downtime and repair costs by scheduling maintenance proactively and monitoring equipment health in real-time.


Maintenance and Downtime

In the market for renting construction equipment, maintenance and downtime are vital factors. Reducing downtime is crucial for rental companies to increase revenue and satisfy clients. Preventive maintenance procedures are generally used by rental firms to ensure that their equipment remains in optimal condition. In order to spot such problems early on and resolve them before they become more serious and result in downtime, routine inspections, service, and repairs are planned. Breakdowns can still happen even with precautions taken. For rental companies to react swiftly to equipment issues, they must have effective mechanisms in place. This entails having knowledgeable personnel on hand for on-site repairs or quickly delivering replacement equipment to reduce interference with the client's project.


Service Offerings and Value-added Solutions

In order to guarantee that the equipment is in top operating condition throughout the duration of the rental, rental companies frequently provide maintenance services. This can involve routine examinations, fixes, and replacements as necessary. To guarantee the equipment operates safely and effectively, several construction equipment rental businesses offer their clients training courses. Online resources, user manuals, and on-site instruction are a few examples of this. Remote monitoring of usage, performance, and maintenance requirements is made possible by the integration of telematics and other technologies into rental equipment. Since sustainability is becoming more and more important, rental companies might provide eco-friendly equipment or adopt eco-friendly procedures like fuel efficiency optimization and emissions monitoring.

Product Insights

Global construction equipment rental market can be classified on the basis of product into material handling machinery, earthmoving machinery, and concrete and road construction machinery. Out of these different products contributing in market growth, earthmoving machinery led the global construction equipment rental market in 2023. Nevertheless, the concrete and road construction machinery segment is also projected to display the utmost growth rate during the assessment period. The earthmoving machinery including excavators experiences huge demand across the globe due to its widespread application scope in mining, agriculture and construction industries. Other equipment in this category includes mini excavators, backhoe loaders, crawler excavators, and skid-steer loaders that also possess eye-catching market potential. These provide high load capability and engine power, which allow them to operate competently in harsh circumstances.

Construction Equipment Rental Market Share, By Product, 2023 (%)

Construction Equipment Rental Market Recent development

  • In October 2023, Komatsu is prepared to introduce new electric excavators in the 20-ton class. Additionally, Komatsu intends to progressively launch these electric models in Australia, Asia, and North America. As part of its goal to become carbon neutral by 2050, Komatsu sees this new model's release as a chance to jumpstart the market for electric construction equipment.
  • In February 2024, Case Introduces New Machines and Hip-Pocket Support to Advance Rental Businesses. Case will display its most recent models and product lines, which include tiny articulated loaders, micro track loaders, backhoe loaders, and more. Along with a variety of innovative attachments, equipment such as the Utility Plus backhoe loader, which has won numerous awards, will be showcased for the rental market.

Construction Equipment Rental Market Companies

  • JCB
  • Zahid Group
  • Industrial Supplies Development Co. Ltd
  • Ahern Equipment Rentals
  • John Deere
  • Caterpillar Inc.
  • Gemini Equipment and Rentals (GEAR)
  • Hertz Equipment
  • Komatsu Equipment
  • Maxim Crane Works
  • Neff Rental

Segments Covered in the Report

By Product

  • Material Handling Machinery
    • Shelves
    • Bins
    • Silos
    • Conveyors
    • Pallet trucks
    • Fork lifts
    • Frames
    • Sliding racks
    • Bulk containers
    • Platform trucks
    • Hand trucks
    • Cranes
    • Others
  • Earth Moving Machinery Concrete
    • Excavators
    • Loading shovels
    • Site dumpers
    • Dump trucks
    • Others
  • Concrete and Road Construction Machinery
    • Pavers
    • Trenchers
    • Planers
    • Rollers
    • Hot boxes
    • Others

By Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Middle East & Africa
  • Latin America

Frequently Asked Questions

The global construction equipment rental market was valued at USD 104.94 billion in 2023 and to reach over USD 161.39 billion by 2033.

The global construction equipment rental market is projected to grow at a CAGR of 4.44% during forecast period 2024 to 2033.

Some of the business players functioning construction equipment rental market share are Cramo PLC., Loxam Group,United Rentals, Inc., Mtandt Rentals Limited, Nesco Rentals,The Hertz Corporation, Caterpillar Inc., Unirent LLC, Ahern Rentals Inc., Boels Rental, Aktio Corporation and others.

In 2023, North America dominated the global market with prevalent revenue share of over 31.64% and this growth is credited to existence of noticeable rental companies operating in the U.S. and Canada.

Escalating rate of implementation construction equipment in the rental services on account of technological enrichments offered by the original equipment manufacturers is propelling the growth of global rental construction equipment market.

The earthmoving machinery led the global construction equipment rental market in 2023.

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