Rockville, MD., July 16, 2024 (GLOBE NEWSWIRE) -- The global Construction Equipment Rental Market is projected to reach US$ 201.81 billion by the end of 2034, up from US$ 131.2 billion in 2024, according to a revised industry analysis by Fact.MR.
Technological advancements in the automotive and heavy equipment industries are making construction equipment more productive and efficient. Leading companies in the construction equipment rental market are integrating proprietary technology systems to create smarter machines, while some service providers are collaborating with manufacturers. Telematics systems provide precise information about the location and performance metrics of construction vehicles and equipment.
Although these systems relay data such as GPS location, fuel consumption, and idle engine hours, they require a significant investment, making them expensive for many small contractors and builders. Consequently, the construction equipment rental market is expanding at a steady pace across the world.
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In Japan, the construction equipment rental market is also growing rapidly due to the country’s frequent experiences of natural disasters, including typhoons, volcanic eruptions, tsunamis, and earthquakes. When these disasters occur, Japan promptly initiates reconstruction efforts to address the extensive damage to infrastructure, buildings, and communities, thereby increasing the demand for construction equipment. Taking a broader outlook, together, North America and East Asia are estimated to account for nearly half of global market revenue.
Key Takeaways from Construction Equipment Rental Market Study:
- The global construction equipment rental market is forecasted to expand at a CAGR of 4.4% from 2024 to 2034.
- North America is projected to account for 27.8% of the global market share by 2034.
- The United States is estimated to account for 78.9% market share in the North American region in 2024.
- The market in Japan is forecasted to expand at a CAGR of 4.8% from 2024 to 2034.
- The market in Canada is analyzed to generate revenue worth US$ 8 billion by the end of 2034.
- Based on equipment type, the earth-moving machinery segment is projected to reach US$ 110.39 billion by the end of 2034.
- In the East Asia region, demand for construction equipment rental is projected to reach US$ 42.18 billion by 2034.
“Innovations such as digitalized services for automated service improvements and equipment service tracking are driving construction equipment rental market growth,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Construction Equipment Rental Market:
- Titan Machinery Inc.
- Associated Equipment Rentals Pvt. Ltd.
- HSS ProService Ltd.
- Kanamoto Co. Ltd.
- United Rentals Inc.
- Finning International Inc.
- Herc Holdings Inc.
- Aktio Corp.
- Komatsu Ltd.
- Sunstate Equipment Co., LLC
- Cramo
- Texas First Rentals
Companies Renting Out Earth Moving Machinery More Compared to Other Construction Equipment
Due to its versatility and vital role in most building projects, earth-moving machinery is in higher demand when it comes to renting construction equipment than other types, such as machinery handling, concrete & road construction, and others. Earth moving equipment, such as excavators, bulldozers, loaders, and graders, is utilized in various tasks, ranging from site preparation and foundation work to road construction and landscaping.
Regardless of size or complexity, these tools are necessary for nearly all construction operations. Due to their versatility, they are necessary for every stage of the building process, from initial ground clearing to completion grading. Many contractors also find renting to be an appealing alternative because it is expensive to own and maintain such massive equipment, especially for short-term or specialty tasks.
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Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product:
- Earth-Moving Machinery
- Material Handling Machinery
- Concrete & Road Construction Machinery
Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by End Use:
- Residential Construction
- Commercial Construction
- Industrial Construction
Construction Equipment Rental Industry News:
Key players in the construction rental industry are offering flexible rental solutions such as short-term, medium-term, long-term, and rent-to-own programs to attract clients and boost market presence. They are also launching digital platforms and mobile apps for equipment tracking, online bookings, and maintenance scheduling.
- In March 2024, Trench Shore Rentals, Inc. sold its assets to Sunstate Equipment Co., LLC, a subsidiary of Sumitomo Corporation. In April 2023, Boels Rental expanded its Nordic presence by acquiring Norwegian firm BAS Maskinutleie and creating the subsidiary Cramo. In December 2022, Texas First Rentals, a division of HOLT, acquired Rental One, expanding its services in the Dallas-Fort Worth Metroplex and Central Texas. In April 2021, United Rentals agreed to buy General Finance Corp. for $996 million, including $400 million in net debt.
More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the construction equipment rental market, presenting historical demand data (2019 to 2023) and forecast statistics for 2024 to 2034.
The study divulges essential insights into the market based on product (earth-moving machinery, material handling machinery, concrete & road construction machinery) and end use (residential construction, commercial construction, industrial construction), and end use (residential, commercial), across seven major regions of the world (North America, Western Europe, Eastern Europe, East Asia, Latin America, South Asia & Pacific, and MEA).
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