The construction equipment rental market will reach USD 121.6 billion by 2024, at a CAGR of 4.3% from 2019 to 2024. The research report on Construction Equipment Rental Market provides analysis by Equipment (Earthmoving, Material Handling, Road Building & Concrete), Product (Backhoes, Excavators, Loaders, Crawler Dozers, Cranes, Compactors, Concrete Pumps), Region – Global Forecast to 2024.
Market Dynamics
- Driver: Shift in trends toward rental
- Restraint: Susceptibility of the construction industry to an economic recession
- Opportunity: Low rental penetration in emerging nations
- Challenge: Labor shortage may lead to automation
Construction Equipment Rental Market Trends
The construction equipment rental market is expected to experience strong growth in the coming years, as more construction companies and contractors opt to rent equipment rather than purchase it outright. Some of the key trends driving this growth include:
- Increased demand for infrastructure projects: Government initiatives to improve infrastructure, such as roads, bridges, and buildings, are expected to drive demand for construction equipment rentals.
- Rise of the gig economy: The proliferation of gig work and the use of independent contractors in the construction industry is expected to lead to an increase in equipment rentals, as these workers are more likely to rent equipment on a project-by-project basis.
- Growth of the rental industry: The rental industry is expected to continue to grow, as it provides a cost-effective alternative to purchasing equipment and allows companies to access a wider range of equipment for specific projects.
- Technological advances: The development of new technologies, such as telematics and GPS tracking, is making it easier for companies to manage their equipment fleets and reduce the risk of equipment theft or loss.
- Increased focus on sustainability: The construction industry is becoming more focused on sustainability, and equipment rentals can help reduce the carbon footprint of a project by reducing the need for new equipment manufacturing.
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Construction Equipment Rental Market Segmentation
The construction equipment rental market can be segmented in several ways, including by equipment, product and region
On the basis of equipment:
- Earthmoving
- Material Handling
- Road Building & Concrete
The earthmoving construction equipment segment is projected to lead the market during the forecast period
Based on equipment, the construction equipment rental market is categorized into earthmoving, material handling, and road building & concrete. Among these, earthmoving construction equipment accounted for the largest share of the construction equipment rental market.
On the basis product:
- Backhoes
- Excavators
- Loaders
- Crawler Dozers
- Cranes
- Concrete Pumps
- Compactors
- Transit Mixers
- Concrete Mixers
- Others
Excavators segment to lead the construction equipment rental market during the forecast period
Based on product, the construction equipment rental market is categorized into excavators, backhoes, loaders, crawler dozers, cranes, concrete pumps, compactors, transit mixers, concrete mixers, and others (asphalt pavers, finishers, dump trucks, industrial trucks, etc.).
On the basis of region:
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
North America is projected to be the largest market for construction equipment rental during the forecast period
Based on region, the construction equipment rental market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Among these, North America accounted for the largest share of the market.
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Construction Equipment Rental Market Key Players
- United Rentals Inc. (US)
- Ashtead Group Plc (UK)
- Loxam (Paris)
- Herc Holdings Inc. (US)
- Aktio Corporation (Japan)
- Nishio Rent All Co. Ltd. (Japan)
- Kanamoto Co. Ltd. (Japan)
Key Highlights of the Construction Equipment Rental Market Research Report:
- The report summarizes the Construction Equipment Rental Market by stating the basic product definition, equipment, product and price, supply and demand ratio, market overview.
- Competitive landscape of all leading key players along with their business strategies, approaches, and latest Construction Equipment Rental market movements.
- It performs a comprehensive study of emerging players of Construction Equipment Rental business along with the existing ones.
- It accomplishes primary and secondary research and resources to estimate top products, market size, and industrial partnerships of Construction Equipment Rental business.
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