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Construction Equipment Rental Market By Product (Earth Moving Machinery, Material Handling Machinery and Others) - Global Industry Outlook, Key Companies (Caterpillar, Loxam, United Rentals Inc and others), Trends and Forecast 2023-2032

Published on : November-2023  Report Code : RC-515  Pages Count : 257  Report Format : PDF
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Market Overview

The Global Construction Equipment Rental Market is expected to reach a value of USD 209.7 billion in 2023, and it is further anticipated to reach a market value of USD 364.6 billion by 2032 at a CAGR of 6.3%. The market has seen a significant increase in the recent past and is predicted to grow significantly during the forecasted period as well.

Construction Equipment Rental Market Growth Analysis

A construction equipment rental facility acts as a hub where the general public can easily access, store, & use large vehicles & machinery majorly used in construction projects. These facilities not only provide the equipment but mostly offer complementary services & additional retail activities related to construction needs, which might include equipment maintenance services, safety gear supply, or even training resources, making a comprehensive & user-friendly resource hub for construction professionals & enthusiasts alike.

The expected growth of the industry in the forecasted period is likely to be driven by developments like equipment service tracking & mapping, as well as digital services that improve automated service processes.

Market Dynamic

The major driver behind the market's growth is the ongoing construction industry, particularly in emerging economies, this growth is due to various opportunities in the residential, non-residential, & infrastructure segments. For instance, the growth in multi-family housing construction is due to the presence of nuclear families & growing investments in projects such as expressways, bridges, metros, smart cities, highways, & roads to help growing urban populations. Additionally, the growth in preference towards automation is anticipated to further fuel market expansion.

However, these systems require significant investments, making them inaccessible to various small builders & contractors. The construction equipment rental service has effectively addressed this challenge by removing the need for complete ownership costs & offering rental alternatives. Renting construction equipment enables businesses to sidestep expenses associated with initial purchase, maintenance, & inventory management.

Research Scope and Analysis

By Product

The market landscape of 2023 is noticing that the earthmoving machinery sector holds a significant portion of the market share. This is particularly attributed to the escalated use of earthmoving excavators in industries like agriculture, mining, & construction. These industries have noticed significant expansion owing to the substantial contribution of earthmoving excavators. Additionally, there is an increase in trend in the adoption of several other earthmoving equipment types, including backhoe loaders, crawler excavators, skid-steer loaders, & mini excavators. These machines possess impressive load capacities & better engine performance, making them highly suitable for deployment in challenging operational conditions.

A special trait of earthmoving equipment lies in its ability to grow in demanding work environments. This durability & capability have set them as indispensable tools for various tasks. Mainly, construction businesses & contractors have shown an interest in leasing earthmoving equipment. This shift can be due to the growth in large-scale commercial & residential civil projects. Moreover, this trend has given a major boost to the construction equipment rental market, driving its growth further.
Further, the segment related to concrete equipment is anticipated for a big growth in the forecast period. 

The development of strong infrastructure plays a major role in growing trade & commercial activities. Particularly, the connectivity given by roads holds the potential to shape a country's economic prospects. This trend is evident in various developing countries in the Asia Pacific region, including countries like China and India. These nations are placing a strong stress on improving road networks. For instance, China's ambitious "One Belt, One Road" initiative focuses on establishing crucial connections between China & various European countries. This extensive undertaking carries a high price tag of USD 1.3 trillion

Moreover, India is actively investing in road improvement, as highlighted by its new budget for 2022-23. A significant allocation of USD 529.7 billion emphasizes the government's commitment to creating better road links, mainly through the development of new highways, as these governmental commitments to large-scale road & highway projects is expected to boost the demand for concrete equipment. These investments are set to drive the growth of this particular market segment.

