Press release
Construction Equipment Rental Market Expansion Continues, with Forecast Valuation of $137.69 Billion by 2029
Construction Equipment Rental
Construction Equipment Rental Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
In recent times, the construction equipment rental market has experienced robust growth. The market size is projected to rise from $105.1 billion in 2024 and reach $110.55 billion in 2025, with a compound annual growth rate (CAGR) of 5.2%. The historical growth can be traced back to the increase in construction projects and the necessity for cost-effectiveness and efficiency in construction procedures. Intense competition among construction firms and equipment producers, along with the cyclical pattern of the construction sector, has also surged the demand for rental equipment.
Construction Equipment Rental Market Size Forecast: What's the Projected Valuation by 2029?
The market for rented construction equipment is predicted to undergo robust expansion in the coming years, set to reach a value of $137.69 billion by 2029, with a CAGR of 5.6%. This growth during the projected period is due to several factors such as higher usage of rental equipment across varied sectors, increased demand for environmentally-friendly and sustainable construction apparatuses, rising inclination towards operational and scalable flexibility, financial flexibility, capital preservation for corporations, and a growth in the application of telematics and IoT in construction equipment rentals. We can also expect to see a surge in trends such as technological and logistics infrastructure progress, partnerships between rental firms and construction tech vendors, acceptance of latest rental software for management of fleets, technological leaps in construction machinery, and the introduction of online portals for equipment rental operations in the forecast period.
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What Are the Drivers Transforming the Construction Equipment Rental Market?
The surge in the construction sector is anticipated to stimulate the enhancement of the construction equipment rental market in the future. This upsurge is a result of continuous urbanization, upcoming infrastructural endeavors, and an expanding population base. The construction industry employs a range of equipment such as tower cranes, bulk material handling, transit mixers, batching plants, and concrete pumps, among others. Renting these machines allows contractors to minimize purchase and upkeep costs. For example, in February 2024, Eurostat, a government agency from Luxembourg, reported a slight increase in the average yearly construction output in the EU and the euro region by 0.1% and 0.2% respectively, compared to 2022. Furthermore, in December 2021, the United States Census Bureau, a US-based government agency, indicated that the total construction activities' worth grew from $1,626.4 billion in 2021 to $1,792.9 billion in 2022, marking a growth rate of 10.2 percent. Thus, the flourishing construction sector is fueling the expansion of the equipment rental market.
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What Long-Term Trends Will Define the Future of the Construction Equipment Rental Market?
The increasing trend in the construction equipment market is the substitution of traditional tools with those integrated with telematics. Telematics is incorporated into construction machinery for functions like GPS fleet tracking, amplifying fleet utilization, protecting equipment from theft, enhancing billing and equipment utilization, among others. For instance, Hitachi Construction Machinery, a Japanese producer of construction equipment, debuted a telematics system particularly designed for both Hitachi and non-Hitachi mixed fleets of construction machinery in February 2022. The new CTFleet Link system enables clients to monitor their equipment's location and operational status via online real-time access. With a custom API developed by Hitachi Construction Machinery and another API from Global E Service, the CTFleet Link system allows nearly real-time data gathering.
Which Segments in the Construction Equipment Rental Market Offer the Most Profit Potential?
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 Firms Dominate the Construction Equipment Rental Market by Market Share and Revenue in 2025?
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.
Which Regions Offer the Highest Growth Potential in 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
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