info@marketresearchfuture.com   📞  +1 (855) 661-4441(US)   📞  +44 1720 412 167(UK)
Certified Global Research Member
Isomar fd.webp Wcrc 57.webp
Key Questions Answered
  • Global Market Outlook
  • In-depth analysis of global and regional trends
  • Analyze and identify the major players in the market, their market share, key developments, etc.
  • To understand the capability of the major players based on products offered, financials, and strategies.
  • Identify disrupting products, companies, and trends.
  • To identify opportunities in the market.
  • Analyze the key challenges in the market.
  • Analyze the regional penetration of players, products, and services in the market.
  • Comparison of major players financial performance.
  • Evaluate strategies adopted by major players.
  • Recommendations
Why Choose Market Research Future?
  • Vigorous research methodologies for specific market.
  • Knowledge partners across the globe
  • Large network of partner consultants.
  • Ever-increasing/ Escalating data base with quarterly monitoring of various markets
  • Trusted by fortune 500 companies/startups/ universities/organizations
  • Large database of 5000+ markets reports.
  • Effective and prompt pre- and post-sales support.

Rental Equipment Market Research Report: By Equipment Type (Earthmoving Equipment, Aerial Work Platforms, Material Handling Equipment, Construction Equipment, Power Generation Equipment, Other Equipment), By Application (Construction, Mining, Oil and Gas, Power Generation, Industrial, Other Applications), By Rental Period (Short-Term Rental (Less than 30 Days), Medium-Term Rental (30-90 Days), Long-Term Rental (More than 90 Days)), By Rental Model (Rent-to-Buy, Equipment Leasing, Subscription-Based Rental, Pay-as-You-Go Rental, Other Rental


ID: MRFR/IA - E/21060-HCR | 100 Pages | Author: Pradeep Nandi| October 2024

Rental Equipment Market Overview


As per MRFR analysis, the Rental Equipment Market Size was estimated at 186.93 (USD Billion) in 2022. The Rental Equipment Market Industry is expected to grow from 226.95(USD Billion) in 2023 to 1,300.88 (USD Billion) by 2032. The Rental Equipment Market CAGR (growth rate) is expected to be around 21.41% during the forecast period (2024 - 2032).


Key Rental Equipment Market Trends Highlighted


Key market drivers in the rental equipment industry include increasing demand for construction and infrastructure projects, growth in the manufacturing sector, and rising urbanization. Opportunities for growth are present in emerging markets, particularly in Asia-Pacific and Latin America, where infrastructure development is expanding. Recent trends in the rental equipment market include the adoption of telematics and IoT solutions to enhance fleet management and optimize equipment utilization. The rise of e-commerce and online rental platforms is also facilitating accessibility and convenience for customers. Additionally, the focus on sustainability is driving demand for energy-efficient and eco-friendly rental equipment.


Rental Equipment Market Overview


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Rental Equipment Market Drivers




  • Rising Construction Activities Driving Demand for Rental Equipment




The construction industry is one of the main drivers of demand for rental equipment. A growing number of construction projects with particular reference to the developing nations boost the demand for excavators, cranes, bulldozers, and any other kind of equipment. Rental companies are able to provide contractors with the needed flexibility and cost-effectiveness to succeed in managing all the demands on the part of the projects. 
Furthermore, the expansion of the rental equipment market benefits from the growing rate of sustainable construction. Many contractors try to decrease their negative impact on the surrounding environment by renting the necessary equipment with the newest emissions standards that are expected to make the increase in usage only. However, the construction industry is not the only reason to expect an increase in demand for rental equipment. In the short run, the demand for rental equipment is expected to increase at a stable rate as the industry of construction will experience considerable growth in the given period. 


The urbanization of the territories with inappropriate conditions for living urges construction teams and rental companies to try to meet the needs of the contractors. Infrastructure development is still a complicated process for many countries. However, the tendency towards urbanization and dwelling in close proximity to the working location leads to the appearance of new objects and the substitution of the old ones. Renewable energy projects will also require more contractors with the necessary equipment which is highly important for the activities of the rental companies as well.



