Construction Equipment Rental Market Will Reach USD 140.75 billion by 2029| Top Players: H&E Equipment Services, Inc (U.S.), Cramo Group (Finland), Ramirent (Finland), Maxim Crane Works, L.P. (U.S.),

Market Definition

Equipment rental, also known as plant hire, is a service industry that rents out machinery, equipment, and tools of various sizes and types (ranging from earthmoving to powered access, power generation to hand-held tools, and so on) to final users, primarily construction contractors but also industry and individual consumers, for a set period. Construction equipment rental is basically leasing construction equipment for a limited time. It assists those who are unable to purchase the construction equipment.

Global construction equipment rental market was valued at USD 98.22 billion in 2021 and is expected to reach USD 140.75 billion by 2029, registering a CAGR of 4.60% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario

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Market Analysis and Size

Over the recent years, renting or leasing construction equipment has immensely become more popular due to its high cost and difficulty in maintaining it. Moreover, due to the high level of investment, construction companies prefer to hire equipment to reduce project costs. This is a low-cost strategy because it lowers maintenance costs and fewer technical fees. The construction equipment rental market is expanding as a result of increased demand for heavy machinery equipment and global economic growth. Furthermore, as the number of smart city initiatives grows, so will the market, even during the forecast period.

Construction Equipment Rental Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

High Demand Across End-Users

The expansion of building and drilling activities, in general, in developing countries, is the primary determinant stimulating the building equipment rental business. Furthermore, the demand for rental equipment for the construction of hospitals, laboratories, health care centers, and clinics has increased. This is expected to drive the construction equipment rental market share trend in a unique way.

Advanced Safety Features

The manufacturers of construction equipment are largely focusing on incorporating advanced safety features such as lift assist, 360-degree camera visual, and additional work lights.Also the providing systems improve operational efficiency and require less maintenance, which are projected to bolster the growth of the market.  

The high taxes, maintenance, high depreciation costs, and the equipment insurance required by new machines have all contributed to the rising demand for equipment rentals. Because of the high initial purchase cost of new construction machines, contractors and construction companies are shifting to construction equipment rental. Furthermore, additional expenses incurred due to equipment maintenance, excessive operational costs, and high wages of skilled operators can be avoided by renting equipment for the required time, which significantly contributes to the global market's growth.

Opportunities

Technological Enhancement and Advancements

Furthermore, the emergence of new technologies including digital services for automated service improvements, equipment service tracking, and mapping extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the technological advancements in automotive and heavy machinery sectors coupled with the technological enhancements provided by the original equipment manufacturers will further expand the future growth of the construction equipment rental market.

Some of the major players operating in the construction equipment rental market are:
H&E Equipment Services, Inc (U.S.)
Cramo Group (Finland)
Ramirent (Finland)
Maxim Crane Works, L.P. (U.S.)
Kiloutou Group (France)
Sarens NV (Belgium)
Taiyokenki Rental Co., Ltd. (Japan)
Boels Rentals (Netherlands)
Speedy Hire Plc (UK)
United Rentals Inc. (U.S.)
Ashtead Group Plc (UK)
Loxam (Paris)
Herc Holdings Inc. (U.S.)
Aktio Corporation (Japan)
Nishio Rent All Co. Ltd. (Japan)
Kanamoto Co. Ltd.  (Japan)
Nishio Rent All Co. Ltd (Japan)
Mitsubishi Corporation (Japan)
Ahern Rentals (U.S.)

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COVID-19 Impact on Construction Equipment Rental Market

The recent outbreak of coronavirus had a negative impact on the construction equipment rental market. As a result of the lockdown to maintain social distance and control the spread of the virus, construction and mining activities either declined rapidly or came to a halt, which directly hampered rental revenues from construction equipment. As a result, the construction equipment rental market experienced significant changes. As a result of the pandemic, there was a greater demand for construction materials. As a result of the increased demand, their price increased. However, once the government relaxed the lockdown restrictions, the market began to stabilize.

However, the construction equipment rental market share has improved since the pandemic because of the growing construction industry in many developing countries. Even the residential and non-residential sectors have experienced significant increases in market value. Currently, construction equipment is slowly resuming its construction work as the government begins to provide approval across cities in many countries.

Global Construction Equipment Rental Market Scope

The construction equipment rental market is segmented on the basis of equipment type, drive type, product type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Equipment Type
Earthmoving
Material Handling
Road Building and Concrete

Drive Type
IC Engine
Hybrid Drive

Product Type
Backhoes
Excavators
Loaders
Crawler Dozers
Cranes
Concrete Pumps
Compactors
Transit Mixers
Concrete Mixers
Others

Application
Residential
Commercial
Industrial

Construction Equipment Rental Market Regional Analysis/Insights

The construction equipment rental market is analyzed and market size insights and trends are provided by country, equipment type, drive type, product type and application as referenced above.

The countries covered in the construction equipment rental market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the construction equipment rental market because of the advancing architecture and construction ventures, notably in India and China, copulated with boosting expenses from indigenous and international investors in the province within the region.

North America on the other hand, is estimated to show lucrative growth during the forecast period of 2022 to 2029 due to the expansion of building and drilling activities in the region.

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Detailed industry outlook

Additional information on company players

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Recent market developments and its futuristic growth opportunities

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