Construction Equipment Rental Market By Application (Excavation and Mining, Material Handling, Earthmoving, Concrete), By Product (Backhoes and Excavators, Loaders, Crawler Dozers, Cranes, Forklift, Other), By Propulsion System (IC Engine, Electric): Global Opportunity Analysis and Industry Forecast, 2023-2032
The global construction equipment rental market was valued at $93,545.0 million in 2022, and is estimated to reach $220,646.3 million by 2032, registering a CAGR of 6.6% from 2023 to 2032. Construction equipment rental offers renting or leasing heavy machinery, tools, and equipment to individuals, contractors, or companies for a specific period. In addition, it offers flexibility and affordability for building projects by enabling access to and use of a variety of equipment without the requirement for outright purchase.
Owing to the high cost of heavy construction equipment, consumers who do not require the equipment continuously or temporarily need to choose to rent it rather than buy it. In addition, not all consumers have the ability to afford to spend on such expensive equipment. Furthermore, many clients may not have sufficient funds to obtain a loan with a higher interest rate to purchase equipment. Moreover, due to financial restrictions, not all machines can be bought by clients. However, renting one, when necessary, might cut costs for the equipment and allow funds to be redirected to other projects, which spurs the expansion of the global market.
However, in developed countries in North America and Europe, there is a saturation of new construction activity due to the already constructed infrastructure, the recent industrial collapse, and the high cost of development. As a result, substantial investments in brand-new building projects have declined, which is anticipated to eventually constrain expansion of the market for renting heavy construction equipment in developed countries.
On the contrary, large cranes are affordable for rent instead of buying, simple to disassemble, and convenient to move to new construction sites. In addition, rental businesses can now easily follow the locations and operations of equipment, thanks to modern technologies such as IoT embedded in heavy construction equipment. The Internet of Things (IoT) assists in addressing a lack of qualified labor, increases work accuracy, ensures on-time & budget delivery, and addresses equipment safety concerns. As a result, during the projection period, the introduction of new internet-connected equipment is anticipated to spur market growth for the rental of heavy construction equipment.
The construction equipment rental market is segmented into application, product, propulsion system, and region. By application, the market is classified into excavation & mining, material handling, earthmoving, and concrete. The earthmoving segment dominated the market in 2022. By product, the market is divided into backhoes & excavators, loaders, crawler dozers, cranes, forklift, and others. The loaders segment dominated the market in 2022. By propulsion system, it is bifurcated into electric and ICE. The ic engine segment dominated the market in 2022.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). In 2022, Asia-Pacific was the key shareholder, however, LAMEA is anticipated to secure a leading position during the forecast period.
Competition AnalysisKey companies profiled in the construction equipment rental market report include Boels Rentals, H&E Equipment Services Inc., Herc Rentals Inc., Kanamoto Co., Ltd., NESCO Holdings, Inc., Maxim Crane Works, L.P., Mtandt Group, Ramirent AB, Sarens n.v./s.a. and United Rentals, Inc.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the construction equipment rental market analysis from 2018 to 2032 to identify the prevailing construction equipment rental market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the construction equipment rental market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global construction equipment rental market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy ApplicationEarthmoving
Concrete
Excavation and Mining
Material Handling
By ProductBackhoes and Excavators
Loaders
Crawler Dozers
Cranes
Forklift
Other
By Propulsion SystemIC Engine
Electric
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
South Korea
India
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
Boels Rentals
H&E Equipment Services Inc.
Herc Rentals Inc.
Kanamoto Co., Ltd.
Maxim Crane Works, L.P.
Mtandt Group
NESCO Holdings, Inc.
Ramirent AB
Sarens n.v./s.a.
United Rentals, Inc.
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