Major players in the construction equipment rental market are H&E Equipment Services, Inc, Maxim Crane Works, L.P., Boels Rentals, United Rentals Inc., Ashtead Group Plc, Loxam, Herc Holdings Inc., Aktio Corporation, Kanamoto Co. Ltd., Taiyokenki Rental Co., Ltd., Cramo, Ramirent Plc, Kiloutou, Speedy Hire Plc, Nishio Rent All Co. Ltd., The Hertz Corporation, Ahern Rentals and Nikken Corporation
The global construction equipment rental market is expected to grow from $90.60 billion in 2021 to $94.81 billion in 2022 at a compound annual growth rate (CAGR) of 4.64%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $114.24 billion in 2026 at a CAGR of 4.77%.
The construction equipment rental market consists of sales of construction equipment products by entities (organizations, sole proprietors, partnerships) that rent out construction-related machinery, equipment, and tools to other contractors and professionals for a flat rate on daily, weekly or monthly basis. Renting construction equipment saves construction contractors the cost of new equipment, labor cost, maintenance cost, and operational costs.
The main construction rental equipment include earthmoving, material handling and road building and concrete.Earthmoving construction equipment move soil and other material on heavy construction site in preparation for constructing buildings.
The different construction equipment rental products include backhoes, excavators, loaders, crawler dozers, cranes, concrete pumps, compactors, transit mixers and concrete mixers which are used in residential, commercial and industrial applications.
North America was the largest region in the construction equipment rental market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The growing construction industry is expected to propel the growth of the construction equipment rental market going forward.The construction industry is rising because of ongoing urbanization, impending infrastructural projects, and a growing population base.
The construction sector uses a variety of construction equipment such as tower cranes, bulk material handling, transit mixer, batching plant, concrete pumps and others.Renting these equipment help contractors to reduce costs of purchase and maintenance.
According to the global construction review report published in 2021, construction will be a driving force in global economic growth in the decade to 2030, with output estimated to be 35% greater than in the previous ten years to 2020. Hence, the growing construction industry will drive the growth of the construction equipment rental market.
Replacing conventional equipment with telematics integrated machinery is a rising trend in the construction equipment market.Telematics is integrated into the construction equipment for GPS fleet tracking, maximizing fleet utilization, safeguarding equipment from theft, improved billing, equipment utilization and others.
For instance, in 2020, Appareo, a US based manufacturer of electronic and software solutions, launched a cellular asset tracking device for off-highway equipment called AT-130 (IP69K).The device is embedded with GPS and cellular capabilities, has a high battery life, and can withstand high pressure.
The high-performance positioning and motion-sensing capabilities ensure that motion-based reporting is done based on true machinery repositioning, which helps to extend the battery life of the equipment and reduce false alarms.
In February 2019, H&E Equipment Services, Inc., a US based integrated equipment company which provides equipment rentals, sales, parts, and service, acquired We-Rent-It (WRI) for around $100 million. This acquisition will help H&E Equipment Services, Inc. expand its presence in Texas, by adding six branches of WRI. We-Rent-It is a non-residential construction equipment rental company headquartered in Bryan, Texas.
The countries covered in the construction equipment rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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Gross Domestic Product
Construction Equipment Import
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