The Construction Equipment Rental industry refers to the business of renting or leasing construction equipment to contractors, builders, and other professionals in the construction sector. Instead of purchasing expensive equipment outright, construction companies can rent the necessary machinery and tools for specific projects or time periods. 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 major drivers for the market include the increasing demand for rental equipment due to various benefits, shift in trend towards rental, increasing infrastructure activities in emerging nations, and cost-benefits associated with the use of construction equipment on a rental basis rather than purchasing it.

Browse 54 market data Tables and 49 Figures spread through 152 Pages and in-depth TOC on “Construction Equipment Rental Market by Equipment (Earthmoving, Material Handling, Road Building & Concrete), Product (Backhoes, Excavators, Loaders, Crawler Dozers, Cranes, Compactors, Concrete Pumps), Region – Global Forecast to 2024”

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The scope of the Construction Equipment Rental industry extends to various end-use industries within the construction sector. Some of the primary end-use industries that rely on equipment rental services include:

1. Construction and Infrastructure: This sector encompasses all types of construction projects, such as residential, commercial, industrial, and infrastructure development. Construction companies often require a wide range of equipment, including excavators, loaders, bulldozers, cranes, concrete mixers, scaffolding, and power tools.
2. Energy and Utilities: Companies involved in energy and utility infrastructure projects, such as oil and gas pipelines, power plants, and renewable energy installations, often require specialized equipment. Examples include heavy-duty machinery for drilling, trenching, and lifting, as well as generators and compressors.
3. Mining and Quarrying: The mining and quarrying industry relies on heavy machinery to extract minerals, ores, and aggregates from the earth. Equipment rentals in this sector typically include excavators, dump trucks, loaders, drilling rigs, and crushing equipment.
4. Road Construction and Maintenance: Road building and maintenance projects require a range of equipment, including asphalt pavers, compactors, graders, and road rollers. Contractors involved in highway construction, street repairs, and maintenance often opt for equipment rental to meet their project needs.
5. Landscaping and Gardening: The landscaping industry uses various equipment to design and maintain outdoor spaces, including lawnmowers, trimmers, leaf blowers, and small excavators. Rental services allow landscapers and gardeners to access the required tools without the burden of ownership.
6. Event and Exhibition Construction: The construction of temporary structures for events, exhibitions, concerts, and festivals often involves specialized equipment like scaffolding, lighting rigs, stages, and audiovisual equipment. Event organizers and production companies frequently rely on rental services to set up and dismantle these structures.

Construction Equipment Rental Market Key Players

Key players in the construction equipment rental market, such as United Rentals Inc. (US), Ashtead Group Plc (UK), Loxam (Paris), Herc Holdings Inc. (US), Aktio Corporation (Japan), Nishio Rent All Co. Ltd. (Japan), and Kanamoto Co. Ltd.  (Japan), among others, are considered for the study.

1. United Rentals Inc.: United Rentals is one of the largest equipment rental companies globally, offering a comprehensive range of construction equipment for rent. The company has a vast network of rental locations, a diverse fleet of equipment, and a strong customer base. United Rentals has been focusing on expanding its fleet and geographical presence, driving its growth in the market.
2. Sunbelt Rentals (Ashtead Group): Sunbelt Rentals, owned by Ashtead Group, is another major player in the construction equipment rental market. The company has a wide range of equipment offerings and operates across North America and Europe. Sunbelt Rentals has been leveraging its strong customer relationships, strategic acquisitions, and digital initiatives to drive growth and enhance its market position.

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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.