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Global Construction Equipment Rental Market Poised to Grow US$ 121.6 Billion by 2024, at a CAGR of 4.3%, Concludes MarketsandMarkets™ 

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Global Construction Equipment Rental Market Poised to Grow US$ 121.6 Billion by 2024, at a CAGR of 4.3%, Concludes MarketsandMarkets™ 

August 24
00:37 2022
Global Construction Equipment Rental Market Poised to Grow US$ 121.6 Billion by 2024, at a CAGR of 4.3%, Concludes MarketsandMarkets™ 
Browse 54 market data Tables and 49 Figures spread through 152 Pages and in-depth TOC on “Construction Equipment Rental Market
Construction Equipment Rental Market by Equipment (Earthmoving, Material Handling, Road Building & Concrete), Product (Backhoes, Excavators, Loaders, Crawler Dozers, Cranes, Compactors, Concrete Pumps), Region

The construction equipment rental market is estimated to be USD 98.6 billion in 2019 and is projected to reach USD 121.6 billion by 2024, growing at a CAGR of 4.3% from 2019 to 2024. Increasing building & construction activities, especially in China, Japan, and India, the recovering construction sector in Europe, and increasing rental penetration in North America coupled with shift in trend towards rental due to various cost-benefits is expected to drive the growth of the construction equipment rental market during the forecast period.  

Based on equipment, the construction equipment rental market is categorized into earthmoving, material handling, and road building & concrete. Earthmoving equipment comprises mobile and power-propelled vehicles designed to carry, dig, spread, or move earth or material. These vehicles include excavators, loaders, dozers, and motor graders, which are typically used to excavate or move large amounts of earth, dig foundations, and landscape. The selection of earthmoving equipment majorly depends on the quantity of material to be moved, the prevailing soil type, and compaction factors. Increasing investments in the infrastructure industry to improve facilities in the government and private sectors have provided an opportunity for companies in the earthmoving equipment rental market. Earthmoving equipment is high-value, requiring significant capital investments for the installation and maintenance of equipment fleets.

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Based on product, the construction equipment rental market is categorized into excavators, backhoes, loaders, crawler dozers, cranes, concrete pumps, compactors, transit mixers, concrete mixers, and others (asphalt pavers, finishers, dump trucks, industrial trucks, etc.). All these products are provided on rental basis by companies across the globe. To fetch larger construction projects, contractors invest in heavier and more expensive equipment. Rental services help contractors maximize their investments while reducing costs and maintaining financial flexibility. 

The construction equipment rental market is categorized into 5 regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Among these, North America accounted for the largest share of the market in 2018 and is expected to continue in the trend during the forecast period due to increase in building & construction activities in the region, coupled with supporting investments from domestic and foreign investors and favorable policies. The growth and financial health of the North American construction equipment rental market is driven by factors, such as non-residential construction activity, capital investments in the industrial sector, repair, maintenance, and overhaul services, government spending, and demand for construction equipment rental for remediation and rebuilding efforts. The market in the Asia Pacific is projected to grow at the highest CAGR during the forecast period. This growth is attributed to the increasing building & construction activities, especially in China, Japan, and India, coupled with increasing investments from domestic & foreign investors in public & private sectors.

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Major companies operating in the construction equipment rental market include United Rentals Inc. (US) (Belgium), United Rentals Inc. (US), Ashtead Group Plc (UK), Loxam (Paris), Herc Holdings Inc.  (US), Aktio Corporation (Japan), Nishio Rent All Co. Ltd. (Japan), and Kanamoto Co. Ltd. (Japan) hold a potential share of the construction equipment rental market.

United Rentals Inc. (US) is the leading player in the construction equipment rental market which has adopted organic & inorganic strategies to sustain its market position.

  • In October 2018, United Rentals, Inc. acquired WesternOne Rentals & Sales LP, a Canada-based leading equipment rental provider of aerial lifts and heat solutions, to expand its business in Western Canada.
  • In September 2018, United Rentals, Inc. acquired Blueline Rental, a leading North American general rental provider based in Texas, US, to extend its footprints to various large metropolitan areas in North America, including US coasts, the Gulf South, and Ontario. This acquisition is in line with the company’s Grow the Core strategy to expand its presence in the local and mid-sized customer segment.

Ashtead Group plc (UK) is another major company in the construction equipment rental market. It has adopted organic and inorganic strategies to sustain its position in the construction equipment rental market.

  • In March 2018, Ashtead Group acquired the business and assets of New England Rent-All Equipment, Inc. (NERA) for a cash consideration of approximately USD 4 million. NERA is a general equipment rental business based in Massachusetts, US.
  • In February 2018, Sunbelt US, an operating company of Ashtead Group in the US acquired the business and assets of Beaupre Aerial Equipment, Inc. and Beaupre Equipment Services, Inc. (together Beaupre) for a cash consideration of USD 50 million. Beaupre is an aerial work platform rental business based in Minnesota, US.

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