Technological Advancements Enhancing Rental Equipment Capabilities


The Rental Equipment Market Industry includes continuously developing technologies that enhance the capabilities of equipment available for rent. Thus, the equipment has become more advanced due to the integration of GPS and telematics, among others. Improved equipment helps rental companies enhance the way they monitor and handle it, and as a result, the companies can increase utilization rates and decrease operating costs. It should also be said that the development of new types of equipment, such as new electric or hybrid models, promotes the ability of customers’ attention to reduce their negative environmental impact. Despite the growing interest in advanced technologies, the rental market is still largely fragmented. 


However, it is expected that the development and growth of technologies will make an impact on the growth of the rental market. Rental companies will have to keep up with the progress and invest in new equipment and technologies to be able to attract customers. The improved availability of advanced equipment is expected to lead to the entry of new customers into the rental market.


Government Regulations and Environmental Concerns Shaping the Rental Equipment Market


Government regulations and environmental concerns are some of the factors that are shaping the Rental Equipment Market Industry. Regulating bodies are pushing stricter regulations on emissions and noise. Thus, the equipment to be used must be in accordance. The regulatory pressure is expected to continue, which makes the rental industry grow. Major rental companies are responding to these standards and pressures by investing in new technologies and equipment. Today, one modern aspect that the major companies are embracing is the use of new equipment and technology that meets the new standards. There is also a drive to lower emissions, which is achieved through rental equipment. In effect, rental equipment is thus contributing by delivering sustainable and environmentally friendly equipment.


Rental Equipment Market Segment Insights:


Rental Equipment Market Equipment Type Insights


The Equipment Type segment of the Rental Equipment Market includes Earthmoving Equipment, Aerial Work Platforms, Material Handling Equipment, Construction Equipment, Power Generation Equipment, and Other Equipment. Earthmoving Equipment boasts the largest share of the market, with a valuation of USD 65.97 Billion in 2023. This is related to the upsurge of the construction sector, primarily in developing countries, which strive to make infrastructure development a priority. The activities in mining are also increasing the demand for earthmoving equipment, as these machines are applied to both extraction and transportation purposes by virtue of their shovel, scrapper, and dragline properties. Aerial Work Platforms seem to be another salient area, with a notable growth rate over the forecast period, at a CAGR of 22.18%. 


The relative increase in the number of applications and industries piloting these platforms, such as repair, construction, and inspection, is expected to drive the demand. This is also interconnected with safety issues, as the implementation of this apparatus conforms to occupational health and safety standards and may also be associated with the need for better access to high-altitude installations. Material Handling Equipment is another vital sector of the market, which is projected to reach a valuation of USD 294.65 Billion by 2032. This is related to the rise of e-commerce activities and, consequently, the utter proliferation of warehousing and distribution. These machines are of critical importance as they ensure the smooth entry, sorting, and entry of goods and materials into warehouses and from warehouses to various distribution sites. 


Construction Equipment also pertains to a critical subject area, as there are numerous machines used in various construction works, such as Caterpillar, Bobcat, and Genie. Naturally, the demand for this equipment will continue to grow as the number of construction works worldwide is growing as well. Power Generation Equipment is a sector of importance as the demand for energy is constantly growing. These machines are particularly applicable to areas that are bereft of general energy sources. The adoption of renewable sources is also increasing the demand. Other Equipment is relatively low-growth as it is only applicable to certain applications and encompasses a broad range of items.


Rental Equipment Market Equipment Type Insights


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Rental Equipment Market Application Insights


The Rental Equipment Market segmentation by Application includes Construction, Mining, Oil and Gas, Power Generation, Industrial, and Other Applications segments. Construction is anticipated to hold the majority share of the market during 2023, attributing to a surge in construction activities across the globe. Moreover, the Mining segment is anticipated to experience substantial growth during the projection period, attributing to an increase in demand for minerals and metals elements. The oil and Gas segment is anticipated to grow steadily owing to a rise in exploration and production activities. 


Similarly, the Power Generation segment is also expected to escalate owing to the launch of a specific implementation process; other segments are likely to demonstrate moderate growth during the projected period owing to an increase in demand for rental equipment from industries. Other application segments such as forestry, agriculture, events, and activities are also likely to boost the growth of the Rental Equipment Market.


Rental Equipment Market Rental Period Insights


The Rental Period segment is a crucial aspect of the Rental Equipment Market segmentation, as it categorizes the market based on the duration for which equipment is rented. Short-Term Rental (Less than 30 Days) accounts for a significant portion of the market revenue and is primarily driven by the need for equipment for small-scale projects, emergency situations, and short-term events. Medium-Term Rental (30-90 Days) is gaining traction due to its suitability for projects that require equipment for a longer duration than short-term rentals but less than long-term rentals.


