The construction equipment rental market is a growing industry, with an increasing number of construction companies opting to rent equipment rather than purchase it. This is due to the high cost of purchasing equipment and the need to use different types of equipment for various projects. Renting equipment can provide flexibility and cost savings for companies.

The demand for construction equipment rental is expected to continue to grow in the coming years. According to a report by Market Research Future, The construction equipment rental market is projected to grow from USD 98.6 billion in 2019 to reach USD 121.6 billion by 2024, at a CAGR of 4.3% from 2019 to 2024. The report cites several factors driving this growth, including increasing construction activities in emerging economies, the need for cost-effective equipment solutions, and the growing trend of renting equipment rather than purchasing it.

The scope of the construction equipment rental market is also expanding. In addition to traditional construction equipment such as cranes, excavators, and bulldozers, there is an increasing demand for specialized equipment such as aerial work platforms, concrete pumps, and material handling equipment. Rental companies are also expanding their services to include equipment maintenance, training, and telematics services to enhance the customer experience.

Get Sample Copy of this Report:  https://www.marketsandmarkets.com/requestsampleNew.asp?id=225391699

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)

Construction Equipment Rental Market Drivers

There are several factors that can drive the construction equipment rental market:

1. Construction activity: The construction industry is a major driver of the construction equipment rental market. When there is an increase in construction activity, there is often a corresponding increase in the demand for rental equipment.
2. Cost: Renting construction equipment can be more cost-effective than purchasing it, especially for small construction firms or those that only need the equipment for a short period of time.
3. Lack of storage space: Some construction firms may not have the space to store large pieces of equipment, making rental a more practical option.
4. Limited capital: Renting equipment allows construction firms to access the equipment they need without having to make a large upfront investment.
5. Flexibility: Renting construction equipment allows firms to quickly and easily access a wide range of equipment as needed, providing them with flexibility to adapt to changing project requirements.
6. Government regulations: Some governments may have regulations that encourage or require the use of rental equipment in order to reduce the environmental impact of construction projects.

Get Sample Copy of this Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=225391699

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 in 2018 due to the wide application in building & construction activities. Earthmoving equipment is high-value, requiring significant capital investments for the installation and maintenance of equipment fleets. Contractors prefer renting equipment instead of purchasing as this enables them to use the capital, which otherwise would have been invested in the purchase of equipment.

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.). Among these, the excavators segment accounted to the largest share of the market in 2018 due to an increase in miscellaneous activities for construction, repair, and maintenance around the globe, which is expected to drive the growth of the construction equipment rental market. Moreover, the cranes segment is projected to grow at the highest CAGR during the forecast period.

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 in 2018 and is expected to continue in the same trend during the forecast period due to increase in building & construction activities in the region, coupled with favorable policies which lead to the demand for construction equipment rental. The market in the Asia Pacific is projected to grow at the highest CAGR during the forecast period.