Construction Equipment Rental Market size was estimated at USD 122.3 Billion in 2023 and is expected to reach USD 182 Billion by 2031 at a CAGR of 5.07% during the forecast period of 2024-2031.
The growth in government investment in the construction of public infrastructure has encouraged construction and mining operations in rising economies all over the world. Dieses explains why there is a huge market need for construction machinery. Construction firms and contractors are becoming more interested in renting construction equipment, as a result of the increase in the cost of new construction machinery. Additionally, the development of cutting-edge technology and an increase in automation are anticipated to fuel growth.
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MARKET DYNAMICS
DRIVERS
Project adaptability, technological progress, compliance with regulations, urbanization, and infrastructure development
Construction companies benefit from flexibility from equipment leasing since it enables them to scale up or down depending on project demands. The risk of equipment sitting idle during sluggish times is reduced by this flexibility. Construction businesses are encouraged to rent equipment rather than buy it since renting gives them access to the most recent developments without having to make a large upfront commitment. Construction organizations are required to employ contemporary, compatible equipment due to strict emissions and safety laws.
RESTRAIN
Initial capital expenses, ongoing operating expenses, and ownership advantages
Although renting equipment might ultimately save money, the upfront fees can be substantial, particularly when hiring big or specialized equipment. Maintenance, transportation, and running expenses are frequently the responsibility of the renter, which can pile up and lessen the overall cost benefit of renting. For long-term projects, some construction companies choose to own their own equipment, to build equity and obtain tax advantages.
OPPORTUNITY
Emerging Markets, Diverse Inventory of Equipment
To accommodate various consumer demands, rental firms might broaden their product offers to include a variety of construction tools, including specialized and cutting-edge versions. For rental enterprises, diversifying in developing nations with booming construction industries, may open up new consumer bases.
CHALLENGES
Competition, upkeep and safety, and reliance on the construction sector.
The market for renting construction equipment is extremely competitive, with several firms fighting for market share. Price pressure and smaller profit margins may result from this rivalry. The state of the rental market is directly correlated with that of the building sector. Demand may be impacted by economic downturns or changes in building activity. Due to wear and tear from numerous users, ensuring adequate maintenance and safety of rental equipment is a considerable problem for rental organizations.
IMPACT OF RUSSIA-UKRAINE WAR
It is understandable, that a year into the battle, the effects of the Russia-Ukraine War on the building have not abated. On February 24, 2022, the Russian President dispatched roughly 200,000 soldiers in Ukraine. The largest invasion of Europe since the conclusion of World War 2 resulted from it. Supply chains between the two nations were shattered by the conflict and the sanctions that followed against Russia. Affected were also indirect supply lines from Russia to Asia prices for raw materials, oil and gas, and transportation services all increased as soon as the battle started. Over the last year, the construction industry in the MENA area has been impacted by several macroeconomic factors. The early shock to product marketplaces has considerably diminished with the passage of time. But in 2023, the region's project markets will continue to be significantly impacted by the ongoing conflict.
IMPACT OF ONGOING RECESSION
In a downturn, the construction sector suffers, as final production is reduced due to a lack of consumer demand. The market for renting construction equipment is impacted as a result of the decline in construction activity, which will hinder the sector's growth pace.
By Product
Earth Moving Machinery
Material Handling Machinery
Concrete and Road Construction Machinery
By Application
Residential
Commercial
Industrial
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REGIONAL COVERAGE
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
REGIONAL ANALYSES
6.3% considerable expansion is anticipated in Asia Pacific throughout the predicted period. Governments in emerging countries in Asia are heavily investing in the development of highways, airports, dams, and special economic zones (SEZs), in order to expand connectivity, improve commerce, and strengthen the general economy. These measures have caught the attention of major manufacturers of construction equipment, who are now eager to spend heavily and establish a presence in the area. Manufacturers of construction machinery from across the world, including Caterpillar, Hitachi, Liebherr, and Sumitomo Corporation, provide their goods and services in the area.
In 2022, North America had a 31.3% Market Share. During the duration of the prediction, the area has remained dominant. Due to the low cost of project-specific, cutting edge technical technology, the region's construction equipment businesses are expanding. Specialized machinery is chosen because it shortens operation times, eliminates idle time, and maximizes total mining or building activity. The need for improved rental services and solutions has developed as a result of the popularity of the major construction equipment rental firms with U.S. bases, like United Rentals, Ahern Rentals, Ashtead Group, and others.
The major key players are Ahern Rentals Inc., AKTIO Corporation, Caterpillar Inc, Byrne Equipment Rental, Cramo Plc, Finning International Inc., Liebherr-International AG, Kanamoto Co., Ltd, Maxim Crane Works, L.P., United Rentals, Inc, Boels Rental, H&E Equipment Services Inc, and others.
Ahern Rentals Inc-Company Financial Analysis
RECENT DEVELOPMENTS
Boels Rental: In April 2023, the Nordic subsidiary Cramo after purchasing the Norwegian business BAS Maskinutleie. Diese purchase allows it to increase the scope of its rental services throughout the Nordic area.
