Construction Equipment Rental Market Size, Share, Growth and Trends, Outlook 2024-2031

Global Construction Equipment Rental Market reached US$ 112.3 billion in 2023 and is expected to reach US$ 165.1 billion by 2031, growing with a CAGR of 5.1% during the forecast period 2024-2031.

The Construction Equipment Rental Market is a dynamic sector where companies and individuals rent various types of machinery and equipment needed for construction projects. Instead of purchasing expensive equipment outright, builders, contractors, and even homeowners opt for renting, which provides a cost-effective and flexible solution. This market includes a wide range of machinery, such as excavators, cranes, bulldozers, and backhoes, as well as smaller tools like power drills and scaffolding.

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Key Developments:

• On March 19, 2023, Durante Rentals, headquartered in New Rochelle, N.Y., introduced Durante Rentals Event Services. This new division is designed to leverage the company's extensive experience and resources in construction equipment rentals to enhance their project impact.

• On July 11, 2023, Cooper Equipment Rentals, based in Canada, expanded its presence by acquiring Warner Rentals and Scotty's Rentals and Landscaping. This acquisition boosts Cooper's footprint in western Canada, particularly strengthening its position in central British Columbia and broadening its service coverage in the growing western Canadian market.

• On June 18, 2023, Quebec-based Simplex Equipment Rental acquired Skytec Rentals, an Ontario company specializing in aerial work platforms. This acquisition aligns with Simplex's customer-focused business approach and reinforces its leadership position in the equipment rental industry.

Market Dynamics:

Increasing Investment in Infrastructure

Infrastructure projects often come with evolving requirements and fluctuating workloads. Renting equipment offers the flexibility to adjust quickly to these changing demands, scaling up or down as needed. Rental companies provide valuable technical support and operator training, ensuring that contractors can use the equipment safely and efficiently, which is particularly important for complex machinery.

According to the India Brand Equity Foundation, India is set to enhance its infrastructure significantly by 2025, targeting an investment of up to US$ 5 trillion. The country is focusing heavily on improving its transportation network to boost connectivity and mobility, with major projects including the expansion and modernization of roads, railways, and airports. This includes the development of expressways and national highways aimed at reducing transportation time and costs, thus facilitating trade and commerce.

The growing demand for infrastructure projects and urban development presents a promising opportunity for the construction equipment rental market. As the construction industry continues to expand, the need for construction equipment remains robust, creating a strong market for rental services.

For example, on January 18, 2023, Doosan, a renowned brand in construction equipment, announced it would be rebranded as DEVELON worldwide. DEVELON is committed to providing innovative products and solutions for the infrastructure industry and aims to enhance its role as a global leader in construction equipment. The company will focus on manufacturing equipment to support critical infrastructure projects and promote sustainable development through alternative energy sources.

Segment Covered in Construction Equipment Rental Market:

By Product: Earthmoving Equipment, Material-Handling Equipment, Heavy Construction Vehicles, Others.

By Propulsion: Diesel, Gasoline, Construction Vehicles, Others.

By Drive: Hydraulic, Electric, Hybrid.

By Application: Residential, Commercial, Industrial, Infrastructure.

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Key players involved in Construction Equipment Rental Market:

• United Rentals Inc.
• Kanmoto Co Ltd.
• Herc Rentals Inc.
• Hitachi Construction Machinery Co., Ltd
• Caterpillar Inc.
• Loxam Group
• Liebherr
• H&E Equipment Services, Inc.
• Boels Rental
• Ahern Rentals

*Note:
• Additionally, I wanted to highlight that the full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted.

Regional Analysis:

The Construction Equipment Rental Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Construction Equipment Rental Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.

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