Press Release

The Increasing Adoption of Rental Equipment in Various Industries to Drive the Global Construction Equipment Rental Market

The Global Construction Equipment Rental Market is anticipated to grow at a CAGR of about 5.8% during the forecast period, i.e., 2024-30., cites MarkNtel Advisors in the recent research report. The increase in government investments in public infrastructure development is fueling construction and mining activities worldwide. This has led to a high demand for construction equipment, which has caused new machinery prices to skyrocket. As a result, contractors and stakeholders are turning to renting options instead. The growth of the industry will be further powered by technological advancements such as equipment monitoring and mapping, maintenance services, and digital solutions that automate improvements in service delivery during the projected timeframe. These developments are expected to strengthen the expansion of the rental equipment sector for construction purposes significantly.

The construction industry requires a substantial financial commitment, making it impractical for many small builders and contractors. However, the equipment rental service has resolved this issue by eliminating upfront expenses and providing leasing options instead. These advancements contribute to the global expansion of the construction machinery market in alignment with the aforementioned factors, further states the research report, “Global Construction Equipment Rental Market Analysis, 2024.”

Segmentation Analysis

Earthmoving Equipment to Capture a Significant Share of the Market

Based on the equipment type segment, the global construction equipment rental industry is further bifurcated into Earthmoving Equipment, Material Handling Equipment, Concrete & Road Equipment, and others. Among them, it is expected that the earthmoving equipment segment will hold a significant market share during the projected period. The agricultural, mining, and construction sectors have experienced substantial growth due to excavators' utilization in those fields. Various other equipment varieties, such as backhoe loaders, crawler excavators, skid-steer loaders, and mini-excavators, demonstrate exceptional load capacity capabilities alongside superior engine performance, making them an attractive option for employment amidst arduous working conditions.

Additionally, increased numbers of civil projects regarding commercial or residential development by contractors or firms have led to higher rates of rental demand within this sector, fueling expansion within the construction equipment leasing marketplace.

Asia-Pacific to Lead the Market

Based on the region, Asia Pacific is predicted to continue as the dominant market with a quick growth rate throughout the projection period. The countries' governments prioritize economic expansion, making it an ideal location for infrastructure development and construction projects leading in this field. The region’s significant boost in Special Economic Zones (SEZs), hydroelectric power initiatives, dams, highways, subways & airports illustrates its high industrial activity level while also addressing growing energy requirements and enhancing connectivity between neighboring regions.

Moreover, multinational corporations are attracted by such progress and try to capitalize on it by investing in manufacturing plants or distribution centers targeting demand-driven products that allow them regional dominance over competitors within flourishing enterprises of all types.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including Caterpillar Inc., United Rentals, Inc., Sennebogen, Komatsu Ltd., CNH Industrial N.V., Loxam, Zoomlion Heavy Industry Science and Technology Co., Ltd., Herc Rentals Inc., H&E Equipment Service, Nishio Rent All Co. Ltd., Nikken Corporation, Sunbelt, Taiyokenki Rental Co., Ltd., Ramirent Plc., AKTIO Corporation and Others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the regions?
4. How has the industry been evolving in terms of geography and service adoption?
5. How has the competition been shaping up across various regions?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?