Construction Equipment Rental Market: Summary
The Global Construction Equipment Rental Market is projected to reach a value of over USD 135.9billion by 2027 at a CAGR of around 4.2%.
Construction equipment rental is a service industry providing equipment, machinery, and tools of all kinds and size for a limited period of time to the final user.They are also known as plant hire in some of the countries. Renting construction equipment provides benefits such as it avoids the initial purchase cost, less maintenance & repair costs, shielding from market fluctuation, no depreciation cost, project-specific rent, and solves equipment storage issue.
Construction Equipment Rental Market: Drivers & Challenge
- Growing Trend Towards Rental Equipment
The benefits of construction equipment rental have been amplified owing to today’s economy and by considering the cyclical nature of the construction industry. Contractors, construction companies and various other industries are exploring the rental options which haveattributed tothe various benefits of renting equipment. This has lead to a significant shift from purchasing new equipment to the rental model among construction companies and the contractors. Moreover, many business leaders and economist foresee recession to be on the horizon which has further fuel the demand for rental equipment. For instance, the ongoing COVID-19 pandemic has widely affected economies across the globe. Additionally, several cost associated with the purchase of new equipment such as the cost of equipment ownership, the initial asset cost, and the tenure to pay off equipment financing, plus maintenance and repair costshaveshifted consumer focus on rental equipment. Thus, growing trends towards adoption of constructional equipment rental haveexpected to propel the growth of the market.
- Labor Shortage May Lead to Automation
Construction equipment industry employs various works such as qualified mechanics, service technicians, and delivery drivers for different operations. These employs need to be skilled and professional in handling various types of machinery. However, such employees are difficult to be found in the industry. Shortage of workers is driving the construction equipment industry towards automation, for example, driverless vehicles. Thus, workers shortage faced by the industry due to lack of skilled labor has lead to automation which has posed a major challenge to construction equipment rental market.
Construction Equipment Rental Market: Key Segments
- Segmentation based onequipment: Material Handling Machinery,Earth Moving MachineryandConcrete & Road Construction Machinery.
- Segmentation based onproduct: Excavators, Loaders, Cranes, Backhoes, Crawler Dozers,Concrete Pumps, Transit Mixer, Concrete Mixer, Compactors, andOthers.
- Segmentation based on region covers: North America, Europe, Asia-Pacific, Middle East & Africa and South America with individual country-level analysis.
Construction Equipment Rental Market: Report Scope
The report on the construction equipment rentalmarket covers a deep dive analysis of historic, recent and current market trends. Furthermore, market share/ranking analysis of key players, market dynamics, competition landscape, country-wise analysis for each region covered and the entire supply chain dynamics are covered through the below segmentation.
Historical/Estimated/Forecasted Market Size Years
Base Year for Market Calculation
2021-2027 (2021 estimated year, forecasted up to 2027)
Value (USD Million)
Equipment, Product, and Region
North America, Asia-Pacific, Europe, Middle East & Africa, South America
Key Companies Covered
- United Rentals, Inc. (Company Description, Company Overview, Product Synopsis, Key Developments, SWOT Analysis)
- Ashtead Group plc
- H&E Equipment Services, Inc.
- Maxim Crane Works, L.P.
- Kikoutou App
- Boels Rentals
- Taiyokenki Rental Co., Ltd.
- Speedy Hire Plc
- Herc Rentals Inc
- AKTIO Corporation
- NISHIO RENT ALL Co.,Ltd.
- Kanamoto Co., Ltd.
- Other Key Companies
Construction Equipment Rental Market: Report Segmentation
For the scope of the report, In-depth segmentation is offered by Forencis Research
Construction Equipment Rental Market, by Equipment
- Material Handling Machinery
- Earth Moving Machinery
- Concrete & Road Construction Machinery
Construction Equipment Rental Market, by Product
- Crawler Dozers
- Concrete Pumps
- Transit Mixer
- Concrete Mixer
Construction Equipment Rental Market, by Region
- North America
- South Korea
- Rest of Asia-Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- South America
- Rest of South America
Key Questions Answered By The Report
- What are the prominent developments affecting the market worldwide and its growth?
- What will be the impact of the developments in the market on the industry and on the market players in the future?
- What are the evolving variations of the market globally?
- What are the evolving functions of the market globally?
- What are the prominent aspects that will affect market growth globally during the study period?
- Who are the key players operating in the market across the globe?
- How are the key players leveraging in the present market scenario worldwide?
- Construction Equipment Rental Market Providers
- Construction Equipment Rental Market Solution and Services Suppliers, Distributors and Dealers
- End-Users of Varied Segments of Construction Equipment Rental Market
- Government Bodies and Intellectual Institutions
- Associations and Industrial Organizations
- Research & Consulting Service Providers
- Research & Development Organizations
- Investment Banks & Private Equity Firms
60+ MARKET TABLES AND 30+ FIGURES WILL BE INCLUDED IN THE CONSTRUCTION EQUIPMENT RENTAL MARKET STUDY