The latest research study “Construction Equipment Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global construction equipment rental market size reached US$ 109.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 153.1 Billion by 2028, exhibiting a growth rate (CAGR) of 5.59% during 2023-2028.
Construction Equipment Rental Market Overview:
Construction equipment rental refers to the practice of leasing heavy machinery for material handling, concrete mixing, earthmoving, and performing related tasks. There are majorly two types of standards available in the market. The wet hiring model involves the rental of construction equipment and personnel to manage and maintain the gear.
On the other hand, under the dry hiring model, the equipment is maintained and operated by in-house specialists of the enterprise. Renting is more cost-effective as it involves paying a lower maintenance fee and fewer technical charges. This practice also aids the organization in avoiding market fluctuations, depreciation, initial purchase costs, and storage issues compared to purchasing first-hand equipment.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Construction Equipment Rental Market Trends and Drivers:
The expanding building industry across the globe and the increasing investments in infrastructural development are among the primary factors driving the construction equipment rental market. Besides this, the growing popularity of the evolution of the residential and public structural sectors, owing to the inflating consumer expenditure capacity and the rising population, is further augmenting the market growth.
Moreover, rental companies are now providing technologically advanced machinery equipped with artificial intelligence (AI) and professional operators and drivers that reduces the overall costs for the lessee/organization and enhances operational efficiency, which is also catalyzing the global market.
Apart from this, the launch of several policies by the government bodies to invest and undertake projects for an overall framework development of the economy is acting as another significant growth-inducing factor. Furthermore, the emerging trend of urbanization, the increasing number of smart cities, and the introduction of advanced tools with sustainable and eco-friendly features are expected to bolster the construction equipment rental market in the coming years.
Construction Equipment Rental Market Report Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Ahern Rentals Inc.
- Boels Rental
- Caterpillar Inc.
- Finning International Inc.
- H&E Equipment Services Inc.
- Herc Rentals Inc.
- Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.)
- Liebherr-International AG
- Nishio Rent All Vietnam Co. Ltd, Ramirent Oy
- United Rentals Inc. and Kanamoto Co. Ltd.
The report has been segmented the market into following categories:
- Motor Grader
- Material Handling
- Crawler Crane
- Trailer-Mounted Crane
- Truck-Mounted Crane
- Concrete and Road Construction
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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