The global construction equipment rental market was valued at USD 100.06 billion in 2021 and to reach over USD 153.19 billion by 2030, predicted to register a compound annual growth rate (CAGR) of around 4.8% during period 2021 to 2030.
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.
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 2019. 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.
One of the prime influencer for driving the demand for construction equipment and rental revenues augmented growth of worldwide infrastructure projects. For example, project such as China’s Belt and Road program, an extraordinary USD 1 trillion investment in roads, ports, and rail infrastructure throughout over 150 countries is driving the demand for rental equipment. Such program purposes to link China with other zones of Russia, Asia, and Europe by sea and land corridors. Further, similar large-scale infrastructure projects in the evolving world, have assisted the growth of global rental market. Construction equipment revenue in evolving economies is expected grow on account of upsurge in residential construction.
The construction engineering in Asian economies such as China, India, and Japan is undergoing rapid development on account of swelling infrastructure transformation programs throughout all industry verticals. Government policies to develop public infrastructures including shopping complexes, schools, and parks in urban regions plus facility of water supply, transportation, sanitation in rural areas, are motivating the growth of local construction equipment rental market.
The Indian government has started a series of leading initiatives, like Smart Cities Mission, Make in India, Housing for All, and the AMRUT also known as Atal Mission for Urban Rejuvenation & Transformation is also projected to support sale for construction equipment rental services in this region. As per the Indian, National Investment Promotion and Facilitation Agency, the construction industry is estimated to gather revenue around USD 740 billion by 2022, there by offering alluring market expansion prospects.
Key Companies & Market Share Insights
Some of the successful approaches implemented by the major companies in order to preserve their market foothold include addition of new-fangled equipment to the present fleet and acquisitions and mergers among others. Technologically improved and fuel-efficient products have emerged as vital factor for being competitive in the marketplace for construction equipment rental services.Additionally, construction equipment rental corporations operational in this sector are offering certified training and online courses to operatives, safeguarding maximum security while operating possibly dangerous construction machines. The major five important players including Ashtead Group PLC, Kanamoto Co. Ltd, United Rentals Inc., Herc Rentals, H&E Equipment Services, and Loxaman in the rental market garner more than 15% of the revenue share. Some of the noteworthy players in the construction equipment rental market include:
Report Scope of the Construction Equipment Rental Market
|Market Size||USD 153.19 Billion by 2030|
|Growth Rate||CAGR of 4.8% from 2022 to 2030|
|Largest Market||Asia Pacific|
|Fastest Growing Market||North America|
|Forecast Period||2022 to 2030|
|Segments Covered||Product Type, Region Type|
|Companies Mentioned||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|
Segments Covered in the Report
This research report includes complete assessment of the market with the help of extensive qualitative and quantitative insights, and projections regarding the market. This report offers breakdown of market into prospective and niche sectors. Further, this research study calculates market revenue and its growth trend at global, regional, and country from 2016 to 2027. This report includes market segmentation and its revenue estimation by classifying it on the basis of product typeand region as follows:
By Regional Outlook
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