Construction Equipment Rental Market is valued at USD 117.24 Billion in 2018 and expected to reach USD 162.23 Billion by 2025 with the CAGR of 4.75% over the forecast period.
Construction Equipment Rental Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2029. Increasing development in the construction and mining activities mostly in the developing countries, rising capital investments in transportation, hospitality and infrastructure with easy availability of machinery are the key factors driving the market for construction equipment rental market.
Construction equipment rental is used in infrastructure sector includes power, bridges, dams, roads and urban infrastructure development. Equipment rental is a service industry providing machinery, equipment and tools of all kinds and sizes from earthmoving to powered access, from power generation to hand-held tools, etc. Construction equipment rental has become a more attractive option for business owners and individuals looking to complete projects. Renting construction equipment offers a number of advantages for business including the service and maintenance costs are eliminated and rental equipment features the latest technology. Renting equipment becoming more popular because it is reliable and well maintained by the providers.
Construction equipment rental market report is segmented on the basis of product and by regional & country level. Based upon product, global construction equipment rental market is classified into earth moving machinery material handling machinery and concrete & road construction machinery.
The regions covered in this construction equipment rental market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of construction equipment rental is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Increasing development in the construction and mining activities, mostly in the developing countries, rising capital investments in transportation, hospitality and infrastructure with easy availability of machinery are the key factors driving the market for construction equipment rental market. According to the Brandessence, 3% increases (USD45 billion) in U.S. healthcare construction spending in 2019.In addition, the number of highway constructions, metro construction, Special Economic Zones ,hydroelectric projects, airports, dams in order to sustain better connectivity, high-level industrial activities and due energy demand fuelling the market in forecast peried. According to Brandessence, the global construction equipment is expected to increase to around 133 billion U.S. dollars by 2026. Moreover, rise in investment in the global construction sector, specifically in the residential and commercial sector, growing population and urbanization, has led to a boost in the construction equipment rental market in forecast period. According to the Brandessence, more than 5 billion people live in urban areas across the globe. However, high maintenance cost and fluctuating fuel prices and expenditure of picking up and delivering machinery will hamper the growth of construction equipment rental market. Conversely, innovative technology in construction industry and focus on manufacturing smart and automotive features equipment are expected to create an opportunity for manufactures operating in the construction equipment rental market in forcaste peried.
Asia pacific is expected to dominate the construction equipment rental market with the highest share over the forecast period due to the increase in construction industries, rising population and urbanization, along with growth in the IT sector, increasing demand from commercial landscapers, presence of manufactures with minimizes labor cost for production and availability of effective infrastructure in emerging countries, such as China and India. According to IBEF report, Several Indian firms are entering into tie-ups for equipment rental & leasing business, For example, tie-up between SREI Infrastructure and BNP Paribas. This is expected to drive sales of construction equipment in future. For example, Laxyo Energy Ltd. is continuously aiming to be India's largest service providing company in renting/leasing of Construction equipments, specialized in various class of machinery. It provides construction equipment on rent at cost effective prices for a flexible length of time. These rental equipments are widely used for different kinds of building construction and repair.
In addition, China is the largest equipment market worldwide. China is a leader in construction machinery manufacturing, due to availability of advanced manufacturing facilities, cheaper labor costs and high production capacity. China manufacturers export their machinery to many countries around the world. Also, Increase in government initiatives to enhance residential & public infrastructure fueling the market growth. According to IBEF report, under the Smart Cities Mission, 83 projects have been launched in 20 cities by the government of India in 2016.
North America is expected to show strong progression due to increasing investments in the residential sector rapid economic recovery, growth in population & urbanization and increase in government efforts to enhance healthcare infrastructure and presence of leading manufactures. For example, Caterpillar is the largest construction machinery manufacturer globally which includes excavators, wheel loaders, pavers and concrete mixers. According to Brandessence, in 2021, the equipment rental market in the United States was forecast to be sized at approximately 60 billion U.S. dollars. According to the Our World in Data, UN estimates report that 54 % of people in the world lived in urban areas in 2016 and United Nation will projected that 68 % of the world’s population live in urban areas by 2050.
Caterpillar acquired Yard Club, a marketplace for construction equipment
May 6, 2017 – Caterpillar announced acquisition with Yard Club. It is an online rental platform that helps constructors to find and book equipments for rental. After this strategic investment, Yard Club began working with the dealers in the Caterpillar network and helping them to rent as well as sell equipment to contractors and construction crews.
|Historical data||2016 - 2021|
|Forecast Period||2022 - 2029|
|Market Size in 2018:||USD 117.24 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2025:||USD 162.23 Billion|
|Tables, Charts & Figures:||175|
|Key Players/Companies||Industrial Supplies Development Co. Ltd, Hertz Equipment, John Deere, JCB, Battlefield Equipment Rentals, Conquest Equipment, Liebherr, Nikken Corp, WillScot Corp, Algeco Scotsman, Boels Verhuur, Nishio Rent All, Kanamoto, Herc Rentals, others.|
|Segments Covered||By Product|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|
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