Construction Equipment Rental Market is expected to generate a revenue of USD 135.57 Billion by 2028, Globally, at 4.25% CAGR: Verified Market Research®

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Jan 31, 2023, 08:30 ET

The market report is a good combination of qualitative and quantitative data that highlights significant market changes, obstacles that business and the competition must overcome, as well as new possibilities and trends in the global Construction Equipment Rental Market.

JERSEY CITY, N.J., Jan. 31, 2023 /PRNewswire/ -- Verified Market Research® recently published a report, "Construction Equipment Rental Market" By Product (Earthmoving Machinery, Material Handling Machinery, and Concrete and Construction Machinery), By Application (Residential, Commercial, and Industrial), and By Geography.

As per the deep research carried out by Verified Market Research®, the global Construction Equipment Rental Market size was valued at USD 93.90 Billion in 2020 and is projected to reach USD 135.57 Billion by 2028, growing at a CAGR of 4.25% from 2021 to 2028.

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Browse in-depth TOC on "Construction Equipment Rental Market"

202 - Pages
126 – Tables
37 – Figures

Global Construction Equipment Rental Market Overview

The Construction Equipment Rental Market has seen the rise of new technologies such as digital services for automated service upgrades, equipment service tracking, and mapping features. Because of the technical advancements given by the original equipment manufacturers, the adoption rates of construction equipment are increasing in rental services. Many new features have been introduced to the Construction Equipment Rental Market as a result of technological breakthroughs in the automotive and heavy machinery industries.

Construction equipment makers are working on delivering technologies that improve operational efficiency and require less maintenance, as well as advanced safety features such as lift help, 360-degree camera vision, and additional work lights. These features, however, come at a significant cost that many small builders and contractors cannot afford. As a result, many specialists opt to rent construction equipment. Renting construction equipment not only saves money on the cost of purchasing new equipment, but it also saves money on labor, maintenance, and operational costs. In addition, the cost of timely maintenance, repair, and inspection is avoided. All of these chores are carried out regularly by construction equipment rental businesses to make a long-term profit from the machinery. These businesses are increasingly focusing on delivering onsite services and equipment support, which improves the customer experience even more. Caterpillar Inc., for example, provides quick response teams to assist customers in remote regions via mobile servicing vans.

The purchase of new construction equipment frequently necessitates big down payments and a significant investment of funds from the company's operational expenses. The overhead costs associated with the post-purchase of construction equipment include interest on loans, insurance, licensing, storage, and taxes. Transport between job sites is also the responsibility of equipment owners. If the company rents the equipment, however, the provider is responsible for delivering the equipment to new worksites, and the company using it is not responsible for the direct overhead costs. Furthermore, rental businesses regularly refresh their fleets of equipment and machinery, ensuring that their customers have access to the most up-to-date equipment.

Verified Market Research® narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The "Global Construction Equipment Rental Market" is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.

Key Players

The "Global Construction Equipment Rental Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are United Rentals, Inc., Herc Holdings Inc., Ashtead Group Plc, Aktio Corporation, Loxam Sas, Kanamoto Co. Ltd., Nishio Rent All Co., Ltd., H & E Equipment Services Inc., and Cramo Group.

Based on the research, Verified Market Research® has segmented the global Construction Equipment Rental Market into Product, Application, and Geography.

Construction Equipment Rental Market, by Product

Earthmoving Machinery
Material Handling Machinery
Concrete and Construction Machinery

Construction Equipment Rental Market, by Application

Residential
Commercial
Industrial

Construction Equipment Rental Market, by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

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