Vancouver, Nov. 07, 2023 (GLOBE NEWSWIRE) -- The global construction equipment rental market is estimated to reach value of USD 165.98 Billion by 2032, according to a current analysis by Emergen Research. Emergence of new technologies such as advanced digital services for the improvement of automated industries, tracking equipment service, and mapping is a current trend in the construction equipment rental market. The growing rate of adoption of advanced construction equipment is fueling technological advancements in construction equipment rental services.
The advancement in technology in automotive and heavy machinery sectors have introduced certain new features to construction equipment rental services. Manufacturers of construction equipment are currently focusing on development of up-to-date safety features such as 360° camera visuals, additional work lights, and lift assist. Also, they are providing systems that can help to improve work efficiency and that require minimum maintenance.
The companies in the construction industry are currently preferring for rental equipment rather than investing in new equipment for their projects. Various leading economists and large industrialists expect an economic slowdown on the horizon which may cause further surge in the demand.
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Scope of Research
| Report Details | Outcome |
| The market size in 2019 | USD 104.46 Billion |
| CAGR (2023---2032) | 5.4% |
| The revenue forecast in 2032 | USD 186.86 Billion |
| Base year for estimation | 2019 |
| Forecast period | 2023---2032 |
| Quantitative units | Volume in tons, revenue in USD Billion, and CAGR from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Equipment type, product type, application, and region |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa. |
| Country scope | U.S.; Canada; Mexico; U.K.; Germany; France; Italy; Spain; China; India; Japan; South Korea; Brazil; Saudi Arabia; South Africa; Turkey. |
| Key companies profiled | Loxam Group, United Rentals, Inc., Mtandt Rentals Limited, Cramo PLC., Nesco Rentals, The Hertz Corporation, Boels Rentals, Unirent LLC, Caterpillar Inc. and Ahern Rentals, Inc., |
| Customization scope | 10 hours of free customization and expert consultation |
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Competitive Landscape
The global market for construction equipment rental is mostly fragmented, with a large number of conglomerates as well as medium-sized and start-up companies accounting for a major share of the global market. Major companies across the world are manufacturing technologically advanced equipment. The key players operating in the market are, :
- Loxam Group
- United Rentals, Inc.,
- Mtandt Rentals Limited
- Cramo PLC.
- Nesco Rentals
- The Hertz Corporation
- Boels Rentals
- Unirent LLC
- Caterpillar Inc.
- Ahern Rentals, Inc.,
Strategic Development
In March 2019, Cooper Equipment Rentals announced the purchase of Prime Rentals, an equipment rental company located in Canada. This investment helped the acquirer to expand its business in South Alberta.
The earthmoving segment led the market for construction equipment rental in 2019. On the other hand, road building and concrete segments are expected to expand at CAGRs of 3.3% and 4.3% respectively, from 2020 to 2027.
In January 2019, Loxam acquired UK Platforms (UKP) from HSS Hire Group plc. through Nationwide Platforms Limited, its wholly owned subsidiary in the U.K. By combining the forces of UKP and Nationwide, the acquirer has strengthened its business in the powered access market in the U.K.
In 2019, Siddha Group initiated the use of new construction technologies such as Precast, PEB, and Drywall, in its works to secure a better output.
In October 2018, United Rentals completed the acquisition of Western One Rentals & Sales LP, a Canada-based equipment rental supplier of aerial lifts and heat solutions, to expand its business in western Canada.
In March 2018, Ashtead Group acquired assets of Above and Beyond Equipment Rentals, LLC, and Above and Beyond of Fairfield County, Inc. (A&B). A&B is an aerial work rental platform company based in Connecticut, U.S.
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Further Key Findings from the Report Suggest:
- The earthmoving segment led the market for construction equipment rental in 2019. On the other hand, road building and concrete segments are expected to expand at CAGRs of 3.3% and 4.3% respectively, from 2020 to 2027.
- In January 2019, Loxam acquired UK Platforms (UKP) from HSS Hire Group plc. through Nationwide Platforms Limited, its wholly owned subsidiary in the U.K. By combining the forces of UKP and Nationwide, the acquirer has strengthened its business in the powered access market in the U.K.
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For the purpose of this report, Emergen Research has segmented the global construction equipment rental market based on equipment type, product type, application, and region as follows:
- Equipment Type Outlook (Revenue: USD Billion; Volume: Million Units; 2019–2032)
- Earthmoving
- Material Handling
- Road Building
- Concrete
- Product Type Outlook (Revenue: USD Billion; Volume: Million Units; 2019–2032)
- Excavators
- Cranes
- Backhoes
- Crawler Dozers
- Concrete Pumps
- Application Outlook (Revenue: USD Billion; Volume: Million Units; 2019–2032)
- Real Estate
- Commercial Estate
- Transport Power & Energy Infrastructure
- Others
- Regional Outlook (Revenue: USD Billion; Volume: Million Units; 2019–2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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