Construction Equipment Rental Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2025-2034
The global construction equipment rental market was valued at USD 147.4 billion in 2024 and is projected to grow at a CAGR of 6.2% from 2025 to 2034. The high cost of purchasing construction machinery is driving contractors to opt for rental and hiring services as a more economical and practical solution. Equipment such as earth-moving, road-building, and material-handling machines come with significant price tags, making rentals an attractive alternative. This shift is further supported by operator training programs aimed at improving workplace safety, which many rental providers offer as part of their services.
Rising labor costs and workforce shortages in regions like the U.S. and Germany are adding to the financial burden of machinery ownership. Manufacturers have been increasing equipment prices to sustain profitability, making outright purchases less feasible for private construction firms. Innovations in machinery, including automated handling, telematics, and driving assistance, further escalate costs, leading firms to prioritize renting over buying.
Global demand for advanced construction equipment rentals is on the rise due to the benefits of improved performance and faster operations. Rental companies are increasingly integrating cutting-edge technologies like telematics, which combines telecommunications and informatics to enable real-time machine tracking. Features such as GPS integration and cloud-based connectivity enhance operational efficiency and safety, making these options highly appealing to contractors.
In 2024, the backhoes segment accounted for 50% share and is projected to generate USD 76.3 billion by 2034. This growth is fueled by rapid developments in road construction and public infrastructure projects. The mechanization of infrastructure development to achieve higher quality is driving demand for earth-moving and road-building equipment rentals. Similarly, excavators are witnessing strong growth due to rising residential construction activities, offering significant opportunities within the rental market.
The material handling and cranes category includes storage and handling equipment, engineered systems, industrial trucks, and bulk material handling equipment. Bulk material handling equipment, which held a 45% share in 2024, is seeing increasing demand due to its role in expediting large-scale infrastructure projects. The trend toward constructing large commercial buildings and skyscrapers boosts the adoption of material handling rentals.
North America led the global market in 2024, with 35% of the share. The U.S. drives regional growth due to a surge in construction activities and the presence of major rental providers. Additionally, growing tourism-related infrastructure development in Canada further supports market expansion.
- Chapter 1 Methodology
- 1.1 Industry coverage
- 1.2 Market scope and definitions
- 1.3 Research design
- 1.4 Market size estimates and calculations
- 1.4.1 Approach 1: Revenue share analysis
- 1.4.2 Approach 2: Data mining approach
- 1.4.3 Approach 3: Parent market analysis
- 1.5 Key trends for market estimates
- 1.6 Forecast model
- 1.7 Primary research & validation
- 1.7.1 Primary sources
- 1.7.2 Data mining sources
- 1.7.2.1 Paid sources
- 1.7.2.2 Public sources
- Chapter 2 Executive Summary
- 2.1 Industry 360 degree synopsis
- 2.1.1 Business trends
- 2.1.2 Regional trends
- 2.1.3 Product trends
- 2.1.4 Animal type trends
- 2.1.5 Route of administration trends
- 2.1.6 Distribution channel trends
- Chapter 3 Industry Insights
- 3.1 Industry landscape, 2018 - 2032 (USD Million)
- 3.2 Industry impact forces
- 3.2.1 Growth drivers
- 3.2.1.1 Surging demand for pet insurance policies worldwide
- 3.2.1.2 Rising rate of obesity in companion animals
- 3.2.1.3 Increasing government support for pet care across the globe
- 3.2.1.4 Growing demand for online veterinary pharmacies
- 3.2.2 Industry pitfall
- 3.3 Growth potential analysis
- 3.3.1 By product
- 3.3.2 By animal type
- 3.3.3 By route of administration
- 3.3.4 By distribution channel
- 3.4 Regulatory landscape/policy landscape
- 3.4.1 U.S.
- 3.4.2 Europe
- 3.4.3 Asia-Pacific
- 3.5 GAP analysis
- 3.6 Consumer behaviour trends
- 3.7 Industry ecosystem
- 3.8 Porter's analysis
- 3.9 PESTEL analysis
- Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.1.1 Zoetis Inc.
- 4.1.2 Boehringer Ingelheim International GmbH
- 4.1.3 Elanco Animal Health Incorporated
- 4.2 Company market share analysis
- 4.3 Company matrix analysis
- 4.4 Strategy dashboard
- Chapter 5 Companion Animal Drugs Market, By Product
- 5.1 Drugs
- 5.1.1 Antiparasitic
- 5.1.2 Anti-inflammatory
- 5.1.3 Anti-infectives
- 5.1.4 Corticosteroids
- 5.1.5 Tranquilizers
- 5.1.6 Cardiovascular drugs
- 5.1.7 Gastrointestinal drugs
- 5.2 Vaccines
- 5.2.1 Modified live vaccines (MLV)
- 5.2.2 Killed inactivated vaccines
- 5.2.3 Recombinant vaccines
- 5.3 Medicated feed additives
- 5.3.1 Antibiotics
- 5.3.2 Vitamins
- 5.3.3 Amino acids
- 5.3.4 Enzymes
- 5.3.5 Antioxidants
- 5.3.6 Prebiotics and probiotics
- 5.3.7 Minerals
- 5.3.8 Carbohydrates
- 5.3.9 Propandiol
- Chapter 6 Companion Animal Drugs Market, By Animal Type
- 6.1 Dogs
- 6.2 Cats
- 6.3 Horses
- 6.4 Other animal types
- Chapter 7 Companion Animal Drugs Market, By Route of Administration
- 7.1 Oral
- 7.2 Injectable
- 7.3 Topical
- 7.4 Other routes of administration
- Chapter 8 Companion Animal Drugs Market, By Distribution Channel
- 8.1 Veterinary hospital pharmacy
- 8.2 Retail pharmacy
- 8.3 E-commerce
- Chapter 9 Companion Animal Drugs Market, By Region
- 9.1 North America
- 9.2 Europe
- 9.3 Asia Pacific
- 9.4 Latin America
- 9.5 Middle East and Africa
- Chapter 10 Company Profiles
- 10.1 Agrolabo S.p.A.
