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Construction Equipment Rental Market Research Report – Global Forecast till 2030

Construction Equipment Rental Market Research Report, By Equipment Type (Earthmoving, Material Handling, and Concrete & Road Construction), Application (Residential, Non-residential and Infrastructure), and Region — Global Forecast till 2030

ID: MRFR/CO/6035-HCR | February 2021 | Region: Global | 188 pages

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Construction Equipment Rental Market Overview 



The construction equipment rental market size is expected to expand on a global scale at a CAGR of 5.15%. During the historic forecast period that ended in 2021, the global market was valued at a final figure of USD 117.3 billion. For the ongoing forecast period of 2022-2030, the market is expected to reach a final market value worth USD 212 billion by the end of the period in 2030.


As china's belt and the road program plans to link china with some other parts of Asia, Russia and Europe by land. So these plans result in the booming growth of the construction equipment rental market value globally. Later on, Britain plans some other high infrastructure projects like road improvements, new nuclear reactors, and the high-speed rail also paved the way to the growth of the construction equipment rental market. Even North America's road infrastructure project also brought a great impact on the growth of the construction equipment rental market.


The main benefit of having the construction equipment for rental has great benefits like there is no need to worry about the shortage of labour. By having the rental equipment it is possible to complete the work without more economical loss. So nowadays the rental equipment market is growing gradually and reaching its peak.


COVID – 19 Analysis


The spread of the COVID -19 brought a greater impact on the construction equipment rental market. All the global activities is been blocked because of the lockdown to maintain the social distance and to control the spread of the virus. So this brought drastic changes in the construction equipment rental market. As pandemic brought the greater demand to the construction materials. So their price got higher because of the increase in demand. But gradually the market started to be steady once the government reduced the lockdown restrictions.


After the pandemic issue, the construction equipment rental market share is getting better because of the growing construction industry in many developing countries. Even these drastic change in the market value rises even because of the residential and non-residential sectors. Presently the construction equipment has slowly trying to regain their construction works as soon as the government has started to provide approval across the cities in many countries.  


Market dynamics



  • Crucial market drivers


After the pandemic, there are many growing trends found in the automation industry which is believed to drive the growth of the construction equipment rental market share. In present times we can find that the construction industry is getting the knowledge of using the rental equipment. These benefits came to the knowledge only because of the contractors and construction companies. After the post-pandemic period, it is visible that the demand for the rental equipment for the construction of the hospitals, laboratories, health care centres, clinics. This is expected to drive the trend of the construction equipment rental market share uniquely.



  • Market growth opportunities


Low rental penetration is emerging among the nations. Rental penetration is one of the best sources to create opportunities. If one wishes to expand their rental equipment business the only suggestion they can get is to get a relatively low level of rental penetration. If there is a high level of rental penetration you can get to know that the market value is saturated. To talk about the global countries you can see that they have only the marginal penetration of construction equipment rental. One great opportunity which is found after the post period of the pandemic is that the relaxation in the restriction to the lockdown. So that the construction companies can gain profit because of the demand for the construction rental equipment.



  • The market restraints


The outbreak of the pandemic brought the greater impact and cause in building the infrastructure. Which brought the great challenge to develop the construction equipment rental market size. The market value was uncertain which lower the confidence of the investors to invest in the global market functioning. This was also a major drawback that brought losses because of the unavailability of investment by the investors.



  • The market challenge


The Main market challenge faced in the construction equipment rental industry is the labour shortage. There are different variety workers involved in this construction equipment rental industry such as technicians, qualified mechanics, etc. The construction industry is facing a great challenge because of the shortage of labour in this field. So they are expecting young people to get interested to work in this industry. On the other way, the labour shortage brings a greater benefit to the construction equipment rental industry. As there is a labour shortage in the construction works. So the contractors are in great need to utilize the rental equipment.


Cumulative growth analysis


At the beginning stage of the construction equipment rental market was uncertain and unstable. Even the market was low during the rise of the pandemic. Later on, due to the shortage of labour in the construction working site, the contractors started to prefer machinery when compared to manpower. Even this brought the profit to the contractors to complete it in superfast using the machine power.


