Overview and Scope
Construction equipment rental refers to the service of renting out small and large construction equipment required for the execution, completion, and maintenance of construction work. Renting construction equipment saves construction contractors the cost of new equipment, labour costs, maintenance costs, and operational costs.
Sizing and Forecast
The construction equipment rental market size has grown strongly in recent years. It will grow from $100.51 billion in 2023 to $106.1 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to increased demand for construction projects, growing need for cost optimization and efficiency in construction operations, increased competition among construction companies and equipment manufacturers, growing demand for rental equipment due to the cyclical nature of the construction industry.
The construction equipment rental market size is expected to see strong growth in the next few years. It will grow to $130.51 billion in 2028 at a compound annual growth rate (CAGR) of 5.3%. The growth in the forecast period can be attributed to increasing adoption of rental equipment in various industries, growing demand for sustainable and eco-friendly construction equipment, growing preference for operational flexibility and scalability, financial flexibility and conservation of capital for businesses, increasing use of telematics and iot in construction equipment rental. Major trends in the forecast period include advancements in technology and logistics infrastructure, collaborations between rental companies and construction technology providers, adoption of advanced rental software for fleet management, technological advancements in construction equipment, emergence of online platforms for equipment rental transactions.
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Segmentation & Regional Insights
The construction equipment rental market covered in this report is segmented –
1) By Equipment: Earthmoving, Material Handling, Road Building And Concrete
2) By Product: Backhoes, Excavators, Loaders, Crawler Dozers, Cranes, Concrete Pumps, Compactors, Transit Mixers, Concrete Mixers
3) By Application: Residential, Commercial, Industrial
North America was the largest region in the construction equipment rental market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the construction equipment rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The growing construction industry is expected to propel the growth of the construction equipment rental market going forward. The construction industry is rising because of ongoing urbanization, impending infrastructural projects, and a growing population base. The construction sector uses a variety of construction equipment such as tower cranes, bulk material handling, transit mixers, batching plants, concrete pumps, and others. Renting this equipment helps contractors reduce the cost of purchase and maintenance. According to the global construction review report published in 2021, construction will be a driving force in global economic growth in the decade to 2030, with output estimated to be 35% greater than in the previous ten years to 2020. Hence, the growing construction industry will drive the growth of the construction equipment rental market.
Key Industry Players
Major companies operating in the construction equipment rental market report are H&E Equipment Services Inc., Maxim Crane Works LLP, Boels Rentals NV, United Rentals Inc., Ashtead Group plc, Loxam Group, Herc Holdings Inc., Aktio Corporation, Kanamoto Co Ltd., Taiyokenki Rental Co. Ltd., Cramo Group, Ramirent PLC, Kiloutou SAS, Speedy Hire plc, Nishio Rent All Co. Ltd., The Hertz Corporation, Ahern Rentals Inc., Nikken Corporation, Sunstate Equipment Co. LLC, Neff Rental LLC, BlueLine Rental Holdings Inc., BigRentz Inc., Sunbelt Rentals Inc., The Home Depot Inc., Rentals ProContractor, Herc Rentals Inc., Aggreko plc, NES Rentals Holdings Inc., Neff Corporation, Romco Equipment Co. LLC, Mobile Mini Inc.
The construction equipment rental market report table of contents includes:
1. Executive Summary
2. Construction Equipment Rental Market Characteristics
3. Construction Equipment Rental Market Trends And Strategies
4. Construction Equipment Rental Market – Macro Economic Scenario
5. Global Construction Equipment Rental Market Size and Growth
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26. South America Construction Equipment Rental Market
27. Brazil Construction Equipment Rental Market
28. Middle East Construction Equipment Rental Market
29. Africa Construction Equipment Rental Market
30. Construction Equipment Rental Market Competitive Landscape And Company Profiles
Top Major Players:
- H&E Equipment Services Inc.
- Maxim Crane Works LLP
- Boels Rentals NV
- United Rentals Inc
- Ashtead Group plc
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