New York , Jan. 15, 2024 (GLOBE NEWSWIRE) -- The global construction equipment rental market size is expected to expand at 6% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 280 billion by the end of 2035, up from a revenue of USD 195 billion in the year 2022. The growing industrial activities such as agricultural activities, have led to an increasing need for construction machinery. Global industrial production increased by more than 0.3o% in May 2023, excluding the United States.
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A farmer has to perform a variety of tasks daily and to save labor costs they use a variety of farm machinery, including tractors and tools for soil cultivation, increasing soil aeration, and moving materials. Moreover, varied types of equipment are available to modern farmers for varied yearly tasks to make farming more productive and allow farmers to grow more crops in less time. As a result, farmers primarily opt for hiring machinery, particularly tractors, and harvesters as their primary farm equipment to increase productivity, and yield maximization, and get access to premium machinery at reasonable prices.
Construction Equipment Rental Market: Key Takeaways
- Market in Asia Pacific to propel highest growth
- Commercial segment to garner the highest growth
- Market in North America to grow at a significant rate
Growing Oil & Gas Sector to Boost Market Growth
The oil and gas industry is one of the largest sectors in the world, which generated over USD 4 trillion in revenue in 2022. It is one of the most capital-intensive industries in the world, that uses a lot of high-powered equipment such as valve actuators, pump, gauges and meters, and separators to drill and refine crude oil. Moreover, the industry uses sophisticated, specialized machinery which is expected to drive market growth. In the oil and gas sector, renting equipment has several benefits including the completion of several projects at once, reduced maintenance, transportation, and other costs of the equipment, ensuring that operations comply with rules, and assisting operators in learning about the newest models and technologies.
Construction Equipment Rental Industry: Regional Overview
The global construction equipment rental market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Spending in Construction Activities to Drive the Growth in the Asia Pacific Region
The construction equipment rental market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2035. Through 2030, India plans to invest approximately USD 1 trillion in infrastructure across seven fiscal years fueled by the country's increasing need for urban housing and commercial buildings. Moreover, the growing population and increasing disposable income will likely be a major uptick in the building sector in the region. As a result, there has been a noticeable increase in demand for equipment rental services that gives businesses a more affordable option than buying a variety of machinery and equipment that they require for their operations and also helps in lowering the expenses of storage, labor, and logistics. Additionally, around 18 million of India's over 118 million farming households are thought to be able to afford equipment such as tractors therefore, rather than purchasing agricultural machinery and equipment, they prefer renting the equipment.
Increasing Immigration to Drive the Growth in the North America Region
The North American construction equipment rental market is estimated to garner the largest revenue by the end of 2035. Canada accepts three times as many immigrants per person and will keep raising immigration levels gradually. For instance, more than 400,000 new immigrants arrive in Canada each year, and over 7 million immigrants with permanent status, lived there as of 2022. 2. Moreover, the country welcomes immigration and multiculturalism offer a great standard of living, and is among the safest countries in the world. All these factors have led to an increase in the construction of residential and commercial settings. In 2022, the Canadian province of Ontario saw the construction of more than 83,400 new homes.
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Construction Equipment Rental Segmentation by Application
- Residential
- Commercial
- Industrial
The commercial segment is anticipated to hold the largest revenue by the end of 2035. This is largely due to the growing number of hotels across the globe. For instance, in 2022, more than 1,840 hotels in total opened their doors worldwide and it was predicted that more hotels would open around the world in the upcoming years, with a peak of around 2,705 in 2024. Additionally, in 2022, the United States accounted for the largest number of ongoing hotel development projects. Moreover, the number of travelers worldwide has increased yearly, particularly as more countries have developed there is a strong need for hotel services. This has led to an increasing number of new construction projects that will require equipment.
Construction Equipment Rental Segmentation by Product Type
- Earth Moving Machinery
- Material Handling Machinery
- Concrete & Road Construction Machinery
The earth-moving machinery segment is anticipated to hold the largest revenue by the end of 2035. The growth can be attributed to the growing mining industry. For instance, by the end of 2022, mining industry production in India had grown by almost 11%, and in October 2023, mining production in the United States climbed over 2%. This is expected to drive the demand for construction equipment such as earth-moving machinery including excavators, trenchers, and backhoes, which is a common piece of heavy industry equipment used in both small- and large-scale mining operations to extract coal and other earthly minerals. Although there are many different kinds of heavy earth-moving equipment, the mining industries most frequently use excavators since it is one of the most effective digging tools ever made. Additionally, excavators provide functions in other fields as well, such as farming, and gardening which is why many businesses opt to rent excavators to effectively and affordably meet their equipment needs.
A few of the well-known market leaders in the global construction equipment rental market that are profiled by Research Nester are Ahern Rentals, Herc Rentals Inc., H&E Equipment Services, Inc., LOXAM, United Rentals, Inc., Ashtead Group plc.., Caterpillar, Sumitomo Corporation., Hitachi Construction Machinery Co., Ltd., Liebherr-IT Services GmbH and other key market players.
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Recent Development in the Construction Equipment Rental Market
- LOXAM acquired a leading general equipment rental player in Portugal, HR – ALUGUER DE EQUIPAMENTOS S.A. to consolidate its presence in the equipment rental market in Portuguese which will fulfill its mission to offer its customers the best service through an expanded network.
- H&E Equipment Services, Inc. acquired an equipment rental company, Rental Inc., to expand its business in Western Georgia, Alabama, and Florida.
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