The global construction equipment rental market size is estimated to touch USD 136.5 billion by the end of 2027. The market is anticipated to expand at 4.9% CAGR from 2020 to 2027, as per the latest report by Million Insights. Factors such as increasing construction activities, especially in emerging countries are attributing to the growth of the market. In addition, increasing trend towards rental construction owing to its cost-benefits is estimated to supplement the market growth. New construction equipment is costly and incurs various costs such as maintenance cost, purchasing cost and lower repair cost. Renting equipment incur the low cost, thereby, gaining traction among end-users.
Depending on the products, the market is categorized into earthmoving machinery, concrete & road construction, and material handling machinery. In 2019, earthmovers held the largest share in the market. Factors such as ease of operation and high cost incurred in procuring new excavators are driving the segment growth.
Asia Pacific offers a lucrative growth opportunity owing to the increasing construction activities in the region. China is one of the major countries that manufactures construction pieces of machinery. Europe, on account of increasing infrastructural development, is anticipated to witness significant demand over the forecast duration. On the other hand, North America was the leading shareholder in 2019. The region growth is attributed to the presence of key manufacturers and increasing infrastructural activities.
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Further key findings from the report suggest:
• The construction equipment rental market was worth USD 92.9 billion in 2019 and projected to grow at a CAGR of 4.9% over the forecast duration.
• In 2019, earthmoving machinery acquired the largest segment among all products and the segment is likely to account for USD 75.9 billion by the end of 2019.
• The material handing machinery category is predicted to witness a CAGR of 5.2% over the forecast duration.
• Major companies operating in the market are Herc Rentals Inc., United Rental, Aggreko, Aktio Corp and Ashtead Group among others.
Million Insights has segmented the global construction equipment rental market on the basis of product and region:
Construction Equipment Rental Product Outlook (Revenue, USD Billion, 2016 - 2027)
• Earth Moving Machinery
• Material Handling Machinery
• Concrete & Road Construction Machinery
Construction Equipment Rental Regional Outlook (Revenue, USD Billion, 2016 - 2027)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa