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Construction Equipment Rental Market on Track to Reach US$ 185 Billion by 2032

02-29-2024 03:54 PM CET | Industry, Real Estate & Construction

Press release from: Fact.MR

Construction Equipment Rental Market on Track to Reach US$ 185

The global construction equipment rental market (建設機械レンタル市場) value is projected to reach US$ 121 billion in fiscal 2022, rising from US$ 115 billion in fiscal 2021, reflecting a 4.3% year-over-year growth. Anticipated to expand at a compound annual growth rate (CAGR) of 4.3% from 2022 to 2032, the market is poised to attain a worth of US$ 185 billion by the close of 2032.

The global construction equipment rental market is witnessing robust growth, driven by increasing construction activities, particularly in developing economies, and the rising trend of equipment rental due to its cost-effectiveness and flexibility. The market is expected to continue its upward trajectory, offering significant opportunities for rental companies and equipment manufacturers alike.

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Market Dynamics

One of the key drivers of the construction equipment rental market is the growing trend among construction companies to rent equipment instead of purchasing it outright. Renting equipment allows companies to access a wide range of machinery without the need for large capital investments. This is particularly beneficial for small and medium-sized enterprises (SMEs) that may not have the financial resources to buy new equipment.

Another factor driving market growth is the increasing complexity of construction projects. As projects become more complex, the demand for specialized equipment grows. Renting allows companies to access specialized equipment for specific projects without having to invest in equipment that may only be used occasionally.

Additionally, the construction equipment rental market (건설장비 임대시장) is benefiting from the trend toward sustainable construction practices. Renting equipment allows companies to access the latest, most fuel-efficient machinery, helping to reduce their environmental impact.

List of Key Companies Profiled in The Report

United Rentals Inc.
Herc Holdings Inc.
Ashtead Group Plc
Aktio Corporation
Loxam Sas
Kanamoto Co. Ltd.
Nishio Rent All Co. Ltd.
H&E Equipment Services Inc.
Nikken Corporation
Cramo Group
Ramirent Plc
Maxim Crane Works L.P.
KiloutouSarens Nv
Taiyokenki Rental Co. Ltd.
Ahern Rentals Inc.
Boels Rental
Speedy Hire Plc.

Market Future Outlook

The future outlook for the construction equipment rental market is highly positive. The market is expected to continue its growth trajectory, driven by factors such as urbanization, infrastructure development, and the increasing adoption of rental equipment by construction companies.

Emerging economies, particularly in Asia Pacific and Latin America, are expected to be key growth drivers for the market. These regions are experiencing rapid urbanization and industrialization, leading to increased demand for construction equipment.

Technological advancements are also expected to drive market growth. The development of telematics and IoT solutions for construction equipment is making it easier for rental companies to track and manage their fleets, leading to increased efficiency and cost savings.

Market Insights

The construction equipment rental market (Marché de la location d'équipement de construction) is highly competitive, with a large number of players operating on a global scale. Key players in the market include Caterpillar Inc., United Rentals, Inc., and Sunbelt Rentals, among others.

One of the key trends in the market is the increasing digitization of rental operations. Rental companies are increasingly using digital platforms to manage their fleets, track equipment usage, and communicate with customers. This trend is expected to continue, with digitalization playing an increasingly important role in the rental market.

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Another key trend is the growing demand for rental equipment in emerging markets. As these markets continue to develop, the demand for construction equipment is expected to increase, providing significant opportunities for rental companies.

Recent Developments

United Rentals is a prominent online marketplace for industrial and construction equipment rental. Users can browse and purchase a variety of equipment, including compressors, earthmoving machinery, forklifts, vehicles, trailers, and more. The company offers iOS and Android mobile apps for convenient access. Additionally, United Rentals provides fleet and equipment management rental solutions. In 2021, the company reported annual revenues of $9.72 billion and a net profit of $1.39 billion.

Herc Holdings Inc., operating as Herc Rentals Inc., announced in August 2021 the completion of its acquisition of substantially all of CBS Rentals' assets (CBS). This acquisition expands Herc Rentals' presence in Texas, a key market for equipment rentals in North America, to 38 physical locations. These locations offer a range of general and specialty equipment rental solutions and related services.

In April 2021, United Rentals entered into a definitive agreement to acquire General Finance Corp. for $996 million. The transaction includes United Rentals purchasing General Finance for $19 per cash share and assuming $400 million in net debt.

Explore More Related Studies Published by Fact.MR Research:

Hybrid Construction Equipment Market (ハイブリッド建機市場):

Construction Equipment Attachment Market (건설장비 부착 시장):

Construction Equipment Market (Marché des équipements de construction):


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