Construction Equipment Rental Market | Industry Overview, Development Analysis, Strategic Outlook, Demand Analysis and Forecast by 2027

Market Overview 

The construction equipment rental market size is expected to grow at a CAGR of 5.15%. The market value is expected to reach USD 212 Billion by the forecast period. The global market was valued at USD 117.3 Billion during the historic forecast period. Infrastructure in hospitals and other medical facilities such as laboratories, shipping, logistics, healthcare centers, clinics, and other facilities has been in high demand. In the post-pandemic period, several countries are working moderately, which is expected to create a need for global market products and equipment.

One of the biggest worries that are preventing the market from increasing in the present projection period is the new coronavirus pandemic. The global market has been experiencing enormous challenges as a result of the pandemic’s advent, one of which is a disrupted supply and demand chain mechanism. Lockdown is being viewed as one of the result-oriented projects that are showing promising results by lowering the infection spread positivity rate and lowering the number of positive cases.

Market Segmentation 

Based on the Equipment Type, the market has been segmented into concrete & road construction, material handling, and earthmoving. Motor grader, backhoe, excavator, and other earthmoving dividends are further subdivided. Truck-mounted cranes, trailer-mounted cranes, and crawler cranes are all part of the material handling dividend.

Based on the Application, the market has been segmented into the infrastructure sector, non-residential sector, and residential sector.

Based on the Region, the market has been segmented North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region.

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Regional Classification 

The Asia-Pacific region holds the greatest market share in the global industry, owing to the existence of highly populous countries such as China and India, which causes greater market demand in this region. Because construction machinery production facilities are expanding at an alarming rate, China is considered the primary hub. This country is also the leading exporter of construction machines, which contributes to increased demand. The North American region holds the second-largest market share in the global market, owing to the existence of countries such as the United States, Canada, and Mexico. Another element driving up market demand in this region is the rising demand for various construction machineries such as motor graders and excavators. The presence of several large key companies also contributes to the region’s market demand.

The European area holds the third-largest market share in the global market, owing to the presence of a well-established technologically advanced infrastructure that necessitates the use of more construction machines, resulting in more growth potential in this region. There is a lack of infrastructure in both Latin America and the Middle East and Africa, which is why these regions have the smallest market share. Low per capita income is another factor limiting market expansion in these areas.

Industry News 

The major key players in the market are United Rentals, Inc., Riwal, Nesco Rentals, Herc Holdings, Shanghai Hongxin Equipment Engineering Co., Ltd., Cramo PLC, Caterpillar, Inc., Blueline Rental LLC, Ashtead Group, and Ahern Rentals Inc. These major important players utilize a variety of strategies to maintain their market position in the worldwide construction equipment rental market, including mergers and acquisitions, collaboration, the formation of a new joint venture, and partnership.

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