Construction Equipment Rental Market worth $121.6 billion by 2024 : United Rentals, Ashtead Group, Loxam, Herc Holdings, Aktio Corporation, Nishio Rent All and Kanamoto Co. Ltd. are Major Players

The report "Construction Equipment Rental Market by Equipment (Earthmoving, Material Handling, Road Building & Concrete), Product (Backhoes, Excavators, Loaders, Crawler Dozers, Cranes, Compactors, Concrete Pumps), Region - Global Forecast to 2024" The construction equipment rental market is projected to grow from USD 98.6 billion in 2019 to reach USD 121.6 billion by 2024, at a CAGR of 4.3% from 2019 to 2024. The major drivers for the market include the increasing demand for rental equipment due to various benefits, shift in trend towards rental, increasing infrastructure activities in emerging nations, and cost-benefits associated with the use of construction equipment on a rental basis rather than purchasing it.

Browse 54 market data Tables and 49 Figures spread through 152 Pages and in-depth TOC on "Construction Equipment Rental Market - Global Forecast to 2024"

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The earthmoving construction equipment segment is projected to lead the market during the forecast period
Based on equipment, the construction equipment rental market is categorized into earthmoving, material handling, and road building & concrete. Among these, earthmoving construction equipment accounted for the largest share of the construction equipment rental market in 2018 due to the wide application in building & construction activities. Earthmoving equipment is high-value, requiring significant capital investments for the installation and maintenance of equipment fleets. Contractors prefer renting equipment instead of purchasing as this enables them to use the capital, which otherwise would have been invested in the purchase of equipment.

Excavators segment to lead the construction equipment rental market during the forecast period
Based on product, the construction equipment rental market is categorized into excavators, backhoes, loaders, crawler dozers, cranes, concrete pumps, compactors, transit mixers, concrete mixers, and others (asphalt pavers, finishers, dump trucks, industrial trucks, etc.). Among these, the excavators segment accounted to the largest share of the market in 2018 due to an increase in miscellaneous activities for construction, repair, and maintenance around the globe, which is expected to drive the growth of the construction equipment rental market. Moreover, the cranes segment is projected to grow at the highest CAGR during the forecast period.

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North America is projected to be the largest market for construction equipment rental during the forecast period
Based on region, the construction equipment rental market is categorized into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. Among these, North America accounted for the largest share of the market in 2018 and is expected to continue in the same trend during the forecast period due to increase in building & construction activities in the region, coupled with favorable policies which lead to the demand for construction equipment rental. The market in the Asia Pacific is projected to grow at the highest CAGR during the forecast period.

Key players in the construction equipment rental market, such as United Rentals Inc. (US), Ashtead Group Plc (UK), Loxam (Paris), Herc Holdings Inc. (US), Aktio Corporation (Japan), Nishio Rent All Co. Ltd. (Japan), and Kanamoto Co. Ltd. (Japan), among others, are considered for the study.

Recent Developments:
• Sunstate Equipment is partnering with Built Robotics to supply autonomous construction equipment in its rental offering. Built Robotics, founded in 2016, develops autonomous machines. It designs and manufactures a kit that can be used to upgrade off-the-shelf equipment from any brand, so that operators can upload job files and then leave the equipment to complete the work by itself. The partnership currently focuses on identifying the initial set of equipment and rental locations. Sunstate will begin offering built-upgraded autonomous equipment to select customers in late 2019 or early 2020.
• Equipment rental company, Boels Rentals is adding the Barreto 30SGB stump grinder to its rental product range, based on positive feedback relating to Vanguard’s V-Twin engine. Boels Rentals will introduce the new stump grinder units which feature the Vanguard V-Twin engine across its European network as part of its strategic collaboration with engine manufacturers, Briggs and Stratton.
• In November 2018, Sarens NV launched the largest crane SGC-250 (Sarens Giant Crane - 250) in the world in terms of size and capacity. It is the first 3rd generation ring-based crane with maximum load moment of 250.000Tm which allows lifting 5.000T. Even at a large radius of 100m, the crane is capable of lifting 2.000T. With the launch of this product, the company captured the extreme heavy lifting segment of the market.
• In July 2018, Maxim Crane Works, L.P. acquired the assets of Cincinnati-based Tri-State Crane. This acquisition is a strategic move which helped expand Maxim's existing tri-state area operations and facilitate continuous growth in the region.
• In August 2019, Ahern Rentals started its operational facility in Argentina. Located in Buenos Aires, Ahern Argentina is the eighth Ahern International business to open, joining Ahern Australia, Ahern Canada, Ahern Chile, Ahern Deutschland, Ahern Ibérica, Ahern Ireland, and Ahern Japan, and is the second Ahern International entity in Latin America. Focused on supporting the Argentinian market, the company specializes in sales, service, and spare parts for Xtreme Manufacturing telehandlers, Snorkel aerial work platforms, and Ruthmann Bluelift tracked spider lifts.

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Key Questions Addressed by the Report:
• What are the future revenue pockets in the construction equipment rental market?
• Which key developments are expected to have a long-term impact on the construction equipment rental market?
• Which type of construction equipment with specific weight lifting capacity is expected to cannibalize existing markets?
• How is the current regulatory framework expected to impact the market?
• What will be the future product mix of the construction equipment rental market?
• What are the prime strategies of leaders in the construction equipment rental market?

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