The global construction equipment rentalmarket 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 earthmoving, material handling, concrete mixing and performing related tasks. There are majorly two types of equipment rental models available in the market. The wet hiring model involves the rental of construction equipment along with personnel to operate and maintain the equipment. On the other hand, under the dry hiring model, the equipment is operated and maintained by in-house specialists of the enterprise. Renting is more cost-effective as it involves paying a lower maintenance fee and fewer technical charges. This practice also aids the organization in evading initial purchase costs, market fluctuations, depreciation and storage issues in comparison to purchasing first-hand equipment.
Construction Equipment Rental Market Trends:
The thriving construction industry across the globe, along with the increasing investments in infrastructural development, is one of the key factors driving the growth of the market. With rapid population expansion and growing consumer expenditure capacity, there has emerged an imminent need for the evolution of the residential and public infrastructural sectors. Consequently, governments of various countries, along with numerous private stakeholders, are investing significantly and undertaking projects for an overall framework development of their respective economies. Additionally, the emerging trend of automation in the construction industry is another major growth-inducing factor. Rental companies are now providing technologically advanced machinery that is equipped with artificial intelligence (AI), along with professional operators and drivers. This aids in reducing the overall costs for the lessee/organization, thus enhancing operational efficiency. Other factors, including rapid urbanization, the increasing trend of smart cities, and the development of advanced equipment with sustainable and eco-friendly features, are projected to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global construction equipment rentalmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on equipment type, propulsion system and application.
Breakup by Equipment Type:
Concrete and Road Construction
Breakup by Propulsion System:
Breakup by Application:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
Base Year of the Analysis
Equipment Type, Propulsion System, Application, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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.
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Key Questions Answered in This Report
The global construction equipment rental market was valued at US$ 109.4 Billion in 2022.
We expect the global construction equipment rental market to exhibit a CAGR of 5.59% during 2023-2028.
The increasing demand for construction equipment rental, as it assists organizations in avoiding initial purchase costs, market fluctuations, depreciation, and storage issues from buying first-hand devices, is primarily driving the global construction equipment rental market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary halt in numerous construction activities, thereby negatively impacting the global market for construction equipment rental.
Based on the equipment type, the global construction equipment rental market has been segregated into earthmoving, material handling, and concrete and road construction. Among these, earthmoving equipment currently exhibits clear dominance in the market.
Based on the propulsion system, the global construction equipment rental market can be bifurcated into electric and ICE. Currently, ICE holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Asia-Pacific currently dominates the global market.
Some of the major players in the global construction equipment rental market include 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.
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