The Global Construction Equipment Rental Market Report is segmented on the basis of the following:

By Product

  • Earth Moving Machinery
    • Backhoe
    • Excavators
    • Loaders
    • Compaction Equipment
    • Others
  • Material Handling Machinery
    • Cranes
    • Dump Trucks
  • Concrete Equipment
    • Concrete Pumps
    • Crushers
    • Transit Mixer
    • Asphalt Pavers
    • Batching Plants

Regional Analysis

In 2023, the North American region contains a significant market share, contributing about 32.2% of the total revenue in the Global Construction Equipment Rental Market. The market landscape of 2022 saw the earthmoving machinery sector holding a significant portion of the market share. This was particularly due to the growth in the use of earthmoving excavators in industries like agriculture, mining, & construction. These industries have noticed significant expansion owing to the substantial contribution of earthmoving excavators. Additionally, there is an increase in trend in the adoption of several other earthmoving equipment types, including backhoe loaders, crawler excavators, skid-steer loaders, & mini excavators. 

These machines possess impressive load capacities & better engine performance, making them highly suitable for deployment in challenging operational conditions. Further, the Asia Pacific region is also anticipated for significant growth in the forecast period. The governments of emerging economies in Asia are making significant funding in infrastructure development, including highways, airports, dams, & special economic zones (SEZs), to improve connectivity, promote trade, & stimulate overall economic growth. 

These initiatives have gained the attention of international construction equipment companies, making them significantly invest & establish their presence in the region. Renowned global construction equipment manufacturers such as Caterpillar, Hitachi, Liebherr, & Sumitomo Corporation are constantly offering their products & services in this burgeoning market.

Construction Equipment Rental Market Growth Analysis

By Region

North America
  • The U.S.
  • Canada
Europe
  • Germany
  • The U.K.
  • France
  • Italy
  • Russia
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
Asia-Pacific
  • China
  • Japan
  • South Korea
  • India
  • ANZ
  • ASEAN
  • Rest of Asia-Pacific
Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Rest of Latin America
Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Egypt
  • Rest of MEA

Competitive Landscape

The construction equipment rental market noticed significant competitiveness, marked by the participation of various domestic & regional players. This diverse landscape encourages intense competition within the market. One prominent trend driving this industry is the popularity of opting for mergers & acquisitions, as well as the formation of joint ventures. These strategic activities play a major role in shaping the market dynamics, allowing companies to extend their offerings, diversify their portfolios, & access new markets.

For instance, in November 2022, Maxim Crane Works L.P. introduced Maxim MarketplaceTM, an ingenious online platform dedicated to the sale of used equipment. This move comes as the U.S. rental industry leader focuses on refreshing its fleet, containing a range of inventory of cranes & support equipment. In collaboration with Krank, one of the leading software developers in the industry, Maxim Crane Works has unveiled its own state-of-the-art online marketplace for used product sales, providing a modern & efficient channel for buyers & sellers in the construction equipment market.

Some of the prominent players in the Global Construction Equipment Rental Market are:
  • Caterpillar
  • Loxam
  • United Rentals Inc
  • Sumitomo Corp
  • Cramo Plc
  • Maxim Crane Works
  • Kanamoto Co Ltd
  • Ahern Rentals Inc
  • Aktio Corp
  • Finning International Inc
  • Other Key Players

COVID-19 Pandemic & Recession: Impact on the Global Construction Equipment Rental Market:

The COVID-19 pandemic & following economic recession had a significant impact on the global construction equipment rental market. Lockdowns, supply chain disruptions, & less construction activity led to a temporary decline in the need for rental equipment. However, as construction projects steadily restarted & companies looked for cost-effective solutions, the market saw a rebound. Construction equipment rental has emerged as a favored option owing to its flexibility & cost-efficiency, with many businesses opting to rent rather than invest in new machinery during economic uncertainty. This shift in preference, along with ongoing infrastructure projects, is anticipated to drive the recovery & growth of the construction equipment rental market in the post-pandemic era.