Long-Term Rental (More than 90 Days) caters to large-scale projects and operations where equipment is required for an extended period. The market growth in this segment is attributed to the increasing demand for equipment in industries such as construction, mining, and manufacturing. Overall, understanding the Rental Period segment provides valuable insights into the varying needs and preferences of customers, enabling market players to tailor their offerings and strategies accordingly.


Rental Equipment Market Rental Model Insights


The Rental Equipment Market is segmented by rental model into rent-to-buy, equipment leasing, subscription-based rental, pay-as-you-go rental, and other rental models. Among these, the equipment leasing segment is expected to account for the largest revenue share in 2024, owing to the increasing adoption of long-term rental agreements by businesses seeking to reduce capital expenditures and gain access to the latest equipment. Subscription-based rental is expected to be the fastest-growing segment during the forecast period due to its affordability and flexibility, making it an attractive option for small businesses and individuals. Pay-as-you-go rental is also gaining popularity, particularly in the construction industry, as it allows contractors to rent equipment only when needed, reducing idle time costs.


Rental Equipment Market Regional Insights


The Rental Equipment Market is expected to grow at a CAGR of 21.41% from 2023 to 2032, reaching a valuation of USD 1300.88 Billion by 2032. Regionally, North America held the largest share of the Rental Equipment Market in 2023 and is expected to maintain its dominance throughout the forecast period. The growth in this region can be attributed to the increasing demand for rental equipment from various industries such as construction, manufacturing, and oil gas. Europe is expected to be the second largest market for rental equipment, followed by APAC, South America, and MEA. The growth in APAC is expected to be driven by the increasing construction activities in the region, while the growth in South America and MEA is expected to be driven by the increasing demand for rental equipment from the mining and construction industries.


rental equipment market regional insights


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Rental Equipment Market Key Players And Competitive Insights:


Players in an emerging Rental Equipment Market industry are driven to keep pace with the competition through their adoption of new technology, and expansion of their product lines through the acquisition of smaller firms. Moreover, the efforts of leading experts and Rental Equipment Market players focus on the development of these and other similar innovations. The interest in the development of the Rental Equipment Market is motivated by the increasing demand for rental equipment in such industries as manufacturing, mining, construction, and others. United Rentals is one of the leading and oldest Rental Equipment Market experts, which offers a variety of rental equipment, such as aerial work platforms, earthmoving equipment, Outdoor Power Equipment etc. 


The firm is one of the major carriers of an extensive list of rental products worldwide. The company operates in terms of U.S. rents, emphasizing its operations in North America and Europe. United Rentals is one of the major players in the emerging industry due to its customer focus and its investments in new technology and customer facing services, such as online rental platforms. United Rentals is one of the major players in the industry based on its financial performance and investments in emerging technology. Herc Rentals Inc. is another major player in the Rental Equipment Market, as the firm offers various types of rental equipment, including tools, lighting and heavy machinery. 


The company is pursuing its customer-focused strategy through the provision of added-value services and major industry innovations, as well as the provision of quality equipment. The company is relatively new to the emerging industry, but it is one of the leading players in terms of its performance and investments in emerging Rental Equipment Market technologies.


Key Companies in the Rental Equipment Market Include:



  • Hune

  • Terex Corporation

  • United Rentals

  • Doosan Bobcat

  • JLG Industries

  • Boels Rental

  • Ashtead Group

  • Coates Hire

  • Herc Holdings

  • Sunbelt Rentals

  • Ingersoll Rand

  • Atlas Copco

  • Kiloutou

  • Rameder

  • Loxam


Rental Equipment Market Industry Developments


The Rental Equipment Market is projected to grow significantly over the forecast period, driven by increasing construction activities, infrastructure development, and rising demand from various industries. The market is expected to witness a substantial increase in demand for specialized equipment, such as aerial work platforms, earthmoving equipment, and material handling equipment. Technological advancements, including the adoption of IoT and telematics, are further expected to drive market growth. Recent news developments include JLG Industries' launch of a new electric scissor lift and United Rentals' acquisition of Ahern Rentals, expanding its presence in the North American market. These developments indicate the growing focus on sustainability and the consolidation trend within the industry.


