IMARC Group, a leading market research company, has recently releases report titled “Construction Equipment Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032" the global construction equipment rental market size reached US$ 116.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 188.2 Billion by 2032, exhibiting a growth rate (CAGR) of 5.3% during 2024-2032.
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Factors Affecting the Growth of the Construction Equipment Rental Industry:
Cost-Effective Solutions:
Purchasing construction equipment requires a significant upfront capital investment. For many construction companies, especially smaller ones, this can be a financial burden. Rental options eliminate the need for large capital expenditures, freeing up funds for other essential aspects of the business. Owning construction equipment involves ongoing expenses, such as maintenance, repairs, insurance, and storage while renting equipment transfers these responsibilities to the rental provider, reducing the total cost of ownership.
Technological Advancements:
Technological innovations are leading to the development of construction equipment with advanced features. Renting enables construction companies to access machinery equipped with state-of-the-art technology, such as global positioning system (GPS) tracking, telematics, and automated control systems. These features enhance efficiency and productivity on construction sites. Modern construction equipment is designed to be more fuel-efficient, reducing operational costs. Rental companies often offer newer, fuel-efficient models, which appeal to environment conscious people and those looking to minimize fuel expenses.
Global Urbanization:
Urbanization often leads to the expansion and development of infrastructure, including roads, bridges, airports, and public transportation systems. These projects require a wide range of construction equipment, catalyzing the demand for rentals. As cities are growing, there is a rising need for residential and commercial real estate. Construction equipment is essential for building apartments, office complexes, and retail spaces, driving the demand for rental equipment in the real estate sector.
Leading Companies Operating in the Global Construction equipment rental Industry:
Ahern Rentals Inc.
Boels Rental
Caterpillar Inc.
Finning International Inc.
H&E Equipment Services Inc.
Herc Rentals Inc.
Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.)
Liebherr-International AG
Nishio Rent All Vietnam Co. Ltd
Ramirent Oy
United Rentals Inc. Kanamoto Co. Ltd.
Construction Equipment Rental Market Report Segmentation:
By Equipment Type:
Earthmoving
Excavator
Loader
Backhoe
Motor Grader
Others
Material Handling
Crawler Crane
Trailer-Mounted Crane
Truck-Mounted Crane
Concrete and Road Construction
Earthmoving represented the largest segment as construction projects often require a wide range of earthmoving equipment, such as excavators, bulldozers, and loaders.
By Propulsion System:
Electric
ICE
ICE accounted for the largest market share due to the utilization of traditional diesel and gasoline-powered construction equipment.
By Application:
Residential
Commercial
Industrial
On the basis of application, the market has been classified into residential, commercial, and industrial.
Regional Insights:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, Others)
Middle East and Africa
Asia Pacific enjoys the leading position in the construction equipment rental market on account of its rapid urbanization and large-scale infrastructure projects.
Global Construction Equipment Rental Market Trends:
The ongoing trend of global urbanization is catalyzing the demand for construction equipment rental as cities are expanding, along with the development of infrastructure and real estate projects. The integration of advanced technology, such as telematics, automation, and digital platforms, into rental equipment is enhancing efficiency and safety.
Growing environmental concerns are leading to a shift towards eco-friendly equipment in rental fleets, aligning with sustainability goals. Rental providers are also offering more flexible rental options, including short-term, long-term, and rent-to-own arrangements, catering to diverse consumer needs.
Other Key Points Covered in the Report:
COVID-19 Impact
Porters Five Forces Analysis
Value Chain Analysis
Strategic Recommendations
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