                                      Report Characteristics
Market Size (2023) USD 209.7 Bn
Forecast Value (2032) USD 364.6 Bn
CAGR (2023-2032) 6.3%
Historical Data 2017 - 2022
Forecast Data 2023 - 2032
Base Year 2022
Estimate Year 2023
Report Coverage Market Revenue Estimation, Market Dynamics, Competitive Landscape, Growth Factors and etc.
Segments Covered By Product (Earth Moving Machinery (Backhoe, Excavators, Loaders, Compaction Equipment and Others), Material Handling Machinery (Cranes and Dump Trucks) and Concrete Equipment (Concrete Pumps, Crushers, Transit Mixer, Asphalt Pavers and Batching Plants))
Regional Coverage North America – The US and Canada; Europe – Germany, The UK, France, Russia, Spain, Italy, Benelux, Nordic, & Rest of Europe; Asia- Pacific– China, Japan, South Korea, India, ANZ, ASEAN, Rest of APAC; Latin America – Brazil, Mexico, Argentina, Colombia, Rest of Latin America; Middle East & Africa – Saudi Arabia, UAE, South Africa, Turkey, Egypt, Israel, & Rest of MEA
Prominent Players Caterpillar, Loxam, United Rentals Inc, Sumitomo Corp, Cramo Plc, Maxim Crane Works, Kanamoto Co Ltd, Ahern Rentals Inc, Aktio Corp, Finning International Inc, and Other Key Players
Purchase Options We have three licenses to opt for: Single User License (Limited to 1 user), Multi-User License (Up to 5 Users), and Corporate Use License (Unlimited User) along with free report customization equivalent to 0 analyst working days, 3 analysts working days and 5 analysts working days respectively.

 

Frequently Asked Questions

  • How big is the Global Construction Equipment Rental Market?

    The Global Construction Equipment Rental Market is estimated to reach USD 209.7 billion in 2023, which is further expected to reach USD 364.6 billion by 2032.

  • Which region accounted for the largest Global Construction Equipment Rental Market?

    North America dominates the Global Construction Equipment Rental Market with a share of 32.2% in 2023.

  • Who are the key players in the Global Construction Equipment Rental Market?

    Some of the major key players in the Global Construction Equipment Rental Market are Caterpillar, Loxam, Cramo Plc, and many others.

  • What is the growth rate in the Global Construction Equipment Rental Market?

    The market is growing at a CAGR of 6.3 percent over the forecasted period.

