United States, Rockville, MD, April 13, 2022 (GLOBE NEWSWIRE) -- According to a recent study by Fact.MR, from 2021 to 2031, the global construction equipment rental market is anticipated to top US$ 115 Bn in 2021, expected to grow at a CAGR of 4.3% during the 2021-2031 forecast period. Expected valuation by 2031-end is US$ 176 Bn, as per the study.
Historically, the industry experienced a moderate expansion rate, clocking a CAGR of over 3% from 2016-2020, reaching a value of US$ 110 Bn. As the COVID-19 pandemic hit, prospects did contract substantially. However, the construction equipment rental market was buoyed through with unwavering financial support offered by governments across major construction hotspots.
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170 Pages
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In the context of economic expansion, the construction industry has exhibited strong growth, with construction equipment leasing and profitability increasing exponentially. This growth is due to strong consumer demand and easy access to public and private investment. As of 2020, more than 2,000 public infrastructure projects were announced, representing a 5% incline compared to 2019. Consequently, major construction giants began looking for approaches to reduce procurement costs, which increased reliance on construction equipment rental services.
Key Takeaways from the Market Study
- Earth moving equipment is expected to reach US$ 75.9 Bn by 2031, capturing 3/5th market demand
- Prospects are high for material handling machinery, set to register a 6% value CAGR
- U.S to be a promising market, expected to yield US$ 40 Bn in revenue by 2021 end
- China is one of the most lucrative markets, expected to grow at a rate of 5% until 2031
- India to post significant gains, growing at a CAGR of 4% through 2031
Key Points Addressed in Construction Equipment Rental Industry Analysis
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on construction equipment rental market and How to Navigate
- Recommendation on Key Winning Strategies
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Competitive Landscape
The market for construction equipment rental is dominated by the top 5 service providers, who account for the majority of the market. During the forecast period, the competitive landscape is expected to be shaped by acquisitions, strategic partnerships, and equipment procurements.
- In May 2021, for instance, United Rentals Inc. completed the acquisition of General Finance Corporation. The acquisition, comprising of strong strategic and financial merits, was timed in order to enable the company to fulfil increasing demand across end markets, by expanding mobile store and modular office solutions
- Likewise, in August 2021, Herc Holdings Inc. completed the acquisition of all assets of CBS Rentals, a Texas-based construction equipment rental service provider. This addition has expanded the formers presence across the state to 38 physical locations to better provide general and specialty equipment rental solutions
Key Companies Profiled
- United Rentals Inc.
- Herc Holdings Inc.
- Ashtead Group Plc
- Aktio Corporation
- Loxam Sas
- Kanamoto Co. Ltd.
- Nishio Rent All Co. Ltd.
- H&E Equipment Services Inc.
- Nikken Corporation
- Cramo Group
- Ramirent Plc
- Maxim Crane Works L.P.
- KiloutouSarens Nv
- Taiyokenki Rental Co. Ltd.
- Ahern Rentals Inc.
- Boels Rental
- Speedy Hire Plc.
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Key Segments Covered
Product Type
- Earth Moving Machinery Rental
- Material Handling Machinery Rental
- Concrete & Road Construction Machinery Rental
How Opportunistic is the Market in the U.S?
A market size of US$ 40 Bn is expected for construction equipment rental in U.S. by 2021. A robust U.S. economy is expected to be driven by investments in the residential sector. Construction equipment with advanced and fuel-efficient technology, as well as standard safety features, is driving the growth of the market.
To cater to the growing construction activities, several companies are utilizing rental options. The market is expected to adopt new technologies as a result of increasing government spending on building public infrastructure and government utilities. For instance, Alberta's government allocated more than US$ 10 Bn in infrastructure projects to strengthen the province's economy, according to a report published in 2021.
Why is Earth Moving Machinery Rental Surging in Popularity?
According to Fact.MR, earth moving machinery rental is expected to tower over other equipment, given the increasing need to curtail excavation costs, especially across the oil & gas industry.
These types of equipment have high load capacity and engine power, which allows them to function effectively in harsh environments. Approximately 60% of the market value will be held by earth moving machinery from 2021 to 2031.
What are the Growth Prospects for Material Handling Machinery Rental?
By product type, scope for material handling machinery rental is immense, expected to surge at a CAGR of 6% from 2021 to 2031. As factories look to curtail manufacturing costs, they are increasingly seeking out rental services.
With increased emphasis on maximizing output, industries are looking for ways to minimize their capital expenditure, a large part of which is directed towards procuring material handling machinery. Availing the same on rent permits businesses to widen profit margins.
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