Construction Equipment Rental Market Size, Share & Industry...

Construction Equipment Rental Market

The size of the worldwide market for construction equipment rental profits was estimated to be over USD 120.36 billion in 2023. By 2032, it is expected to generate revenue of roughly USD 175.82 billion, with a compound annual growth rate (CAGR) of nearly 4.30%.

Global Construction Equipment Rental Market: Overview

Construction equipment rental refers to the short-term rental of construction equipment through the execution of contracts containing usage guidelines. On construction sites, heavy labor is primarily facilitated by construction equipment. These pieces of equipment are expensive and unaffordable because many enterprises only need them occasionally. Businesses favor rental equipment because of its adaptability and capacity to fulfill specific requirements without necessitating upkeep or insurance. Thus, it has been determined that renting construction equipment is the best and most efficient solution for construction enterprises, especially when it comes to lessening the impact of unplanned financial downturns.

Get a Free Sample : https://www.zionmarketresearch.com/sample/construction-equipment-rental-market

Global Construction Equipment Rental Market: Growth Factors

Due to the high initial cost of purchasing new construction machinery, building businesses and contractors are turning to renting construction equipment, which is driving the lucrative growth of the worldwide construction equipment rental market. Large-scale infrastructure projects in emerging markets and the presence of multiple well-established major companies in nations like China, Japan, and India are further factors driving the global market's growth.

The effectiveness of material-handling equipment, however, is dependent on ongoing technical assistance and upkeep. Many end-user businesses rent construction equipment due to high depreciation and maintenance costs, high taxes, and the requirement for equipment insurance for new construction equipment. The cost of maintenance is further increased by the requirement for qualified workers to operate, repair, and maintain forklifts.

The market is growing as a result of all these factors pushing construction enterprises to use rental construction equipment. To further improve the client experience, top service providers are now concentrating on offering onsite services and equipment support.

Also, the rental businesses constantly update the machinery and equipment in their inventory to give their clients access to the newest and most sophisticated models. Nonetheless, a downturn in the economy and a recession in the building sector will immediately impede the expansion of the construction equipment leasing market. On the other hand, over the projection period, there will be abundant potential for the expansion of the worldwide construction equipment rental market due to favorable government funding for infrastructure development and low rental penetration in emerging nations.

Global Construction Equipment Rental Market COVID-19 Impact

The construction equipment rental business is facing several problems due to the ongoing worry over the spread of the coronavirus. This COVID-19 epidemic has affected significant building and construction activities because of the abrupt installation of strict controls like lockdown, temporary work stoppage, delay of construction & mining activities, and social distancing in various nations. In 2021, however, there will be a significant increase in demand for construction equipment rental as end users look to fulfill outstanding tasks and deliver projects on schedule. Additionally, growing consumer preferences for equipment rentals over new purchases of construction equipment will support market expansion. Additionally, governments are spending more on building projects, which will raise demand during the projected timeframe.

Global Construction Equipment Rental Market: Segmentation

Based on product type, application, drive type, and equipment type, the market for rental construction equipment is segmented. Analyzing minor growth segments within the industries and providing users with a useful market overview and insights to help with strategic decision-making for finding major market applications can be facilitated by looking at the growth within these segments.

Global Construction Equipment Rental Market: Regional Analysis

Geographically, the global market for the rental of construction equipment is expected to be dominated by North America throughout the duration of the projected period. The necessity for affordable, customized equipment among end users and the expansion of infrastructure construction are driving the market's growth in this area. Additionally, the market expansion for renting construction equipment is aided by the presence of well-known service providers in the area. Asia Pacific, on the other hand, is expected to expand quicker and present rich prospects for market expansion. The region's market is expanding due to various factors such as technical improvements and the provision of efficient service solutions by major players. Additionally, the various development projects have helped the global market for rental construction equipment.

Directly Purchase a copy of the report with TOC : https://www.zionmarketresearch.com/toc/construction-equipment-rental-market

Global Construction Equipment Rental Market: Competitive Players

The global construction equipment rental market is fragmented owing to the presence of domestic and multinational players.

H&E Equipment Services Inc (U.S.)
Cramo Group (Finland)
Ramirent (Finland)
Maxim Crane Works
L.P. (U.S.)
Kiloutou Group(France)
Sarens NV (Belgium)
Taiyokenki Rental Co. Ltd. (Japan)
Boels Rentals (Netherlands)
Speedy Hire Plc (UK)
United Rentals Inc. (U.S.)
Ashtead Group Plc (UK)
Loxam (Paris)
Herc Holdings Inc. (U.S.)
Aktio Corporation (Japan)
Nishio Rent All Co. Ltd. (Japan) Kanamoto Co. Ltd. (Japan)
Nishio Rent All Co. Ltd (Japan)
Mitsubishi Corporation (Japan)
Ahern Rentals (U.S.)

These manufacturers are also focusing on improving their services along with diversifying their product portfolio.

Further, strategic collaboration helps market players to expand the scale of business, advance logistic services, and strengthen their position in the market. Key players are majorly investing in strategic partnerships and joint ventures with equipment manufacturing companies to gain major market share.