Value chain analysis


Presently due to the shortage of labour, there is growing construction equipment rental market trends. As all the construction workers and contractors are in the great urge to get the labour they are preferring to have the machinery when compared to having the manpower.


This brings great changes in the construction equipment market. Not only the machinery help to reduce the labour shortage. But also it has reduced the pressure given to the manpower to lift heavy weights and completes the work faster than the manpower.



  • By product



  1. Backhoes

  2. Excavators

  3. Loaders

  4. Compaction equipment

  5. Earthmovers

  6. Road building equipment

  7. Cranes

  8. Concrete pipes

  9. Crawler dozers

  10. Transit mixers

  11. Concrete mixers

  12. Asphalt pavers

  13. Batching plants

  14. Crushers


 


Earth movers


The earth movers are used to lift high load capacity objects and also used in the oil and gas industry.


Road building equipment


This road building equipment is used to complete the road building contracts with less man power.



  • By material type



  1. Storage and handling equipment

  2. Industrial trucks

  3. Engineered system

  4. Bulk material handling equipment


 



  • By destruction channel



  1. Infrastructure sector

  2. Non – residential sector

  3. Residential sector


 



  • By region



  1. North America

  2. Asia Pacific region

  3. European region

  4. American region

  5. The Middle East

  6. African region

  7. Latin America


 


Competitive landscape


 The main competition undergoes between the construction equipment rentals is which company gives the machinery to the contractors at a lower cost. Then are companies who wished to expand their business by providing the machinery at a lower cost. So because of this, there remains competition among the market share. To talk about the key players, there are five key players whose market value is 18% of the share and the rest of the 82% belong to other players.


Key players



  1. United Rentals Inc

  2. Herc rentals

  3. Ashtead Group PLC

  4. H&E equipment services

  5. Loxaman

  6. Kanamoto Co. Ltd


Regional analysis


The Asia Pacific is the largest market that has the best market value and found a great boom in the construction equipment rental market, this is because of the government on developing infrastructure to enrich their economic status. In this region, we could witness the growth of the economy in such ways as building many special projects like airports, metro constructions, highway construction, dams, hydroelectric projects etc.


The second-largest market of construction equipment rental market is in North America, including the US, Canada, Mexico. The third-largest market in the European region is presently working for its technology development.


Recent developments



  1. H&E Equipment Services Inc, has relocated its Georgetown branch to an expanded facility in the temple which is located in Texas in June 2020

  2. United Rental Inc, the biggest market in North America which has nearly 14 organizations.

  3. Even in 2018, there is an acquisition of Blueline that increased United Rental capacity in the largest metropolitan areas in North America.


Market overview



  1. Market overview highlights

  2. Analysis based on Covid -19

  3. Details about the market dynamics

  4. Value chain analysis

  5. Market segmentation

  6. The regional analysis

  7. Competitive landscape

  8. Recent developments



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: USD 212 billion
  CAGR   5.15% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Equipment Type, Application, Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Ahern Rentals, Inc., Ashtead Group, Blueline Rental LLC, Caterpillar, Inc., Cramo PLC, Shanghai Hongxin Equipment Engineering Co., Ltd., Herc Holdings, Nesco Rentals, Riwal, United Rentals, Inc, and many others.
  Key Market Opportunities   Increase in demand for machines such as crawler cranes, truck-mounted cranes, and trailer-mounted cranes for the construction
  Key Market Drivers   Rise in industrial and infrastural construction projects


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Frequently Asked Questions (FAQ) :

Construction equipment rental market would achieve a CAGR of 5.15% during the forecast period of 2022-2030.

Lack of skilled worker would hold back construction equipment rental market.

The APAC region would dominate construction equipment rental market.

1. Backhoes 2. Loaders 3. Cranes 4. Crawler dozers 5. Concrete pumps 6. Transit mixers 7. Compactors 8. Excavators 9. Earthmovers 10. Road building and concrete 11. Material handling

1. United rentals Inc 2. Herc rentals 3. Ashtead group PLC 4. H&E equipment services 5. Loxaman