Construction Equipment Rental Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Construction Equipment Rental Market Research Report, By Equipment Type (Earthmoving, Material Handling, and Concrete Road Construction), Application (Residential, Non-residential and Infrastructure), and Region — Global Forecast till 2030” , the market is projected to be worth USD 212 billion by 2030, registering a CAGR of 5.15% during the forecast period (2022 to 2030), the market was valued at USD 117.3 billion in 2021.
List of the companies profiled in the construction equipment rental market research report are:
- United Rentals, Inc.
- Nesco Rentals
- Herc Holdings
- Shanghai Hongxin Equipment Engineering Co., Ltd.
- Cramo PLC
- Caterpillar, Inc.
- Blueline Rental LLC
- Ashtead Group
- Ahern Rentals Inc.
- Among others.
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Market Research Future’s Review on Construction Equipment Rental Market
The construction equipment rental market witnesses promising growth on the global platform. The burgeoning construction industry and the several advantages that rental equipment offers, such as increased safety, efficiency, productivity, and cost-savings, impact the market growth positively. Rental construction equipments also offer increased return on investment (ROI) for end-user companies.The market is likely to witness a healthy uptick in demand from the mining and construction equipment (MCE) industry.
Besides, the growing adoption of rental construction equipments in the rapidly growing mining industries and government initiatives for infrastructure development worldwide substantiate the market demand. Huge RD investments made by manufacturers to develop advanced construction equipments boost the market value. Additionally, favorable government policies for the production of these equipments bolster market revenues.
Moreover, increasing numbers of smart city projects escalate the market growth exponentially. In addition to rentals, industry players also offer new and used equipment sales, servicing, and safety training to top up user expectations for earnings and revenue. The robust demand for heavy machinery equipment and rapid economic growth worldwide increase the construction equipment rental market share.
Browse In-depth Market Research Report (188 pages) on Construction Equipment Rental
Like most industries, the construction equipment rental industry also suffered unprecedented challenges presented by the coronavirus pandemic. Market players faced many problems, such as obtaining raw materials, attracting workers from quarantines, and delivering end products. The second wave of Covid, following changes in emission norms, and steep rise in input costs, and an increase in equipment price impacted volumes.
At the same time, the ownership cost increased due to the increased equipment and fuel costs, thus pressurizing on the rentals, thereby impacting the profitability of the CE operators. Resultantly, the construction equipment rental markets experienced unexpected outages, whipsaw pricing, and wreaked havoc on the supply chains. However, the market is rapidly regaining its momentum and returning to normalcy with relaxing lockdown mandates in many countries.
The report segments market dynamics into equipment types, applications, and regions. The equipment type segment is bifurcated into earthmoving (excavators, loaders, backhoes, motor graders, others), material handling (crawlers, truck-mounted cranes, trailer-mounted cranes, others), and concrete road construction. The application segment is bifurcated into residential, non-residential, and infrastructure. The region segment is bifurcated into the Americas, Asia-Pacific, MEA, Europe, and rest-of-the-world.
The Asia Pacific region holds a significant share in the global construction equipment rental market. Rapid industrialization and rising infrastructure development projects in the region create vast market demand. Besides, the rapidly improving economy and increased investments by governments in the region drive the market growth.
The strong presence of major construction equipment manufacturers and rental companies in the region impacts the market growth positively. Moreover, huge investments made into bringing more innovations in rental platforms influence the market demand. Also, rapid industrial growth and the spurring construction industry in the region substantiates the region's market shares.
Additionally, increased spending in the construction sector witnessing exponential growth in the residential housing sector fosters the market value. Emerging economies such as Japan, South Korea, China and India fuel the market's growth, increasingly using structural steel for infrastructural development.
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This market is estimated to witness significant strategic approaches, such as expansion, collaboration, mergers acquisitions, and advanced technology integration. Leading market players make strategic investments in driving research and development activities and fostering their expansion plans.
For instance, recently, on Nov.22, 2021, Herc Holdings announced the acquisition of two rental firms. The company has completed the acquisition of Rapid Equipment Rental Limited (Canada), a full-service general equipment rental company. Rapid equipment comprising approximately seven locations serves the construction and industrial customers in North America.
Herc Holdings has also acquired Chicago-area SkyKing Lift Rentals, expanding its Chicago-area presence to six physical locations. SkyKing Lift Rentals is a single-location equipment rental business specializing in mobile elevating work platforms, such as scissors and boom lifts. Both additions are expected to improve the company's coverage in the dynamic Toronto and Chicago equipment rental markets, as it continues to serve a diverse mix of construction, industrial and government customers.
Segmentation of Market covered in the research:
Construction Equipment Rental Market Research Report, By Equipment Type (Earthmoving, Material Handling, and Concrete Road Construction), Application (Residential, Non-residential and Infrastructure), and Region — Global Forecast till 2030
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