Construction Equipment Rental Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMICT992 | Last Updated On: Jun 24 2022 | Available Formats

> Global Construction Equipment Rental Market Expected to reach a high CAGR of 4.4% By 2029: DataM Intelligence.

Global Construction Equipment Rental Market is segmented By Product (Earthmoving Equipment, Material-Handling Equipment, Heavy Construction Vehicles, Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis,  2022-2029


Market Overview

The Global "Construction Equipment Rental Market"  is expected to grow at a CAGR of 4.4% during the forecasting period ( 2022-2029).

Construction equipment rental, also called plant hire in some countries (in the UK for instance), is a service industry providing machinery, equipment, and tools of all kinds and sizes (from earthmoving to powered access, from power generation to hand-held tools) for a limited period of time to end-users, mainly to construction contractors but also to industry and individual consumers.

Market Dynamics

Increasing investment in infrastructure, growth in the construction industry, growing public-private partnership developments in housing and construction activities are some of the factors propelling the market growth.

The growth of the construction industry is the major factor responsible for the growth of the global construction equipment rental market. According to a survey report by the construction intelligence centre, the volume of construction industry output grew by 3.1% in 2018 compared to USD 10.6 trillion in 2017. Moreover, according to Oxford Economics, the volume of construction output will grow by 85% at a global level in 2030. Owing to the factors, the global construction rental market is anticipated to grow at a steady rate in the future.

On the other side, tracking of equipment movement and performance, fluctuating fuel prices are the major barriers hampering the market growth.

Market Segmentation Analysis

Global construction equipment rental market is segmented by products such as earthmoving equipment, material-handling equipment, heavy construction vehicles, and others. The earthmoving equipment holds the largest market share, owing to the increasing demand for infrastructure and the construction industry. The earthmoving equipment includes several products such as excavators, track loaders, trenchers, motor scrapers, backhoes, and bulldozers. Of these, track loaders hold the maximum popularity among consumers for renting. Moreover, compact track loaders is estimated to offer lucrative opportunity in the upcoming years, due to its cost-saving versatility. According to Purchasing.Com survey report, compact loaders leaped in popularity among buyers (up to 69.6%) in large part to their ability to accommodate an extensive selection of tools and accessories.

Furthermore, recent shift towards new equipment technology. Through ergonomic joystick controls, quick-change attachment couplers, and cab designs that lessen operator fatigue, these technologies have made earth moving machines more comfortable for operation while simultaneously bolstering the versatility and efficiency of the machines.

Market Geographical Share

Geographically, global construction equipment rental market is segmented into North America, South America, Europe, Asia Pacific, and Middle East, and Africa. Among all, North America dominates the market due to high consumer spending, business investment in construction activities.

Consumer spending on construction activities continues to drive the growth in the US, supported by rising employment, household wealth, and real incomes coupled by tax benefits. According to trading economics, government of USA, the GDP from construction in the US increased to 646 USD billion in the Q3 2018 from 641.40 USD billion in the Q2 2018. Moreover, according to the United States Census Bureau, the total value of construction industry of the US increased from USD 1,276.3 billion in January 2018 to USD 1,279.6 billion in January 2019 witnessing a growth rate of 1.3%. Owing to these factors, the US construction rental market is anticipated to dominate the global construction equipment rental market in the future.

Market Competitive Trends

Global construction equipment rental market is fragmented with the presence of many local and international players. However, H&E Equipment Services, Inc, United Rentals Inc., Herc Rentals Inc., and Hitachi Construction Machinery Co., Ltd are prominent players in the global construction equipment rental market.

The companies are more focused on the acquisition as part of their business strategy to consolidate market position. For instance, in January 2019, H&E Equipment Services, Inc. announced its entry into a definitive agreement to acquire We-Rent-It (WRI) with six branches serving the growing central Texas market.

United Rentals Inc. is one of the major companies in construction equipment rental and is enhancing the market through acquisition. For instance, in December 2018, United Rentals, Inc. announced that United Rentals of Canada, Inc., a wholly-owned subsidiary of the company, has acquired WesternOne Rentals & Sales LP for a cash purchase price of approximately USD 90.4 million.

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