Rental Equipment Market Segmentation Insights




  • Rental Equipment Market Equipment Type Outlook



    • Earthmoving Equipment

    • Aerial Work Platforms

    • Material Handling Equipment

    • Construction Equipment

    • Power Generation Equipment

    • Other Equipment






  • Rental Equipment Market Application Outlook



    • Construction

    • Mining

    • Oil and Gas

    • Power Generation

    • Industrial

    • Other Applications






  • Rental Equipment Market Rental Period Outlook



    • Short-Term Rental (Less than 30 Days)

    • Medium-Term Rental (30-90 Days)

    • Long-Term Rental (More than 90 Days)






  • Rental Equipment Market Rental Model Outlook



    • Rent-to-Buy

    • Equipment Leasing

    • Subscription-Based Rental

    • Pay-as-You-Go Rental

    • Other Rental Models






  • Rental Equipment Market Regional Outlook




    • North America




    • Europe




    • South America




    • Asia Pacific




    • Middle East and Africa








Report Attribute/Metric Details
Market Size 2022 186.93 (USD Billion)
Market Size 2023 226.95 (USD Billion)
Market Size 2032 1300.88 (USD Billion)
Compound Annual Growth Rate (CAGR) 21.41% (2024 - 2032)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Base Year 2023
Market Forecast Period 2024 - 2032
Historical Data 2019 - 2023
Market Forecast Units USD Billion
Key Companies Profiled Hune, Terex Corporation, United Rentals, Doosan Bobcat, JLG Industries, Boels Rental, Ashtead Group, Coates Hire, Herc Holdings, Sunbelt Rentals, Ingersoll Rand, Atlas Copco, Kiloutou, Rameder, Loxam
Segments Covered Equipment Type, Application, Rental Period, Rental Model, Regional
Key Market Opportunities Rise in infrastructure spending. Growing construction industry Expansion into emerging markets Increasing demand for specialized equipment Adoption of digital technologies
Key Market Dynamics Growing Construction Industry Technological advancements Rising urbanisation Environmental regulations Increasing demand for specialized equipment
Countries Covered North America, Europe, APAC, South America, MEA


Frequently Asked Questions (FAQ) :

The Rental Equipment Market is expected to reach a valuation of 226.95 billion USD in 2023.

The Rental Equipment Market is projected to exhibit a CAGR of 21.41% from 2024 to 2032.

Key growth drivers of the Rental Equipment Market include rising infrastructure development, growing construction activities, increasing demand for specialized equipment, and the adoption of rental services to optimize costs.

North America is expected to hold the largest market share in the Rental Equipment Market, followed by Europe and Asia-Pacific.

Rental equipment finds applications in various industries, including construction, mining, oil and gas, manufacturing, and infrastructure development.

Key competitors in the Rental Equipment Market include United Rentals, Herc Rentals, Loxam, Ashtead Group, and Sunbelt Rentals.

Challenges faced by the Rental Equipment Market include economic downturns, seasonality, and competition from equipment manufacturers.

Emerging trends in the Rental Equipment Market include the adoption of digital technologies, the rise of telematics, and the growing popularity of subscription-based rental models.

The rental equipment market is expected to continue growing steadily over the next five years, driven by increasing demand from various industries and the adoption of digital technologies.

Key factors that will shape the future of the rental equipment market include technological advancements, changing customer preferences, and the increasing focus on sustainability.

Leading companies partner with us for data-driven Insights
client_1 client_2 client_3 client_4 client_5 client_6 client_7 client_8 client_9 client_10
Kindly complete the form below to receive a free sample of this Report
Please fill in Business Email for Quick Response

We do not share your information with anyone. However, we may send you emails based on your report interest from time to time. You may contact us at any time to opt-out.

Purchase Option
Single User $ 4,950
Multiuser License $ 5,950
Enterprise User $ 7,250
Compare Licenses
Tailored for You
  • Dedicated Research on any specifics segment or region.
  • Focused Research on specific players in the market.
  • Custom Report based only on your requirements.
  • Flexibility to add or subtract any chapter in the study.
  • Historic data from 2014 and forecasts outlook till 2040.
  • Flexibility of providing data/insights in formats (PDF, PPT, Excel).
  • Provide cross segmentation in applicable scenario/markets.