Construction Rental Companies are Likely to Add Construction Equipment Fleet 1.2X Higher than Other Buyer Categories
Earth Moving Machines to Command Over 60% Construction Equipment Rental Globally
The Fact.MR report on construction equipment rental market offers comprehensive insights into latest trends shaping the growth prospects. It studies in detail various growth drivers and restraints impacting the demand across key segments including product type.
NEW YORK, Oct. 11, 2021 /PRNewswire/ -- Fact.MR forecasts the construction equipment rental mark et value to surpass US$ 115 Bn in 2021. Driven by expansion of the construction industry, the global market is set to grow at 4.3% CAGR between 2021 and 2031, reaching a total valuation of around US$ 176 Bn by 2031.
The robust growth of construction equipment rental market can be attributed to the rapid urbanization and industrialization, high cost of construction equipment, and increasing government expenditure in the expansion of public infrastructure.
Investment towards the expansion of smart cities also will steer growth in the market. The high initial cost of new construction equipment is encouraging end users to rent construction equipment. Renting construction equipment not only saves the cost of buying new equipment but also reduces labor cost, maintenance cost, and operational cost. It is therefore considered ideal for short term industrial applications.
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Integration of latest technologies in construction equipment is expected to aid overall expansion of the market. From GPS systems on dozers, graders and excavators to hybrid power systems, technology is rapidly changing the rental market. This in turn is creating attractive prospects for businesses offering construction equipment rental.
Some of the leading businesses are aiming at expanding their online presence. This has resulted in the launch of a slew of new equipment renting apps. For instance, in 2021, American Rental Association (ARA) launched RentalHQ mobile app. The new RentalHQ mobile app makes finding local rental equipment and rental partners fast and easy for construction contractors and professionals.
According to Fact.MR, rental earth moving machines will continue to dominate the global market during the forecast period. This can be attributed to increasing application of earth moving machinery such as excavators and loaders in construction, mining, and agriculture sectors.
The U.S. is anticipated to account for around 49% of the North America market during the forecast period. Availability of advanced rental equipment and increasing construction activities are some of the factors driving growth in the country.
"Integration of automation in construction activities to increase productivity, reduce the stress of laborious work, and increase safety will create opportunities for market players. Small builders and contractors are expected to be keener on construction equipment rental to avoid incurring extra cost on purchase and maintenance of new machineries," says a Fact.MR analyst.
Key Takeaways from Construction Equipment Rental Market Survey
- The U.S. market is expected to surpass US$ 40 Bn by the end of 2021 as a result of increasing adoption of advanced rental equipment by construction companies.
- Backed by a booming construction industry, the China market is poised to expand at 5% CAGR during the forecast period.
- The construction equipment rental market in India is slated to grow at 4% CAGR through 2031.
- The earth moving machinery rental segment will account for around 60% of the market value by 2031.
- Material handling machinery rental segment is expected to grow at 6% CAGR between 2021 and 2031.
Key Drivers
- High procurement and maintenance cost of modern construction machinery fuels the demand for construction equipment rental services.
- Increasing investments by government on public infrastructure along with the expansion of residential and commercial sectors are positively impacting the market growth.
Key Restraints
- Susceptibility of the construction industry to economic recession can restrict the market growth.
- The construction industry was severely hit by the COVID-19 outbreak. Suspension of construction activities has negatively impacted the construction equipment rental market.
To gain in-depth insights on Construction Equipment Rental Market, request methodology at
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Competitive Landscape
Key companies operating in the construction equipment rental market are focusing on expanding their presence across the globe. They have adopted various organic and inorganic growth strategies such as mergers, acquisitions, partnerships, new product launches and collaborations to gain a competitive edge in the market.
- In August 2021, H & E Equipment Services Inc, announced its expansion into the Midwest and the state of Missouri with the opening of its new Kansas City branch. The new branch specializes in the rental of generators, aerial lifts, telescopic forklifts, earthmoving machinery, compaction equipment, compressors and more.
- In June 2021, Loxam Group, a leading company in the rental of equipment and tools for building and public works, industry, landscaping and services acquired JM Trykluft A/S to expand and strengthen its presence in Denmark.
- In October 2021, Rent1, a leading Canadian provider of earthmoving and construction rental equipment announced that it is expanding its rental offerings to three new categories of machinery. Rent1's new machines are now available for online ordering.
Some of the leading players operating in the construction equipment rental market profiled by Fact.MR 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.
- Nikken Corporation
- Cramo Group
- Ramirent Plc
- Maxim Crane Works L.P.
- KiloutouSarens Nv
- Taiyokenki Rental Co. Ltd.
- Ahern Rentals Inc.
- Boels Rental
- Speedy Hire Plc.
More Insights on the Global Construction Equipment Rental Sales Outlook
Fact.MR provides an unbiased analysis of construction equipment rental market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for construction equipment rental with a detailed segmentation on the basis of:
Product Type
- Earth Moving Machinery Rental
- Material Handling Machinery Rental
- Concrete & Road Construction Machinery Rental
Regions
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Key Questions Covered in the Construction Equipment Rental Sales Outlook Report
- The report offers insight into construction equipment rental demand outlook for 2021-2031
- The market study also highlights projected sales growth for construction equipment rental market between 2021 and 2031
- Construction equipment rental market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Construction equipment rental market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Explore Fact.MR's Coverage on the Industrial Goods Domain –
Construction Equipment Market- Construction equipment is specially built machinery utilized in a variety of industries, including mining, construction, ports, manufacturing, and forestry, to name a few. Due to rising equipment costs, increasing economic uncertainty, a shortage of funding, technological advancements, and unpredictable building and infrastructure growth, the construction equipment rental market has been gaining pace. The construction equipment rental industry will be fueled by rising infrastructure development projects around the world.
Construction Equipment Repair and Maintenance Services Market- Most construction equipment is used to excavate, but it is also employed for a variety of other tasks such as heavy lifting, demolition, tree cutting, and river dredging. The demand for construction equipment repair and maintenance services is being driven by an increase in infrastructure, house building, and mining. Furthermore, the global market for construction equipment repair and maintenance services has grown steadily over the last decade; nevertheless, market circumstances have lately deteriorated.
Heavy loader Market- Infrastructure development is accelerating over the world. The majority of countries in the world are concentrating on overall economic development. One of the most important aspects of a country's economy is infrastructure development. To execute any significant construction job, a large number of people are needed. The heavy loader is important in minimizing labor costs and completing the project on time. In addition, rental and lease services encourage project contractors to use heavy loaders, which saves time and money. The heavy loader is being used more frequently as the demand for mining activities grows.
About Fact.MR
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