Construction Equipment Rental Market: Demand by Regions and...

Construction Equipment Rental Market: Demand by Regions and Industry Share

Posted 2024-02-28 06:12:58

The Construction Equipment Rental Market, estimated at USD 189.85 Billion in 2022, is expected to experience substantial growth, with projections indicating an increase to USD 302.59 Billion by 2030. This trajectory reflects a commendable Compound Annual Growth Rate (CAGR) of 6% during the forecast period from 2023 to 2030.

The surge in government investment in the construction of public infrastructure has played a significant role in fostering construction and mining operations in emerging economies globally. This surge in construction activities has led to a substantial market demand for construction machinery. In response to the rising costs of new construction machinery, construction firms and contractors are increasingly turning to the option of renting construction equipment. This shift towards equipment rental is driven by the cost-effectiveness and flexibility it offers, allowing businesses to access the required machinery without the high upfront costs associated with ownership.

Furthermore, the growth of cutting-edge technology and the increased integration of automation in construction equipment are anticipated to further fuel the market's expansion. The adoption of advanced technology and automation in rental fleets allows construction companies to access state-of-the-art equipment without having to bear the full ownership costs.

The forecasted CAGR underscores the industry's anticipation of sustained growth in the Construction Equipment Rental Market. The period from 2023 to 2030 holds promise for the market as it aligns with the broader trends of increased construction activities, rising infrastructure investments, and the ongoing adoption of technology and automation in the construction sector.

Key Players

The major key players are Ahern Rentals Inc., AKTIO Corporation, Caterpillar Inc, Byrne Equipment Rental, Cramo Plc, Finning International Inc., Liebherr-International AG, Kanamoto Co., Ltd, Maxim Crane Works, L.P., United Rentals, Inc, Boels Rental, H&E Equipment Services Inc, and others.

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KEY MARKET SEGMENTATION

- ProdBy Product

Earth Moving Machinery
Material Handling Machinery
Concrete and Road Construction Machinery

- Application

Residential
Commercial
Industrial

DRIVERS

1. Project Adaptability and Flexibility:
Construction companies benefit from equipment leasing due to its project adaptability. It allows them to scale up or down based on project demands, reducing the risk of equipment sitting idle during slow periods. This flexibility is advantageous for managing variable workloads in the construction industry.

2. Technological Progress and Access to Latest Developments:
Equipment leasing enables construction businesses to access the latest technological advancements without making a large upfront commitment. This encourages them to rent rather than buy equipment, ensuring they can employ contemporary, compatible machinery to comply with strict emissions and safety regulations.

3. Compliance with Regulations:
Strict emissions and safety regulations mandate that construction organizations employ modern and compliant equipment. Leasing provides a practical solution for staying up-to-date with regulatory requirements without the financial burden of purchasing new equipment.

4. Urbanization and Infrastructure Development:
The ongoing trends of urbanization and infrastructure development drive the demand for construction equipment. As cities expand and new projects emerge, construction companies need to adapt to these trends, and equipment leasing provides the necessary flexibility.

OPPORTUNITY

1. Emerging Markets and Diverse Equipment Inventory:
Rental firms can tap into emerging markets by diversifying their inventory to include various construction tools, including specialized and cutting-edge versions. Broadening product offers to accommodate diverse consumer demands, especially in developing nations with growing construction industries, opens up new consumer bases for rental enterprises.

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Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

4. Impact Analysis

4.1 Impact Of the Russia-Ukraine War

4.2 Impact of Ongoing Recession

5. Value Chain Analysis