H&E Equipment Services Inc: In June 2023, The 22nd rental facility for H&E Equipment Services Inc. (H&E) in the state of Texas has grown into a new branch in Houston South. It is managing a variety of construction and general industrial equipment thanks to its expansion.
| Report Attributes | Details |
| Market Size in 2023 | US$ 122.3 Bn |
| Market Size by 2031 | US$ 182 Bn |
| CAGR | CAGR of 5.07% From 2024 to 2031 |
| Base Year | 2022 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Earth Moving Machinery, Material Handling Machinery, Concrete and Road Construction Machinery) • By Application (Residential, Commercial, Industrial) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Ahern Rentals Inc., AKTIO Corporation, Caterpillar Inc, Byrne Equipment Rental, Cramo Plc, Finning International Inc., Liebherr-International AG, Kanamoto Co., Ltd, Maxim Crane Works, L.P., United Rentals, Inc, Boels Rental, H&E Equipment Services Inc. |
| Key Drivers | • Project adaptability, technological progress, compliance with regulations, urbanization, and infrastructure development. Construction companies benefit from flexibility from equipment leasing since it enables them to scale up or down depending on project demands. The risk of equipment sitting idle during sluggish times is reduced by this flexibility. Construction businesses are encouraged to rent equipment rather than buy it since renting gives them access to the most recent developments without having to make a large upfront commitment. Construction organizations are required to employ contemporary, compatible equipment due to strict emissions and safety laws. |
| Market Opportunity | • Emerging Markets, Diverse Inventory of Equipment. To accommodate various consumer demands, rental firms might broaden their product offers to include a variety of construction tools, including specialized and cutting-edge versions. For rental enterprises, diversifying in developing nations with booming construction industries, may open up new consumer bases. |
The Construction Equipment Rental Market is expected to grow at 5.07% CAGR from 2024 to 2031.
According to our analysis, the Construction Equipment Rental Market is anticipated to reach USD 301.9 billion by 2030.
Growing access to modern technologies and better customer service are two major reasons fueling the expansion of the market for construction equipment rentals.
The leading participants the Ahern Rentals Inc., AKTIO Corporation, Caterpillar Inc., Byrne Equipment Rental, Cramo Plc, and Finning International Inc.
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TABLE OF CONTENTS
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact Of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Construction Equipment Rental Market, By Product
8.1 Earth Moving Machinery
8.2 Material Handling Machinery
8.3 Concrete and Road Construction Machinery
9. Construction Equipment Rental Market Segmentation, By Application
9.1 Residential
9.2 Commercial
9.3 Industrial
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Construction Equipment Rental Market by Country
10.2.2 North America Construction Equipment Rental Market by Product
10.2.3 USA
10.2.3.1 USA Construction Equipment Rental Market by Product
10.2.4 Canada
10.2.4.1 Canada Construction Equipment Rental Market by Product
10.2.5 Mexico
10.2.5.1 Mexico Construction Equipment Rental Market by Product
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Construction Equipment Rental Market by Country
