Construction Equipment Rental Market Trends and Forecast
The future of the global construction equipment rental market looks promising with opportunities in the IC engine and hybrid type markets. The global construction equipment rental market is expected to grow with a CAGR of 4.7% from 2024 to 2030. The major drivers for this market are increasing preference for renting equipment over purchasing due to cost-effectiveness and reduced maintenance responsibilities, growing construction activities, and rising adoption of rental equipment by small and medium-sized contractors to manage project costs and mitigate financial risks.
• Lucintel forecasts that earthmoving equipment is expected to witness higher growth over the forecast period.
• Within this market, IC engine is expected to witness the higher growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the Construction Equipment Rental Market
• United States - US rental companies are expanding their fleet with eco-friendly construction equipment. Government initiatives include tax incentives for contractors using rental equipment to comply with environmental regulations.
• United Kingdom - UK rental firms are investing in digital platforms for efficient equipment management. Targets include reducing downtime and enhancing service delivery to meet government infrastructure project deadlines.
• India - Indian rental companies are partnering with construction firms to offer bundled services including equipment and operators. Government targets focus on boosting infrastructure development with affordable rental solutions for small contractors.
• Australia - Australian equipment rental providers are integrating telematics for real-time monitoring of equipment utilization and maintenance. Government initiatives aim to standardize rental agreements to promote transparency and fair practices in the market.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Construction Equipment Rental Market by Segment
The study includes a forecast for the global construction equipment rental market by type, application, and region.
Construction Equipment Rental Market by Type [Value from 2018 to 2030]:
• Earthmoving Equipment
• Material Handling
Construction Equipment Rental Market by Application [Value from 2018 to 2030]:
• IC Engine
• Hybrid Type
Construction Equipment Rental Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Construction Equipment Rental Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies construction equipment rental companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the construction equipment rental companies profiled in this report include-
• Ahern Rentals
• AKTIO Corporation
• Caterpillar
• Byrne Equipment Rental
• Cramo
• Finning International
• Liebherr-International
• Kanamoto
• Maxim Crane Works
• United Rentals
Recent Development in the Construction Equipment Rental Market
• United Rentals : United Rentals expanded its fleet with advanced GPS-enabled construction equipment for enhanced fleet management and efficiency.
• Sunbelt Rentals : Sunbelt Rentals launched a mobile app for customers to easily browse and rent construction equipment, improving accessibility and customer experience.
• Herc Rentals : Herc Rentals introduced a new line of electric-powered construction equipment for eco-friendly and cost-effective rental solutions.
• Ashtead Group (A-Plant) : Ashtead Group invested in digital platforms for real-time equipment monitoring and predictive maintenance, optimizing rental fleet performance and reliability.
Features of the Global Construction Equipment Rental Market
Market Size Estimates: Construction equipment rental market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Construction equipment rental market size by type, application, and region in terms of value ($B).
Regional Analysis: Construction equipment rental market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the construction equipment rental market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the construction equipment rental market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for construction equipment rental market?
Answer: The global construction equipment rental market is expected to grow with a CAGR of 4.7% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the construction equipment rental market?
Answer: The major drivers for this market are increasing preference for renting equipment over purchasing due to cost-effectiveness and reduced maintenance responsibilities, growing construction activities and rising adoption of rental equipment by small and medium-sized contractors to manage project costs and mitigate financial risks.
Q3. What are the major segments for construction equipment rental market?
Answer: The future of the construction equipment rental market looks promising with opportunities in the IC engine and hybrid type markets.
Q4. Who are the key construction equipment rental market companies?
Answer: Some of the key construction equipment rental companies are as follows:
• Ahern Rentals
• AKTIO Corporation
• Caterpillar
• Byrne Equipment Rental
• Cramo
• Finning International
• Liebherr-International
• Kanamoto
• Maxim Crane Works
• United Rentals
Q5. Which construction equipment rental market segment will be the largest in future?
Answer: Lucintel forecasts that earthmoving equipment is expected to witness higher growth over the forecast period.
Q6. In construction equipment rental market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the construction equipment rental market by type (earthmoving equipment and material handling), application (IC engine and hybrid type), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Construction Equipment Rental Market, Construction Equipment Rental Market Size, Construction Equipment Rental Market Growth, Construction Equipment Rental Market Analysis, Construction Equipment Rental Market Report, Construction Equipment Rental Market Share, Construction Equipment Rental Market Trends, Construction Equipment Rental Market Forecast, Construction Equipment Rental Market Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.