Construction Equipment Rental Market size to grow by USD 31.46 billion from 2022 to 2027, Increased investment in infrastructure to drive the growth, Technavio
NEW YORK, March 14, 2024 /PRNewswire/ -- The construction equipment rental market is expected to grow by USD 31.46 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 5.17% during the forecast period. The market is experiencing substantial growth driven by heightened infrastructure investment. Increased demand is propelled by global infrastructure projects. Notably, China's USD 13.1 billion investment in Beijing International Airport and India's budget allocation for various projects, including industrial corridors and transportation schemes, exemplify this trend. Moreover, significant government investments in sports infrastructure, such as Qatar's expenditure on stadiums for the 2022 FIFA World Cup, are further boosting market expansion. With a projected surge in capital-intensive projects, the global market anticipates substantial growth in the forthcoming decade.
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Key Highlights:
- The report recognizes the following as some of the key players in the construction equipment rental market: Aktio Corp., Associated Equipment Rentals Pvt. Ltd., Briggs Equipment, Byrne Equipment Rental, Caterpillar Inc., Cramo Oy, Finning International Inc., Herc Rentals Inc., HSS ProService Ltd., Kanamoto Co. Ltd., Kwipped Inc., LGH, Loxam, Nishio Rent All Co. Ltd., Sarens NV, Sunstate Equipment Co. LLC, Titan Machinery, United Rentals Inc., Liebherr International Deutschland GmbH, and Komatsu Ltd.
- Construction Equipment Rental Market is fragmented in nature.
- Market to observe 5.09% YOY growth in 2023.
The increase in the adoption of automation is a major trend in the market. Operational challenges are the significant issues restricting the market growth.
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The market is segmented by application (ECRCE and MHE), type (ICE and electric), and geography (North America, Europe, APAC, Middle East and Africa, and South America).
Keg Segments:
- The market share growth by the ECRCE segment will be significant during the forecast period. The segment of earthmoving, concrete, and road construction equipment ECRCE is intended to carry, dig, spread, or move materials. For companies in the rental business of earth-moving equipment, there are great growth opportunities due to increased infrastructure investment, which will improve facilities for both the public and private sectors.
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Analyst Review
The construction equipment rental market is experiencing dynamic shifts, fueled by a confluence of factors ranging from technological advancements to global supply chain disruptions. As construction and mining operations expand, there is a burgeoning demand for new construction machines integrated with advanced technologies. This demand is particularly evident among small and medium scale construction companies, which are grappling with the scarcity of skilled workforce and escalating inflation.
In response to these challenges, the adoption of rental construction equipment is gaining momentum. Technological advancements are revolutionizing the landscape, with the automobile and heavy equipment sector witnessing the emergence of smarter machines embedded with proprietary technology systems and telematics systems for enhanced GPS location tracking and fuel consumption management.
Earthmoving machinery, material handling machinery, and concrete & road construction machinery are at the forefront of these innovations, offering improved efficiency and performance. Global supply chain disruptions and rising raw material prices are prompting construction companies and contractors to explore rental options to mitigate risks associated with high interest rates and maintenance costs.
The total cost of ownership remains a critical consideration for rental businesses, which are streamlining inventory management and maintenance processes. On-site support services are becoming indispensable, particularly in remote locations, where earthmoving excavators, backhoe loaders, and crawler excavators are deployed in harsh working environments for large-scale commercial projects and residential civil projects.
The demand for construction equipment rental market is also being fueled by the automation trend, which is transforming location tracking, data relay, and performance monitoring. As construction firms seek cost-effective solutions, the construction equipment rental market is poised for exponential growth, catering to the diverse needs of the agricultural, mining, and construction industries.
In conclusion, the construction equipment rental market is evolving in tandem with technological innovations and shifting market dynamics, offering a wide array of rental options to meet the ever-changing needs of the industry.
Market Overview
Inflation has propelled the construction and mining operations to seek cost-effective solutions like machine rental. The industry is witnessing a surge in demand for new construction machines equipped with advanced technologies. These machines offer enhanced efficiency and productivity, aiding in automated service improvements. Moreover, digital services facilitate equipment service tracking & mapping, ensuring streamlined operations and maintenance schedules. Small and medium-scale construction companies are embracing this trend to optimize their resources while staying competitive. The construction equipment rental market is evolving rapidly, driven by the need for innovative solutions to tackle inflationary pressures while meeting the demands of modern construction practices.
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ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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SOURCE Technavio
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