Pune, Nov. 21, 2023 (GLOBE NEWSWIRE) — “The SNS Insider report indicates that the Construction Equipment Rental Market was valued at approximately USD 189.85 billion in 2022, with projections suggesting it will attain USD 302.59 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 6% throughout the forecast period from 2023 to 2030.”
In the modern construction, the utilization of advanced machinery plays a pivotal role in ensuring efficiency, cost-effectiveness, and timely project completion. Construction equipment rental has emerged as a strategic solution for industry professionals seeking access to a diverse range of machinery without the burden of ownership. Construction equipment rental refers to the practice of leasing machinery, tools, and equipment necessary for construction projects, rather than purchasing them outright. This business model allows construction firms, contractors, and builders to access a wide array of specialized equipment on a temporary basis, tailored to the unique requirements of each project.
The global surge in construction projects, driven by urbanization, infrastructure development, and commercial construction, fuels the demand for construction equipment rental. Increasing awareness among construction professionals about the financial benefits of equipment rental, such as reduced upfront costs and enhanced budget flexibility, is a significant driver for construction equipment rental market growth. Construction firms are increasingly outsourcing equipment management to rental services, allowing them to concentrate on their core competencies and project execution. The trend towards sustainable construction practices has prompted companies to consider equipment rental as a more environmentally friendly option, reducing the environmental impact associated with machinery production and disposal. Integration of telematics, IoT, and other advanced technologies into rental equipment enhances efficiency, safety, and monitoring capabilities, attracting more industry players to opt for rental solutions.
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Major Players Listed in this Report are:
The major key players are Ahern Rentals Inc., AKTIO Corporation, Caterpillar Inc, Byrne Equipment Rental, Cramo Plc, Finning International Inc., Liebherr-International AG, Kanamoto Co., Ltd, Maxim Crane Works, L.P., United Rentals, Inc, Boels Rental, H&E Equipment Services Inc, and others.
Construction Equipment Rental Market Report Scope:
|Market Size in 2022||US$ 189.85 Bn|
|Market Size by 2030||US$ 302.59 Bn|
|CAGR||CAGR of 6% From 2023 to 2030|
|Key Regions/Country||North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)|
|Market Opportunities||• Emerging Markets, Diverse Inventory of Equipment. To accommodate various consumer demands, rental firms might broaden their product offers to include a variety of construction tools, including specialized and cutting-edge versions. For rental enterprises, diversifying in developing nations with booming construction industries, may open up new consumer bases.|
Market Dynamics Analysis
The construction equipment rental market is experiencing dynamic shifts driven by a combination of various factors. One of the primary drivers is the escalating demand for construction activities across the globe, fueled by urbanization and infrastructure development projects. The cost-effectiveness and flexibility offered by equipment rental services are attracting construction companies to opt for renting rather than investing in expensive machinery. Moreover, the increasing trend towards sustainable practices is influencing the market, with the availability of advanced and eco-friendly equipment for rent. On the flip side, the market faces restraints such as economic uncertainties and fluctuations in construction spending, which can impact the willingness of companies to invest in rentals. Additionally, stringent regulatory standards and compliance requirements pose challenges for both rental service providers and users. Threats to the market include the emergence of alternative construction methods and the potential impact of technological disruptions. Innovations such as 3D printing in construction and the use of drones for surveying could potentially reduce the need for traditional heavy equipment.
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Construction Equipment Rental Market Key Segmentation:
- Earth Moving Machinery
- Material Handling Machinery
- Concrete and Road Construction Machinery
Key Regional Developments
In North America, the construction equipment rental market is witnessing substantial growth, fueled by technological advancements and urbanization trends. The region’s emphasis on sustainable construction practices and stringent environmental regulations is driving the demand for modern, eco-friendly equipment. Europe’s market is shaped by a robust regulatory framework and a focus on sustainable development. Stringent emissions standards and safety regulations are influencing rental preferences, with a growing inclination towards equipment with advanced safety features. The Asia-Pacific region is at the forefront of the market, driven by a massive infrastructure boom and rapid economic growth. Developing nations are investing heavily in construction projects, creating a high demand for rental equipment.
Impact of Recession on Construction Equipment Rental Industry
The foremost impact of the recession on the construction equipment rental market is the palpable slowdown in construction activity. As economic uncertainties persist, major construction projects face delays, cancellations, or downsizing. Despite the challenges, government stimulus measures aimed at reviving economies can inject a lifeline into the market. Increased investment in infrastructure projects as part of economic recovery plans can potentially boost demand for rental equipment, providing a ray of hope for the industry.
Key Takeaway from Construction Equipment Rental Market Study
- The Earth Moving Machinery segment stands out as a key driver of growth in the market. This segment encompasses a wide array of heavy machinery, such as excavators, bulldozers, and loaders, designed to perform tasks like excavation, grading, and land clearing.
- The Material Handling Machinery segment is gaining prominence in the construction equipment rental market. This category includes equipment like cranes, forklifts, and hoists, which are essential for lifting, moving, and placing materials at construction sites.
- Alta Equipment Group, a prominent player in the industrial and construction equipment sector, has recently announced its strategic move to acquire Burris Equipment Co. The acquisition of Burris Equipment Co. is expected to bring about synergies that will benefit both companies and enhance their capabilities in providing top-notch equipment solutions.
- Texas First Rentals, a division of HOLT, has successfully completed the acquisition of Rental One, a prominent player in the construction equipment rental domain. This move is in line with Texas First Rentals’ strategic vision to provide a comprehensive suite of construction equipment solutions while leveraging synergies for operational excellence.
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Table of Contents
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Construction Equipment Rental Market, By Product
9. Construction Equipment Rental Market Segmentation, By Application
10. Regional Analysis
11. Competitive Landscape
12. USE Cases and Best Practices
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