CONSTRUCTION EQUIPMENT RENTAL MARKET ANALYSIS

Construction Equipment Rental MarketSize and Trends

The global construction equipment rental market size was valued at US$ 221.7 billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030. Several factors are driving this growth. These include the need to reduce capital expenditure, a growing trend towards renting, and increased productivity gains offered by modern digital platforms. The construction equipment rental market is growing on account of increased demand for residential buildings and commercial construction. The demand is also increasing due to a surge in global infrastructure projects. 

Figure 1. Global Construction Equipment Rental Market Share (%), By Region, 2022

Figure 2. Global Construction Equipment Rental Market Share (%), By Machinery, 2022

Global Construction Equipment Rental Market Segmentation:

The global construction equipment rental market report is segmented into machinery.

Based on Machinery, the market is segmented into Earthmoving machinery, Material handling machinery, and Concrete & road construction Machinery. Out of which, Earthmoving Machinery is expected to dominate the global market over the forecast period and this is attributed to the rise in road, high-rise, and bridge construction. Construction activities of larger infrastructures are increasing all over the world due to which the demand for earthmoving equipment is increasing for this application. This in turn is expected to drive growth of this segment.

Material Handling Machinery segment is also expected to witness significant growth in the near future and this is owing to the increase in demand for construction equipment for industrial application and growing industrialization. The focus on increasing output is increasing among industries for minimizing capital expenditure involved in material handling machinery. Thus, the demand for material handling machinery is increasing, which is driving growth of this segment.

Global Construction Equipment Rental Market Trends:

Growing strategic acquisitions among market players is a major trend

Leading players in the market are increasingly engaging in strategic initiatives such as collaborations, acquisitions, and strengthening product portfolios to gain a competitive edge in the global construction equipment rental market. For instance, in September 2022, H&E Equipment Services, announced to have acquired One Source Equipment Rental, an Illinois-based company. With this acquisition, the company took a step further toward its geographic expansion in the market. Thus, this trend is likely to aid in growth of the global construction equipment rental market over the forecast period.

Increasing application in commercial sector is another trend in the market

Increasing demand for construction equipment is leading to rise in application of construction equipment rental services in commercial sector. Commercial properties are creating lucrative openings for equipment manufacturers to boost their business in terms of product sales and rental services. Along with this, government of several countries are introducing infrastructure plans, which is further driving the demand for heavy equipment. Thus, this trend is anticipated to augment growth of the global construction equipment rental market over the forecast period.