Farmington, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The Global Construction Equipment Rental Market Size Was Valued At USD 111.6 Billion In 2021. The Market Is Projected To Grow From USD 116.0 Billion In 2022 To USD 164.6 Billion By 2029, Exhibiting A CAGR Of 5.1% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. As a result, demand for renting construction equipment has been lower than expected in all areas compared to before the pandemic. Our research shows that the global market grew 3.1% from 2019 to 2020.
Construction equipment rental is a service that lets the end user rent construction tools for a certain amount of time based on the terms of a contract. Most of the time, heavy work is made easier at mine sites by using construction equipment. The Construction Equipment Rental Association says that renting construction equipment has gone up a lot and is likely to go up even more in developing countries like China, India, and Mexico.
Request Sample Copy of Report “Construction Equipment Rental Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030”, published by Contrive Datum Insights.
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Segment Analysis:
Equipment Type Insights
Earth-moving equipment includes excavators, wheel loaders, bulldozers, and trenchers. Because more bridges, high-rise buildings, and roads are being built, this segment is expected to have the biggest share of the market.
Application Insights
In the next five years, the commercial segment is expected to grow by a factor of 10. This is because the demand for construction equipment is going up. Equipment makers can make more money by renting out and selling their products on commercial properties, which is good for their business. Also, if the governments of developing economies include infrastructure plans in their plans, the growth of the heavy equipment rental market will be more stable, since government plans will choose to rent equipment.
Regional Outlook:
Asia-Pacific has the biggest share of the market right now, and over the next few years, it is expected to grow the fastest. The region is one of the biggest markets where construction and building of infrastructure have grown quickly. This is because governments are working harder to build infrastructure to support an economy that is growing. The number of Special Economic Zones (SEZs), hydropower projects, dams, highways, subways, and airports has grown a lot in the region to support the high level of industrial activity, the growing need for energy, and better connections. Because of this, many international companies have started to invest in the area and set up distribution centres and production facilities to meet the rising demand and take over the local market.
Also, the business of renting out construction equipment in China is growing like crazy. People think that this country has the biggest market share because there are so many opportunities for companies that make rental equipment. This is because China's population is growing fast and the government is putting a lot of money into building public infrastructure and homes. This also makes the global market share grow.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 5.1% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 116.0 Billion |
| By Equipment Type | Earthmoving Equipment, Material Handling Equipment, Concrete & Road Construction Equipment, Others |
| By Application | Residential, Commercial, Industrial, Others |
| By Companies | United Rentals, Inc. (U.S.), Loxam (France), Sunbelt (U.S.), Taiyokenki Rental Co., Ltd. (Japan), AKTIO Corporation (Japan), Herc Rentals Inc. (U.S.), Ahern Rentals. (U.S.), H&E Equipment Services, Inc. (U.S.), Nikken Corporation (Japan), Nishio Rent All Co. Ltd. (Japan) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Trends:
Due to technological advances in the heavy equipment and car industries, there are a number of new trends on the market. Modern safety features like 360-degree camera views, lift assist, and auxiliary work lights are being added to construction equipment to make operations more efficient and reduce the need for maintenance.
Market Driving Factors:
Since the construction industry is cyclical and the economy is unstable, renting construction equipment has a lot of benefits. Companies in construction, contracting, and other fields are looking into renting more and more. BigRentz, a platform for renting equipment, says that contractors and builders are renting more equipment instead of buying it. Many business leaders and economists are expecting a recession, which could make businesses rent equipment instead of buying or leasing it.
Key Segments Covered:
Top Market Players:
United Rentals, Inc. (U.S.), Loxam (France), Sunbelt (U.S.), Taiyokenki Rental Co., Ltd. (Japan), AKTIO Corporation (Japan), Herc Rentals Inc. (U.S.), Ahern Rentals. (U.S.), H&E Equipment Services, Inc. (U.S.), Nikken Corporation (Japan), Nishio Rent All Co. Ltd. (Japan), and others.
By Product Type
- Earthmoving Equipment
- Material Handling Equipment
- Concrete & Road Construction Equipment
- Others
By Application
- Residential
- Commercial
- Industrial
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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