As per a recent report published by Fact.MR, the global construction equipment rental market is poised to grow at a CAGR of 4.3% from 2022 to 2032. During the said forecast period, the industry is likely to yield a dollar opportunity worth US$ 121 Billion in 2022, expected to close at a valuation of US$ 184.3 Billion. The earthmoving machinery rental has witnessed huge traction in the oil and gas industry owing to their reduced cost of maintenance and affordable rental charges.
From 2015 to 2021, the market for Construction Equipment Rental grew at a CAGR of 4.3%, closing at a value of US$ 115 Billion. As of 2022, the industry is likely to reach US$ 121 Billion. Manufacturers are capitalizing on slashing down the operational costs of construction equipment and additional investments in the residential segment across key developing nations including India and China.
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Excessive construction equipment costs, combined with the high cost of equipment maintenance services are expected to boost demand for construction equipment rental services.
Key Segments Covered In The Construction Equipment Rental Market Report
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By Product :
- Earth Moving Machinery
- Material Handling Machinery
- Concrete & Road Construction Machinery
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By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East & Africa
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What is the outlook of the U.S Construction Equipment Rental Market?
The US market is predicted by Fact.MR study to be worth US$ 65 billion in 2022, with a CAGR of 4.5% during the forecast period. Residential industry investment is anticipated to support a robust US economy. Construction equipment with cutting-edge and fuel-efficient technology, as well as regular safety precautions, are driving this industry.
To support the booming construction industry, several companies are using rental alternatives. The market is expected to adopt new technologies as a result of increasing government spending on public utilities and infrastructure.
The government of Alberta invested over $10 billion in infrastructure projects to boost the economy of the province, according to a research published in 2022. Therefore, governmental changes are mostly to blame for increasing the expansion of the
Key Takeaways from the Market Study
- Global construction equipment rental market to flourish 1.5x from 2022-2032
- Earth moving machinery rental to be a top-selling category, flourishing at a 5% CAGR until 2032
- China to emerge as the fastest-growing construction equipment rental market, documenting a 5% CAGR
- S to be the 2nd most opportunistic market, expected to be valued at US$ 65 Billion in 2022
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Competitive Landscape
The global market for construction equipment rental is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.
- In August 2021, Herc Holdings Inc., a leading North American equipment rental supplier operating as Herc Rentals Inc., announced that it has completed the acquisition of substantially all the assets of Texas-based CBS Rentals (CBS).
- In April 2021, United Rentals and General Finance Corp. signed a definitive agreement for United Rentals to acquire General Finance for approximately $996 million. Under the agreement, United Rentals acquire General Finance for $19 per share in cash as well as the assumption of $400 million of net debt.
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