Global Construction Equipment Rental Market to Reach $137.69 Billion by 2029, Growing at 5.6% CAGR

What combination of drivers is leading to accelerated growth in the construction equipment rental market?
Growth in the construction industry is driving the expansion of the construction equipment rental market. This growth is primarily due to factors such as continued urbanization, upcoming infrastructure projects, and an expanding population. Equipment like tower cranes, bulk material handling devices, transit mixers, batching plants, and concrete pumps, are commonly rented in the construction sector, helping to cut down on purchase and maintenance costs. For example, Eurostat, a government agency based in Luxembourg, reported in February 2024 that the average annual building production in the EU and euro area rose by 0.1% and 0.2% respectively, relative to 2022. Furthermore, in December 2021, the United States Census Bureau, a US-based government agency, reported that construction activity values rose from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, reflecting a 10.2% growth rate. Consequently, the thriving construction industry is a key driver of the construction equipment rental market's growth.

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What is the projected compound annual growth rate (CAGR) of the construction equipment rental market from 2025 to 2034, and what factors influence it?
In the past few years, there has been a significant expansion in the construction equipment rental market. It is projected to increase from $105.1 billion in 2024 to $110.55 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.2%. The historic growth period can be linked to the augmented demand for construction ventures, an escalating need for cost-effectiveness and efficiency in construction proceedings, intensified rivalry among construction firms and equipment producers, and a surge in the need for rental equipment attributed to the periodically fluctuating construction sector.

The outlook for the construction equipment rental market anticipates a robust increase in the near future. The market is projected to expand to a size of $137.69 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.6%. Reasons for this growth over the forecast period includes heightened use of rental equipment across various sectors, burgeoning demand for sustainable and green construction equipment, an increasing tendency towards operational and scalability flexibility, financial versatility and capital preservation in businesses, as well as an increased reliance on telematics and IoT within construction equipment rental. Key trends to watch during this period include progressive developments in technology and supply chain infrastructure, partnerships between rental firms and construction technology providers, utilization of innovative rental software for fleet supervision, tech-based advancements in construction equipment, and the rise of digital platforms for equipment rental transactions.

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How are the latest trends influencing the growth of the construction equipment rental market?
The upward trend in the construction equipment market is towards replacing traditional machinery with devices fitted with telematics. There are numerous benefits of integrating telematics into construction equipment, such as GPS fleet tracking, optimized use of the fleet, prevention of equipment theft, enhanced billing and overall equipment utilization, among others. For instance, Hitachi Construction Machinery, a Japan-based construction equipment manufacturer, launched a telematics system catered specifically for mixed fleets of construction equipment in February 2022. This system, known as CTFleet Link, allows customers to monitor the whereabouts and performance of their Hitachi as well as non-Hitachi equipment through real-time web access. Thanks to an in-house API developed by Hitachi Construction Machinery alongside the API from Global E Service, data collection is almost real-time with the CTFleet Link telematics system.

What are the major segments of the construction equipment rental market and their role in driving growth?
The construction equipment rental market covered in this report is segmented -

1) By Equipment: Earthmoving, Material Handling, Road Building And Concrete
2) By Product: Backhoes, Excavators, Loaders, Crawler Dozers, Cranes, Concrete Pumps, Compactors, Transit Mixers, Concrete Mixers
3) By Application: Residential, Commercial, Industrial

Subsegments:
1) By Earthmoving: Excavators, Bulldozers, Backhoe Loaders, Skid Steer Loaders
2) By Material Handling: Forklifts, Telehandlers, Aerial Lifts, Cranes
3) By Road Building And Concrete: Asphalt Pavers, Concrete Mixers, Road Rollers, Concrete Pumps

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Which regions are key players in the growth of the construction equipment rental market?
North America was the largest region in the construction equipment rental market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the construction equipment rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Who are the key firms paving the way for growth in the construction equipment rental market?
Major companies operating in the construction equipment rental market include H&E Equipment Services Inc., Maxim Crane Works LLP, Boels Rentals NV, United Rentals Inc., Ashtead Group plc, Loxam Group, Herc Holdings Inc., Aktio Corporation, Kanamoto Co Ltd., Taiyokenki Rental Co. Ltd., Cramo Group, Ramirent PLC, Kiloutou SAS, Speedy Hire plc, Nishio Rent All Co. Ltd., The Hertz Corporation, Ahern Rentals Inc., Nikken Corporation, Sunstate Equipment Co. LLC, Neff Rental LLC, BlueLine Rental Holdings Inc., BigRentz Inc., Sunbelt Rentals Inc., The Home Depot Inc., Rentals ProContractor, Herc Rentals Inc., Aggreko plc, NES Rentals Holdings Inc., Romco Equipment Co. LLC, Mobile Mini Inc.

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What Is Covered In The Construction Equipment Rental Global Market Report?

•Market Size Forecast: Examine the construction equipment rental market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the construction equipment rental market for a structured understanding.
•Key Players Overview: Analyze major players in the construction equipment rental market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the construction equipment rental market.
•Segment Contributions: Evaluate how different segments drive overall growth in the construction equipment rental market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the construction equipment rental market.
•Industry Challenges: Identify potential risks and obstacles affecting the construction equipment rental market.
•Competitive Landscape: Review strategic developments in the construction equipment rental market, including expansions, agreements, and new product launches.

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