- 10.1.1 Global overview
- 10.1.2 Business overview
- 10.1.3 Financial data
- 10.1.4 Product landscape
- 10.1.5 SWOT analysis
- 10.2 Boehringer Ingelheim International GmbH
- 10.2.1 Global overview
- 10.2.2 Business overview
- 10.2.3 Financial data
- 10.2.3.1 Annual sales revenue, 2020 - 2023 (USD Million)
- 10.2.4 Product landscape
- 10.2.5 Strategic outlook
- 10.2.6 SWOT analysis
- 10.3 Ceva Sante Animale
- 10.3.1 Global overview
- 10.3.2 Business overview
- 10.3.3 Financial data
- 10.3.4 Product landscape
- 10.3.5 Strategic outlook
- 10.3.6 SWOT analysis
- 10.4 Chanelle Pharma
- 10.4.1 Global overview
- 10.4.2 Business overview
- 10.4.3 Financial data
- 10.4.4 Product landscape
- 10.4.5 SWOT analysis
- 10.5 Dechra Pharmaceuticals PLC
- 10.5.1 Global overview
- 10.5.2 Business overview
- 10.5.3 Financial data
- 10.5.3.1 Annual sales revenue, 2019 - 2022 (USD Million)
- 10.5.4 Product landscape
- 10.5.5 Strategic outlook
- 10.5.6 SWOT analysis
- 10.6 Elanco Animal Health Incorporated
- 10.6.1 Global overview
- 10.6.2 Business overview
- 10.6.3 Financial data
- 10.6.3.1 Annual sales revenue, 2020 - 2023 (USD Million)
- 10.6.4 Product landscape
- 10.6.5 Strategic outlook
- 10.6.6 SWOT analysis
- 10.7 Endovac Animal Health
- 10.7.1 Global overview
- 10.7.2 Business overview
- 10.7.3 Financial data
- 10.7.4 Product landscape
- 10.7.5 SWOT analysis
- 10.8 HIPRA
- 10.8.1 Global overview
- 10.8.2 Business overview
- 10.8.3 Financial data
- 10.8.4 Product landscape
- 10.8.5 SWOT analysis
- 10.9 Indian Immunologicals Ltd.
- 10.9.1 Global overview
- 10.9.2 Business overview
- 10.9.3 Financial data
- 10.9.3.1 Annual sales revenue, 2020 - 2023 (USD Million)
- 10.9.4 Product landscape
- 10.9.5 SWOT analysis
- 10.10 Merck & Co., Inc.
- 10.10.1 Global overview
- 10.10.2 Business overview
- 10.10.3 Financial data
- 10.10.3.1 Annual sales revenue, 2020 - 2023 (USD Million)
- 10.10.4 Product landscape
- 10.10.5 Strategic outlook
- 10.10.6 SWOT analysis
- 10.11 Norbrook
- 10.11.1 Global overview
- 10.11.2 Business overview
- 10.11.3 Financial data
- 10.11.4 Product landscape
- 10.11.5 Strategic outlook
- 10.11.6 SWOT analysis
- 10.12 Symrise
- 10.12.1 Global overview
- 10.12.2 Business overview
- 10.12.3 Financial data
- 10.12.3.1 Annual sales revenue, 2020 - 2023 (USD Million)
- 10.12.4 Product landscape
- 10.12.5 SWOT analysis
- 10.13 Vetoquinol
- 10.13.1 Global overview
- 10.13.2 Business overview
- 10.13.3 Financial data
- 10.13.3.1 Annual sales revenue, 2020 - 2023 (USD Million)
- 10.13.4 Product landscape
- 10.13.5 Strategic outlook
- 10.13.6 SWOT analysis
- 10.14 Virbac
- 10.14.1 Global overview
- 10.14.2 Business overview
- 10.14.3 Financial data
- 10.14.3.1 Annual sales revenue, 2020 - 2023 (USD Million)
- 10.14.4 Product landscape
- 10.14.5 Strategic outlook
- 10.14.6 SWOT analysis
- 10.15 Zoetis Inc.
- 10.15.1 Global overview
- 10.15.2 Business overview
- 10.15.3 Financial data
- 10.15.3.1 Annual sales revenue, 2020 - 2023 (USD Million)
- 10.15.4 Product landscape
- 10.15.5 Strategic outlook
- 10.15.6 SWOT analysis
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