Constructions Equipment Rental Market Outlook 2031
The global constructions equipment rental market size was valued at USD 187.46 Billion in 2022 and is anticipated to reach USD 319.95 Billion by 2031, expanding at substantial CAGR of 6.12% during the forecast period, 2023-2031. The global constructions rental market involves renting high end equipment in construction companies to ensure safety, standardization of tools & equipment, efficiency, and cost reduction.
The Covid-19 pandemic affected the demand and supply of global constructions equipment rental market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Constructions Equipment Rental Market Trends, Drivers, Restraints, and Opportunities
- The growth of the constructions industries has led to the subsequent growth of the construction equipment rental market.
- Rental construction equipment is standardised and ensure proper safety, efficiency, cost reduction, and savings for the construction companies.
- Heavy machinery is being used like backhoes, forklifts, and excavators in infrastructure projects which lead to the market growth.
- Rising demand for heavy machinery equipment and economic growth is a major factor driving the market.
- Several upcoming smart city projects are estimated to create immense opportunities for the market players.
- Recession and economic slum has impacted the construction industry, which is estimated to hamper the market growth
- Emerging construction plans and infrastructure projects in new developing areas are anticipated to create lucrative opportunities for market players.
Scope of Constructions Equipment Rental Market Report
The report on construction equipment rental market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Constructions Equipment Rental Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Equipment Types (Earthmoving, Material Handling, and Concrete & Road Construction), Products (Backhoes, Excavators, Loaders, Crawler Dozers, Cranes, Concrete Pumps, Compactors, Transit Mixers, Concrete Mixers, and Others)
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Regional Scope
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North America. Europe, Asia pacific, Middle East and Africa, Latin America
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered in the Report
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Ashtead Group, Ahern Rentals, Inc., Blueline Rental LLC, Cramo PLC, Caterpillar, Inc., Shanghai Hongxin Equipment Engineering Co., Ltd., Nesco Rentals, Herc Holdings, Riwal, and United Rentals, Inc.
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Construction Equipment Rental Market Segment Insights
Equipment Type Segment Analysis
On the basis of equipment types, the global constructions equipment rental market is divided into earthmoving, material handling, and concrete & road construction. The earthmoving segment held the major market share. Demand for earthmoving equipment is huge in construction and mining sectors as they provide lucrative opportunities to the market players across the globe.
Product Type Segment Analysis
Based on product types, the market is divided into backhoes, excavators, loaders, crawler dozers, cranes, concrete pumps, compactors, transit mixers, concrete mixers, and others. The backhoes and excavators segment are forecasted to hold a significant market share. Due to rapid industrialisation & modernisation, new buildings are being formed for residential and commercial purposes.
Regional Outlook
Based on regions, the market is classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is anticipated to dominate the market. The presence of major construction and mining industry in the region is projected to drive the market.
Also, growing production capacities and construction equipment rental manufacturers act as major factors driving the market. Constructions machines have an increasing demand which validates the region’s construction equipment rental market. The key players find it profitable to invest in developing innovative construction equipments.
Strategic partnerships are formed that pave the way for profits and help in refinancing the firms. The region has many remote locations where the accessibility is limited and large construction & mining industries and farmlands create significant demand for construction equipments in applications like fast & efficient debris removal and earth removal or transportation.
Segments
Equipment
- Earthmoving
- Material Handling
- Road Building & Concrete
Products
- Backhoes
- Excavators
- Loaders
- Crawler Dozers
- Cranes
- Concrete Pumps
- Compactors
- Transit Mixers
- Concrete Mixers
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Key Players
- Ashtead Group
- Ahern Rentals, Inc.
- Blueline Rental LLC
- Cramo PLC
- Caterpillar, Inc.
- Shanghai Hongxin Equipment Engineering Co., Ltd.
- Nesco Rentals
- Herc Holdings
- Riwal
- United Rentals, Inc
Competitive Landscape
The key players in the global constructions equipment rental market include Ashtead Group, Ahern Rentals, Inc., Blueline Rental LLC, Cramo PLC, Caterpillar, Inc., Shanghai Hongxin Equipment Engineering Co., Ltd., Nesco Rentals, Herc Holdings, Riwal, and United Rentals, Inc.
The construction equipment rental market is predicted to witness various strategic initiatives for example mergers & acquisitions, collaboration, expansion, and product launches. Major industry players are also making strategic investments in research and development activities and increasing their expansion plans.
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