IMARC Group’s latest report, titled “Construction Equipment Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032,” finds that the global construction equipment rental market size reached US$ 116.5 Billion in 2023. Construction equipment rental, or plant hire, is a service industry that rents various indispensable machinery and hand-held tools to end-users for a specific duration on a contractual basis. It involves piling rigs, transit mixers, backhoe loaders, concrete pumps, forklifts, excavators, motor graders, dozers, crawlers, cranes, and compacters as standard devices. Construction equipment rental minimizes unwanted maintenance costs, provides access to updated machines that meet emission regulations, and mitigates storage space. Along with this, it is cost-effective, offers reliable tools, and assists in catering to short-term instrument usage and satisfying temporary production needs. As a result, construction equipment rental services are used for excavation, mining, material handling, concrete, and earthmoving applications.
Global Construction Equipment Rental Market Trends:
The ongoing mining activities, increasing investments in various infrastructural and renovation projects, and the rising need for multiple construction equipment to facilitate heavy operations are some primary factors driving the market growth. Additionally, the shifting end user inclination toward renting construction machinery and tools over purchasing them, owing to their low initial investments and financial constraints, is acting as another growth-inducing factor. In line with this, considerable expansion in the construction industry and the continuous development and renovation of ports, roads, and rail infrastructures by governments are further supplementing the product demand across the globe. Moreover, the advent of multiple equipment tracking and mapping solutions, such as telematics systems that provides brief information regarding the location and performance of construction equipment, is contributing to the market growth. Apart from this, the rapid establishment of construction equipment rental organizations to offer onsite support and renting services to small builders and contractors at remote locations is creating a positive outlook for the market. Looking forward, IMARC Group expects the market value to reach US$ 188.2 Billion by 2032, growing at a CAGR of 5.3% during 2024-2032.
- Based on the equipment type, the market has been categorized into earthmoving (excavator, loader, backhoe, motor grader, others), material handling (crawler crane, trailer-mounted crane, truck-mounted crane), and concrete and road construction.
- On the basis of the propulsion system, the market has been segregated into electric and ICE.
- The market has been divided based on the application into residential, commercial, and industrial.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some 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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