Construction Equipment Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Construction Equipment Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

The global construction equipment rental market size reached US$ 109.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 153.1 Billion by 2028, exhibiting a growth rate (CAGR) of 5.59% during 2023-2028.

Construction equipment rental refers to the practice of leasing heavy machinery for earthmoving, material handling, concrete mixing and performing related tasks. There are majorly two types of equipment rental models available in the market. The wet hiring model involves the rental of construction equipment along with personnel to operate and maintain the equipment. On the other hand, under the dry hiring model, the equipment is operated and maintained by in-house specialists of the enterprise. Renting is more cost-effective as it involves paying a lower maintenance fee and fewer technical charges. This practice also aids the organization in evading initial purchase costs, market fluctuations, depreciation and storage issues in comparison to purchasing first-hand equipment.

Construction Equipment Rental Market Trends:
The thriving construction industry across the globe, along with the increasing investments in infrastructural development, is one of the key factors driving the growth of the market. With rapid population expansion and growing consumer expenditure capacity, there has emerged an imminent need for the evolution of the residential and public infrastructural sectors. Consequently, governments of various countries, along with numerous private stakeholders, are investing significantly and undertaking projects for an overall framework development of their respective economies. Additionally, the emerging trend of automation in the construction industry is another major growth-inducing factor. Rental companies are now providing technologically advanced machinery that is equipped with artificial intelligence (AI), along with professional operators and drivers. This aids in reducing the overall costs for the lessee/organization, thus enhancing operational efficiency. Other factors, including rapid urbanization, the increasing trend of smart cities, and the development of advanced equipment with sustainable and eco-friendly features, are projected to drive the market further.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global construction equipment rental market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on equipment type, propulsion system and application.

Breakup by Equipment Type:

Earthmoving
Excavator
Loader
Backhoe
Motor Grader
Others
Material Handling
Crawler Crane
Trailer-Mounted Crane
Truck-Mounted Crane
Concrete and Road Construction

Breakup by Propulsion System:

Electric
ICE

Breakup by Application:

Residential
Commercial
Industrial

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Ahern Rentals Inc., Boels Rental, Caterpillar Inc., Finning International Inc., H&E Equipment Services Inc., Herc Rentals Inc., Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.), Liebherr-International AG, Nishio Rent All Vietnam Co. Ltd, Ramirent Oy, United Rentals Inc. and Kanamoto Co. Ltd.

Key Questions Answered in This Report

1. What was the size of the global construction equipment rental market in 2022?
2. We expect the global construction equipment rental market to exhibit a CAGR of 5.59% during 2023-2028?
3. What are the key factors driving the global construction equipment rental market?
4. What has been the impact of COVID-19 on the global construction equipment rental market?
5. What is the breakup of the global construction equipment rental market based on the equipment type?
6. What is the breakup of the global construction equipment rental market based on the propulsion system?
7. What are the key regions in the global construction equipment rental market?
8. Who are the key players/companies in the global construction equipment rental market?