The latest research study “Construction Equipment Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that 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 material handling, concrete mixing, earthmoving, and performing related tasks. It usually involves transit mixers, piling rigs, backhoe loaders, concrete pumps, forklifts, excavators, motor graders, dozers, crawlers, cranes, and compacters as standard devices. Construction equipment rental reduces unwanted maintenance costs, provides access to updated machines that meet emission regulations, mitigates storage space, etc. It is cost-effective, offers reliable tools, helps in catering to short-term instrument usage and satisfying temporary production needs, etc. In addition to this, construction equipment rental also aids the organization in avoiding market fluctuations, depreciation, initial purchase costs, and storage issues as compared to purchasing first-hand equipment.
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Construction Equipment Rental Market Trends and Drivers:
The increasing investments in infrastructural development projects are among the primary factors driving the construction equipment rental market. Besides this, the growing popularity of the practice in the residential and public structural sectors, owing to the inflating consumer expenditure capacities and the expanding population, is further augmenting the market growth. Moreover, rental companies are now providing technologically advanced machinery equipped with artificial intelligence (AI) and professional operators and drivers that reduce the overall costs for the lessee or organization and enhance operational efficiency, which is also catalyzing the global market. Apart from this, the launch of several policies by government for building smart cities is acting as another significant growth-inducing factor. Furthermore, the rising levels of urbanization and the introduction of advanced tools with sustainable and eco-friendly features are expected to bolster the construction equipment rental market in the coming years.
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Construction Equipment Rental Market Report Segmentation 2023-2028:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Who are the Key players in The Construction Equipment Rental Market?
- 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.
The report has been segmented the market into following categories:
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
By Regions:
- 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
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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