Construction Equipment Rental Market to Hit $336.1 Billion by 2030, at 5.1% CAGR: Coherent Market Insights

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Dec 20, 2023, 06:45 ET

SEATTLE, Dec. 20, 2023 /PRNewswire/ -- Coherent Market Insights has published a recent study report titled "Construction Equipment Rental Market Share, Size, Trends, Industry Analysis Report, By Machinery (Earthmoving machinery, Material handling machinery, and Concrete & road construction Machinery); By Region; Segment Forecast, 2023-2030" in its research database.

As per the recent analysis by Coherent Market Insights, the global construction equipment rental market size was valued at US$ 237.8 billion in 2023 and is predicted to reach US$ 336.1 billion by 2030. Also, the study states that the market reveals a robust 5.1% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2030.

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Market Dynamics:

The growth of the construction equipment rental market can be attributed to various drivers. Firstly, the increasing demand for rental equipment in construction activities is driving market growth. Renting equipment offers several advantages, such as cost savings, flexibility, and access to the latest technology without the need for large capital investment. This has led to a surge in the rental of construction equipment by contractors and construction firms.

Secondly, the growing focus on infrastructure development projects globally is fueling the demand for construction equipment rental. Governments and private companies are investing heavily in the construction of roads, bridges, buildings, airports, and other infrastructure facilities. This has created a significant demand for construction equipment, thereby boosting the rental market.

Market Trends:

The construction equipment rental market is witnessing two key trends. Firstly, there is a rising demand for technologically advanced and eco-friendly equipment. With the increasing emphasis on sustainable development, rental companies are offering equipment that is fuel-efficient, emits lower emissions, and complies with environmental regulations. This trend is expected to continue as construction companies increasingly prioritize sustainability.

Secondly, there is a growing preference for online rental platforms in the construction equipment market. These platforms provide a convenient and efficient way for contractors and construction firms to rent equipment. Online rental platforms offer a wide range of equipment options, transparent pricing, easy booking, and reliable customer service. The adoption of online rental platforms is expected to increase, driven by the convenience and cost-effectiveness they offer.

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Market Opportunities

The construction equipment rental market offers various opportunities for growth and profitability. One key market opportunity lies in the segment of machinery types. Among the different types of machinery available for rent, earthmoving machinery dominates the market.

Earthmoving machinery, which includes equipment such as excavators, bulldozers, and loaders, is essential for various construction projects. These machines are used for tasks such as digging, grading, and leveling the ground. Due to their versatility and wide range of applications, earthmoving machinery is in high demand.

In terms of revenue and market share, earthmoving machinery is expected to hold a dominant position in the construction equipment rental market. The growing number of construction projects, particularly in emerging economies, is driving the demand for earthmoving machinery rental.

Another market opportunity in the construction equipment rental industry is the dominance of the Asia Pacific region. In recent years, the Asia Pacific region has emerged as a leader in terms of construction activities, infrastructure development, and urbanization.

With a rapidly growing population and the need for infrastructure to support economic growth, countries in the Asia Pacific region are significantly contributing to the demand for construction equipment rental. China, India, Japan, and South Korea are among the key markets driving this growth.

The Asia Pacific region is expected to hold a dominant position in the construction equipment rental market over the forecast period. The region's robust construction industry, coupled with government initiatives for infrastructure development, is fueling the demand for rental equipment.

Recent Developments:

In June 2022, Sunbelt Rentals and Britishvolt joined forces to develop a full-scale battery Gigaplant in Cambois. This partnership aims to create innovative battery solutions for heavy equipment and power plants.

In conclusion, the construction equipment rental market offers two major opportunities: the dominance of earthmoving machinery in the machinery segment and the leading position of the Asia Pacific region. These opportunities, coupled with the presence of key players, contribute to the overall growth and prospects of the construction equipment rental market.

Read complete market research report,"Construction Equipment Rental Market, By Machinery, By Geography, Market Size And Share Analysis - Growth Trends And Forecasts 2023-2030", Published by Coherent Market Insights.

Key Market Takeaways:

The construction equipment rental market is anticipated to witness a CAGR of 5.1% during the forecast period 2023-2030, owing to the increasing demand for rental equipment in construction projects worldwide.

On the basis of machinery types, the earthmoving machinery segment is expected to hold a dominant position. The versatility and wide range of applications of earthmoving machinery contribute to its high demand in the construction industry.

In terms of regional dominance, the Asia Pacific region is expected to lead the construction equipment rental market. The region's booming construction activities, infrastructure projects, and urbanization drive the demand for rental equipment.

Key players operating in the construction equipment rental market include Ramirent, AKTIO Corporation, NISHIO RENT ALL Co., Ltd., AB2000, Cramo Oyj, Ahern Rentals Inc., Byrne Equipment Rental, American Equipment Company, Inc., United Rentals, Inc. (acquired BlueLine Rental), and Ashtead Group plc. These key players have a significant market presence and contribute to the growth of the industry.

Detailed Segmentation:

Global Construction Equipment Rental Market, By Machinery
- Earthmoving machinery
- Material handling machinery
- Concrete & road construction Machinery
Global Construction Equipment Rental Market, By Region
- North America
  - U.S.
  - Canada
- Latin America
  - Brazil
  - Mexico
  - Rest of Latin America
- Europe
  - Germany
  - U.K.
  - Spain
  - France
  - Italy
  - Russia
  - Rest of Europe
- Asia Pacific
  - China
  - India
  - Japan
  - Australia
  - South Korea
  - Rest of Asia Pacific
- Middle East & Africa
  - South Africa
  - GCC Countries
  - Rest of Middle East & Africa

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