Construction equipment such as excavators, cranes, forklifts, loaders and other heavy machinery are used extensively in commercial and residential construction. Renting such equipment on need basis provides flexibility and reduces capital cost for construction companies.
The global Construction Equipment Rental Market is estimated to be valued at US$ 237.8 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the construction equipment rental market is the growing preference for rental over ownership of heavy machinery due to low maintenance costs and capital expenditures. Renting equipment eliminates repairs and replacement costs and provides flexibility to change equipment type based on project needs. This has encouraged several construction companies to opt for renting equipment rather than buying them, thus driving the growth of the construction equipment rental market.
Segment Analysis
The construction equipment rental market size is segmented by equipment type, end-user type, and region. Based on equipment type, the construction equipment rental market is segmented into earthmoving equipment, material handling equipment, concrete & road construction equipment, and others. Earthmoving equipment dominates the market with the highest revenue share as it finds wide applications across residential, commercial, and industrial construction activities. Based on the end-user type, construction equipment rental market is segmented into residential, commercial, and industrial. The commercial segment holds the major share in the market as commercial projects such as malls, offices, hospitals are growing rapidly worldwide.
Key Takeaways
The global construction equipment rental market is expected to witness high growth, exhibiting a CAGR of 5.1% over the forecast period, due to increasing infrastructural development projects worldwide.
Regional analysis - North America dominates the construction equipment rental market with the highest revenue share. Asia Pacific exhibits the fastest growth in the market and is expected to grow at the highest CAGR over the forecast period due to rapid infrastructural development in countries such as China and India.
Key players analysis - Key players operating in the construction equipment rental market are Ramirent, AKTIO Corporation, NISHIO RENT ALL Co., Ltd., AB2000, Cramo Oyj, Ahern Rentals Inc., Byrne Equipment Rental, American Equipment Company, Inc., United Rentals, Inc. (acquired BlueLine Rental), and Ashtead Group plc. United Rentals, Inc. holds the major market share in the global construction equipment rental market.
The global construction equipment rental market size was valued at US$ 237.8 billion in 2023. North America holds more than 30% share of the overall construction equipment rental market revenue. The rising number of infrastructure projects in Asia Pacific, especially in China and India, is creating high growth opportunities for construction equipment rental companies in the region.
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