Global Construction Equipment Rental Market is projected to be valued at USD 162.23 Billion by 2025, growing at a CAGR of 4.75%: Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Mar 27, 2023, 06:48 ET

LONDON, March 27, 2023 /PRNewswire/ -- The Global Construction Equipment Rental Market was worth USD 117.24 billion in 2018 and is expected to reach a valuation of USD 162.23 billion by 2025, registering a CAGR of 4.75% over the assessment timeline of 2022-2029.

Construction equipment rental is referred to as a type of service in which businesses catering to the construction industry can rent useful construction equipment from third party sources for a certain period of time. This reduces the overall operation costs of these businesses while also generating high revenue scope for the third party equipment providers. The end users need to ink an agreement deal with the third party sources to ensure that the rented equipment would be returned on time and in a good condition.

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Global Construction Equipment Rental Market Outlook (2022-2029)

The booming construction and mining sectors, increase in the rate of construction machineries, along with the growing focus of the related businesses to reduce their operational costs are primarily augmenting the outlook of this business vertical.

Furthermore, technological advancements in the field, widespread industrialization, and robust population expansion are creating lucrative opportunities for this marketplace to prosper.

Alongside, rapid urbanization, increasing number of equipment renting companies, and growing government investments on infrastructural projects are adding momentum to the progression of the Global Construction Equipment Market.

On the contrary, lack of skilled labours along with the saturation in the end use industries across developed nations are hindering the remuneration scope of this industry sphere.

Moreover, the COVID-19 pandemic brough about a halt in construction and mining activities. Mobility restrictions resulting from lockdown impositions took a massive toll on commercial activities. Even when lockdown restrictions were eased, the construction and mining industries were still dealing with supply chain disruptions, lack of adequate labour force, economic constrains, and fluctuations in the price of raw materials. This reduced the demand for rented construction equipment during the pandemic era.    

Competitive Hierarchy

Industrial Supplies Development Co. Ltd., Hertz Equipment, John Deere, JCB, Battlefield Equipment Rentals, Conquest Equipment, and Liebherr are some of the prominent players characterizing the competitive terrain of the Global Construction Equipment Rental Market.

These aforementioned companies are trying to build a strong presence in the global market.  They are keen onto broadening their distribution network with an aim to reach maximum end users and expand their consumer base. They are leveraging their R&D activities and are also investing on joint ventures, mergers & acquisitions, and partnerships, among others.

Segmental Outlook

By Product

  • Earth Moving Machinery
  • Material Handling Machinery
  • Concrete & Road Construction Machinery

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Region-Wise Outlook

Which is the leading region in the Global Construction Equipment Rental Market?

Asia Pacific is presently leading the marketplace in terms of revenue share. This is attributable to the surge in construction activities, rapid urbanization, widespread population expansion, and growing emphasis of related companies to minimize their overall operational costs.

Category-Wise Outlook

Which is the fastest growing product segment in this business vertical?

The earthmoving machinery segment has emerged as one of the fastest growing product segments in this business sphere. This is ascribed to the growing adoption of earthmoving excavators across mining, agricultural, and construction sectors since they offer better engine performance and have high load capacity.

Comparing the historical outlook and ongoing trends of this market

This emerging market has been gaining significant traction over the assessment timeline due to numerous factors.

Construction and mining based businesses constantly require heavy machineries to carry out the necessary activities. It is evident that these equipment and quite expensive in nature and the related companies need to spend a fortune to buy them. There are times when these equipment lay unused for a long period of time after a single use. This not only takes a toll on their overall financial strength but also leads to a complete waste of important resources. But, by renting out an equipment they can easily cut down on their overall operational costs and invest the money elsewhere. These factors together are stimulating the overall dynamics of this business vertical.

Widespread industrialization, prompt urbanization, and rapid population expansion has created a need for both commercial and residential infrastructure. This has led to an increase in the construction activities across the globe. Governments of various nations are making high investments catering to infrastructural developments in their respective countries. This in turn has elevated the demand for reliable construction equipment rental services worldwide.

On Special Requirement Construction Equipment Rental Market Report is also available for below region:

North America

  • U.S, Canada

Europe

  • Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

  • South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

  • Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

  • Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

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SOURCE Brandessence Market Research And Consulting Private Limited

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