10.3.1.2 Eastern Europe Construction Equipment Rental Market by Product
10.3.1.3 Poland
10.3.1.4.1 Poland Construction Equipment Rental Market by Product
10.3.1.4 Romania
10.3.1.4.1 Romania Construction Equipment Rental Market by Product
10.3.1.5 Hungary
10.3.1.5.1 Hungary Construction Equipment Rental Market by Product
10.3.1.6 Turkey
10.3.1.6.1 Turkey Construction Equipment Rental Market by Product
10.3.1.7 Rest of Eastern Europe
10.3.1.7.1 Rest of Eastern Europe Construction Equipment Rental Market by Product
10.3.2 Western Europe
10.3.2.1 Western Europe Construction Equipment Rental Market by Country
10.3.2.2 Western Europe Construction Equipment Rental Market by Product
10.3.2.3 Germany
10.3.2.3.1 Germany Construction Equipment Rental Market by Product
10.3.2.4 France
10.3.2.4.1 France Construction Equipment Rental Market by Product
10.3.2.5 UK10.
3.2.5.1 UK Construction Equipment Rental Market by Product
10.3.2.6 Italy
10.3.2.6.1 Italy Construction Equipment Rental Market by Product
10.3.2.7 Spain
10.3.2.7.1 Spain Construction Equipment Rental Market by Product
10.3.2.8 Netherlands
10.3.2.8.1 Netherlands Construction Equipment Rental Market by Product
10.3.2.9 Switzerland
10.3.2.10.1 Switzerland Construction Equipment Rental Market by Product
10.3.2.10 Austria
10.3.2.10.1 Austria Construction Equipment Rental Market by Product
10.3.2.11 Rest of Western Europe
10.3.2.11.1 Rest of Western Europe Construction Equipment Rental Market by Product
10.4 Asia-Pacific
10.4.1 Asia Pacific Construction Equipment Rental Market by Country
10.4.2 Asia Pacific Construction Equipment Rental Market by Product
10.4.3 China
10.4.3.1 China Construction Equipment Rental Market by Product
10.4.4 India
10.4.4.1 India Construction Equipment Rental Market by Product
10.4.5 Japan
10.4.5.1 Japan Construction Equipment Rental Market by Product
10.4.6 South Korea
10.4.6.1 South Korea Construction Equipment Rental Market by Product
10.4.7 Vietnam
10.4.7.1 Vietnam Construction Equipment Rental Market by Product
10.4.8 Singapore
10.4.8.1 Singapore Construction Equipment Rental Market by Product
10.4.9 Australia
10.4.10.1 Australia Construction Equipment Rental Market by Product
10.4.10 Rest of Asia-Pacific
10.4.10.1 Rest of Asia-Pacific Construction Equipment Rental Market by Product
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Construction Equipment Rental Market by Country
10.5.1.2 Middle East Construction Equipment Rental Market by Product
10.5.1.3 UAE
10.5.1.3.1 UAE Construction Equipment Rental Market by Product
10.5.1.4 Egypt
10.5.1.4.1 Egypt Construction Equipment Rental Market by Product
10.5.1.5 Saudi Arabia
10.5.1.5.1 Saudi Arabia Construction Equipment Rental Market by Product
10.5.1.6 Qatar
10.5.1.6.1 Qatar Construction Equipment Rental Market by Product
10.5.1.7 Rest of Middle East
10.5.1.7.1 Rest of Middle East Construction Equipment Rental Market by Product
10.5.2 Africa
10.5.2.1 Africa Construction Equipment Rental Market by Country
10.5.2.2 Africa Construction Equipment Rental Market by Product
10.5.2.3 Nigeria
10.5.2.3.1 Nigeria Construction Equipment Rental Market by Product
10.5.2.4 South Africa
10.5.2.4.1 South Africa Construction Equipment Rental Market by Product
10.5.2.5 Rest of Africa
10.5.2.5.1 Rest of Africa Construction Equipment Rental Market by Product
10.6 Latin America
10.6.1 Latin America Construction Equipment Rental Market by Country
10.6.2 Latin America Construction Equipment Rental Market by Product
10.6.3 Brazil
10.6.3.1 Brazil Construction Equipment Rental Market by Product
10.6.4 Argentina
10.6.4.1 Argentina Construction Equipment Rental Market by Product
10.6.5 Colombia
10.6.5.1 Colombia Construction Equipment Rental Market by Product
10.6.6 Rest of Latin America
10.6.6.1 Rest of Latin America Construction Equipment Rental Market by Product
10 Company Profile
10.1 Ahern Rentals Inc.
10.1.1 Market Overview
10.1.2 Financials
10.1.3 Product/Services/Offerings
10.1.4 SWOT Analysis
10.1.5 The SNS View
10.2 AKTIO Corporation
10.2.1 Market Overview
10.2.2 Financials
10.2.3 Product/Services/Offerings
10.2.4 SWOT Analysis
10.2.5 The SNS View
10.3 Caterpillar Inc
10.3.1 Market Overview
10.3.2 Financials
10.3.3 Product/Services/Offerings
10.3.4 SWOT Analysis
10.3.5 The SNS View
10.4 Byrne Equipment Rental
10.4 Market Overview
10.4.2 Financials
10.4.3 Product/Services/Offerings
10.4.4 SWOT Analysis
10.4.5 The SNS View
10.5 Cramo Plc
10.5.1 Market Overview
10.5.2 Financials
10.5.3 Product/Services/Offerings
10.5.4 SWOT Analysis
10.5.5 The SNS View
10.6 Finning International Inc.
10.6.1 Market Overview
10.6.2 Financials
10.6.3 Product/Services/Offerings
10.6.4 SWOT Analysis
10.6.5 The SNS View
10.7 Liebherr-International AG
10.7.1 Market Overview
10.7.2 Financials
10.7.3 Product/Services/Offerings
10.7.4 SWOT Analysis
10.7.5 The SNS View
10.8 Kanamoto Co., Ltd
10.8.1 Market Overview
10.8.2 Financials
10.8.3 Product/Services/Offerings
10.8.4 SWOT Analysis
10.8.5 The SNS View
10.9 Maxim Crane Works
10.10.1 Market Overview
10.10.2 Financials
10.10.3 Product/Services /Offerings
10.10.4 SWOT Analysis
10.10.5 The SNS View
10.10 United Rentals, Inc
10.10.1 Market Overview
10.10.2 Financials
10.10.3 Product/Services/Offerings
10.10.4 SWOT Analysis
10.10.5 The SNS View
11. Competitive Landscape
11.1 Competitive Benchmarking
11.2 Market Share Analysis
11.3 Recent Developments
12. USE Cases and Best Practices
13. Conclusion
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