Pune India, Jan. 30, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the construction equipment rental market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the construction equipment rental market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, application, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global construction equipment rental market areAhern 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., and United Rentals, Inc. among other. To achieve a substantial market share in the worldwide construction equipment rental market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
New technologies have become more prevalent in the industry, including digital services for automatically upgrading services, tracking equipment service, and mapping features. The adoption rates of construction equipment in rental services are rising as a result of the technical breakthroughs provided by the original equipment manufacturers. As a result of technical advancements in the automotive and heavy machinery industries, the market for construction equipment rentals has seen the introduction of many new features. Manufacturers of construction equipment are attempting to provide improved safety features like lift assistance, 360-degree camera vision, and extra work lights, as well as innovations that increase operational efficiency and require less maintenance. However, these features come at a high price that many small contractors and builders cannot afford. As a result, a lot of professionals choose to rent construction machinery. Renting construction equipment can save operating, maintenance, and labour expenditures in addition to the cost of buying new equipment. Additionally, the expense of on-time upkeep, maintenance, and inspection is avoided. To make a long-term profit from the equipment, construction equipment rental companies consistently complete all of these tasks. The customer experience is further enhanced by these companies' growing emphasis on providing onsite services and equipment maintenance. For instance, Caterpillar Inc. offers quick response teams to help customers in remote areas using mobile maintenance vans.
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Scope of construction equipment rental market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Product, Application, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | 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., and United Rentals, Inc. among other |
Segmentation Analysis
The concreter & construction machinery segment is expected to be the fastest-growing segment in 2022.
The product segment is concreter & construction machinery, material handling machinery, and earth machinery. The concreter & construction machinery segment is expected to witness the highest growth rate during the forecast period. The rising use of earthmoving excavators in the mining, agricultural, and construction sectors significantly contributes to segment growth. The varied earthmoving equipment, such as backhoe loaders, crawler excavators, skid-steer loaders, and micro excavators, has increased load capabilities and better engine performance. These features of earthmoving equipment make them suitable for use in difficult operating environments. Furthermore, since the number of major residential and commercial civil projects has increased, leasing earthmoving equipment has grown in popularity among construction companies and contractors.
The residential segment is expected to be the fastest-growing segment in 2022.
The application segment is industrial, commercial and residential. The residential segment is expected to witness the highest growth rate during the forecast period. Construction of residential buildings is expected to enhance demand for all kinds of construction machinery. Homebuyers benefit from macroeconomic factors as well since they lower mortgage rates and promote stable employment. These factors will likely contribute to the long-term expansion of the construction equipment rental market.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the construction equipment rental include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The Asia Pacific region witnessed a major share. In order to support high-level industrial operations, rising energy consumption, and improved connectivity, this region saw an increase in the number of Special Economic Zones (SEZs), hydroelectric projects, dams, highway building, metro construction, airports, etc. In order to meet the growing demand and seize the local market, various foreign businesses have started investing and are establishing manufacturing and distribution facilities in the area. Due to aggressive pricing and the availability of cutting-edge equipment, producers of construction machinery including Sumitomo Corporation, Hitachi, Caterpillar, and Liebherr face fierce competition from other regional and domestic competitors in the rental market.
Country Analysis
- Germany
Germany's construction equipment rental market size was valued at USD 0.75 billion in 2022 and is expected to reach USD 1.19 billion by 2030, at a CAGR of 6% from 2023 to 2030. The number of highways, metros, airports, Special Economic Zones (SEZs), hydropower projects, and dams has increased in this region in order to meet expanding energy demand, high-level industrial activity, and increased connectivity. There are modern production facilities, cheaper labour, and a large output capacity because of these factors.
- China
China’s construction equipment rental market size was valued at USD 0.78 billion in 2022 and is expected to reach USD 1.26 billion by 2030, at a CAGR of 6.2% from 2023 to 2030. The spread of infrastructure transformation programmes across all industry sectors is driving the development of construction engineering in Asian economies like China. Government attempts to create public infrastructures like malls, schools, and parks in urban regions as well as facilities for water supply, transportation, and sanitation in rural areas are leading to an expansion of local construction equipment rental markets.
- India
India's construction equipment rental market size was valued at USD 0.60 billion in 2022 and is expected to reach USD 0.96 billion by 2030, at a CAGR of 6.1% from 2023 to 2030. The Smart Cities Mission, Make in India, Housing for All, and the Atal Mission for Urban Rejuvenation & Transformation (AMRUT) are just a few of the innovative programmes that the Indian government has introduced, and which are anticipated to support the demand for construction equipment rental services in this region.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the construction equipment rental market is mainly driven by the rise in construction sector.
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