  • Contents

      1.Introduction
        1.1.Objectives of the Study
        1.2.Market Scope
        1.3.Market Definition and Scope
      2.Construction Equipment Rental Market Overview
        2.1.Global Construction Equipment Rental Market Overview by Type
        2.2.Global Construction Equipment Rental Market Overview by Application
      3.Construction Equipment Rental Market Dynamics, Opportunity, Regulations, and Trends Analysis
        3.1.Market Dynamics
          3.1.1.Construction Equipment Rental Market Drivers
          3.1.2.Construction Equipment Rental Market Opportunities
          3.1.3.Construction Equipment Rental Market Restraints
          3.1.4.Construction Equipment Rental Market Challenges
        3.2.Emerging Trend/Technology
        3.3.PESTLE Analysis
        3.4.PORTER'S Five Forces Analysis
        3.5.Technology Roadmap
        3.6.Opportunity Map Analysis
        3.7.Case Studies
        3.8.Opportunity Orbits
        3.9.Pricing Analysis
        3.10.Ecosystem Analysis
        3.11.Supply/Value Chain Analysis
        3.12.Covid-19 & Recession Impact Analysis
        3.13.Product/Brand Comparison
      4.Global Construction Equipment Rental Market Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by By Product, 2017-2032
        4.1.Global Construction Equipment Rental Market Analysis by By Product: Introduction
        4.2.Market Size and Forecast by Region
        4.3.Earth Moving Machinery
        4.4.Material Handling Machinery
        4.5.Concrete Equipment
      5.Global Construction Equipment Rental Market Value ((US$ Mn)), Share (%), and Growth Rate (%) Comparison by Region, 2017-2032
        5.1.North America
          5.1.1.North America Construction Equipment Rental Market: Regional Trend Analysis
            5.1.1.1.The US
            5.1.1.2.Canada
        5.2.1.Europe
          5.2.1.Europe Construction Equipment Rental Market: Regional Trend Analysis
            5.2.1.1.Germany
            5.2.1.2.France
            5.2.1.3.UK
            5.2.1.4.Russia
            5.2.1.5.Italy
            5.2.1.6.Spain
            5.2.1.7.Nordic
            5.2.1.8.Benelux
            5.2.1.9.Rest of Europe
        5.3.Asia-Pacific
          5.3.1.Asia-Pacific Construction Equipment Rental Market: Regional Trend Analysis
            5.3.1.1.China
            5.3.1.2.Japan
            5.3.1.3.South Korea
            5.3.1.4.India
            5.3.1.5.ANZ
            5.3.1.6.ASEAN
            5.3.1.7.Rest of Asia-Pacifc
        5.4.Latin America
          5.4.1.Latin America Construction Equipment Rental Market: Regional Trend Analysis
            5.4.1.1.Brazil
            5.4.1.2.Mexico
            5.4.1.3.Argentina
            5.4.1.4.Colombia
            5.4.1.5.Rest of Latin America
        5.5.Middle East and Africa
          5.5.1.Middle East and Africa Construction Equipment Rental Market: Regional Trend Analysis
            5.5.1.1.Saudi Arabia
            5.5.1.2.UAE
            5.5.1.3.South Africa
            5.5.1.4.Israel
            5.5.1.5.Egypt
            5.5.1.6.Turkey
            5.5.1.7.Rest of MEA
      6.Global Construction Equipment Rental Market Company Evaluation Matrix, Competitive Landscape, Market Share Analysis, and Company Profiles
        6.1.Market Share Analysis
        6.2.Company Profiles
        6.3.Caterpillar
          6.3.1.Company Overview
          6.3.2.Financial Highlights
          6.3.3.Product Portfolio
          6.3.4.SWOT Analysis
          6.3.5.Key Strategies and Developments
        6.4.Loxam
          6.4.1.Company Overview
          6.4.2.Financial Highlights
          6.4.3.Product Portfolio
          6.4.4.SWOT Analysis
          6.4.5.Key Strategies and Developments
        6.5.(US$ Mn)ed Rentals Inc
          6.5.1.Company Overview
          6.5.2.Financial Highlights
          6.5.3.Product Portfolio
          6.5.4.SWOT Analysis
          6.5.5.Key Strategies and Developments
        6.6.Sumitomo Corp
          6.6.1.Company Overview
          6.6.2.Financial Highlights
          6.6.3.Product Portfolio
          6.6.4.SWOT Analysis
          6.6.5.Key Strategies and Developments
        6.7.Cramo Plc
          6.7.1.Company Overview
          6.7.2.Financial Highlights
          6.7.3.Product Portfolio
          6.7.4.SWOT Analysis
          6.7.5.Key Strategies and Developments
        6.8.Maxim Crane Works
          6.8.1.Company Overview
          6.8.2.Financial Highlights
          6.8.3.Product Portfolio
          6.8.4.SWOT Analysis
          6.8.5.Key Strategies and Developments
        6.9.Kanamoto Co Ltd
          6.9.1.Company Overview
          6.9.2.Financial Highlights
          6.9.3.Product Portfolio
          6.9.4.SWOT Analysis
          6.9.5.Key Strategies and Developments
        6.10.Ahern Rentals Inc
          6.10.1.Company Overview
          6.10.2.Financial Highlights
          6.10.3.Product Portfolio
          6.10.4.SWOT Analysis
          6.10.5.Key Strategies and Developments
        6.11.Aktio Corp
          6.11.1.Company Overview
          6.11.2.Financial Highlights
          6.11.3.Product Portfolio
          6.11.4.SWOT Analysis
          6.11.5.Key Strategies and Developments
        6.12.Finning International Inc
          6.12.1.Company Overview
          6.12.2.Financial Highlights
          6.12.3.Product Portfolio
          6.12.4.SWOT Analysis
          6.12.5.Key Strategies and Developments
        6.13.Other Key Players
          6.13.1.Company Overview
          6.13.2.Financial Highlights
          6.13.3.Product Portfolio
          6.13.4.SWOT Analysis
          6.13.5.Key Strategies and Developments
      7.Assumptions and Acronyms
      8.Research Methodology
      9.Contact
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