Construction Equipment Rental Market to Reach $220.7 Billion, Globally, by 2032 at 6.6% CAGR: Allied Market Research
The global construction equipment rental market is experiencing growth due to several factors, including a surge in construction activities in developing countries, a reduction in expenses such as maintenance, labor, and operational costs, and a lack of high ownership costs and financial constraints.
PORTLAND, Ore., Aug. 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Construction Equipment Rental Market by Application (Excavation and Mining, Material Handling, Earthmoving, Concrete), by Product (Backhoes and Excavators, Loaders, Crawler Dozers, Cranes, Forklift, Other), by Propulsion System (IC Engine, Electric): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global construction equipment rental industry was valued at $93.5 billion in 2018, and is projected to reach $220.7 billion by 2032, registering a CAGR of 6.6% from 2023 to 2032.
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Prime Determinants of Growth:
The global construction equipment rental market is experiencing growth due to several factors, including a surge in construction activities in developing countries, a reduction in expenses such as maintenance, labor, and operational costs, and a lack of high ownership costs and financial constraints. On the other hand, a lack of skilled and qualified operators and a decrease in new construction activities in developed nations may hinder the growth of the market to some extent. Furthermore, emerging economies are rapidly urbanizing and industrializing, resulting in increasing infrastructure development, which presents a huge market opportunity to produce construction equipment to meet the expanding demand for various machines and equipment in these markets.
Report Coverage & Details:
Report Coverage |
Details |
Forecast Period |
2023-2032 |
Base Year |
2018 |
Market Size in 2018 |
$93.5 Billion |
Market Size in 2032 |
$220.7 Billion |
CAGR |
6.6 % |
No. of Pages in Report |
220 |
Segments covered |
Application, Product, Propulsion System, and Region. |
Drivers |
Surge in construction activities in developing countries |
Reduction of expenses such as maintenance cost, labor cost, and operational costs |
|
No high ownership cost and financial constraints |
|
Opportunities |
Ease of relocation and high efficiency with IoT technology |
Restraints |
Lack of skilled and qualified operators |
Decrease in new construction activities in developed nations |
COVID-19 Scenario:
- The outbreak of COVID-19 had a negative impact on the construction equipment rental market. Due to the COVID-19 pandemic and the subsequent global lockdowns, the construction equipment rental market faced a downturn.
- However, as the global situation has improved, the demand for construction equipment rental has been restored. This, in turn, presented various growth opportunities for companies operating in the construction equipment rental market.
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The earthmoving segment to maintain its leadership status throughout the forecast period-
Based on application, the earthmoving segment held the highest market share in 2018, accounting for more than two-fifths of the global construction equipment rental market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is due to a rise in the use of earthmoving equipment in a variety of industries for moving materials such as land, dirt, and stone. However, the concrete segment is projected to manifest the highest CAGR of 7.3% from 2023 to 2032. Owing to the increase in construction of new airports, ports, commercial spaces, and residential projects, these concrete mixing machines are expected to be fast-operating and can produce concrete mixers at a faster speed, thus giving superior and faster performance.
The loaders segment to rule the roost by 2032-
Based on product, the loaders segment held the highest market share in 2018, contributing to nearly two-fifths of the global construction equipment rental market, and is projected to rule the roost in terms of revenue by 2032. Due to rising demand for commercial construction such as schools, malls, IT parks, and others. On the other hand, the other segment is projected to manifest the highest CAGR of 7.7% from 2023 to 2032. Owing to the rise in construction of malls, bridges, and other infrastructure, the demand for construction equipment such as lift trucks, compactors, and concrete pumps and mixers has increased.
The IC engine segment to maintain its lead position during the forecast period-
Based on propulsion system, the IC engine segment held the major share in 2018, contributed more than 90% of the global construction equipment rental market revenue, and is expected to maintain its lead position during the forecast period. The growth is attributed to the rising requirement for high power output, high efficiency, and high torque generated by IC engines. However, the electric segment is expected to portray the largest CAGR of 8.8% from 2023 to 2032. This is owing to its eco-friendly nature and comparatively lower operating costs.
Asia-Pacific to maintain its dominance by 2032-
Based on region, Asia-Pacific held the highest market share in 2018, accounting for more than two fifths of the global construction equipment rental market revenue, and is likely to maintain its dominance during the forecast period. owing to industrialization and business expansion by a key market player in the region. However, LAMEA is expected to witness the fastest CAGR of 9.0% from 2023 to 2032. This is due to rising construction and infrastructure sectors in developing countries such as Africa, the Middle East, and others.
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Leading Market Players: -
- Boels rentals
- Hande equipment services inc.
- Herc rentals inc.
- Kanamoto co., Ltd.
- Nesco holdings, inc.
- Maxim crane works, l.P.
- Mtandt group
- Ramirent ab
- Sarens n.V./S.A.
- United rentals, inc.
The report provides a detailed analysis of these key players of the global construction equipment rental market. These players have adopted different strategies such as new product launches, business expansion, acquisition, collaboration and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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