Construction Equipment Rental Market to Touch USD 147 Billion by 2028 owing to Surge in Government Initiatives in Infrastructure Industry
The construction equipment rental market reached around USD 82 billion in 2021 and is to touch USD 147 billion by 2028, predicted to register CAGR of 5.4% during the forecast period (2022 to 2028).
Westford USA, Jan. 18, 2023 (GLOBE NEWSWIRE) — The latest trends in the industry are the introduction of innovative technologies for mapping features, equipment service tracking, and the enhancement of automated services. Original equipment manufacturer (OEMs) provides technically advanced construction equipment at a low cost that would otherwise be expensive to procure, contributing to the expansion of the construction equipment rental market. Renting construction equipment reduces overall costs, labor, and maintenance expenses. Furthermore, it avoids the cost of repair, inspection, and routine maintenance. The advent of many new features in the construction equipment renting market has resulted from technological advancements in the heavy machinery and automobile industries, eventually helping the market thrive.
According to SkyQuest’s research, over 62% of global construction projects prefer rental construction equipment as a cost-saving strategy. With a continuous rise in the price of such equipment, this count will surpass 74% by 2028.
Earthmoving Machinery Rental Segment to Drive Significant Sales due to Rise in Prices of Construction Equipment
As per SkyQuest’s research, the earthmoving machinery segment held a 22.5% share in the construction equipment rental market in 2021 and is anticipated to take this lead further to make it 26% by 2025. The rising use of earthmoving excavators in agriculture, mining, and construction industries contributes considerably to the segment’s growth. Backhoe loaders, mini excavators, skid-steer loaders, and other equipment are included in this category. These types of equipment will also likely be in high demand over the projected period. Because of their higher engine power and load-carrying capability, these types of equipment can work in extreme conditions.
The Asia Pacific area offers significant prospects for increased demand for construction machinery. The construction equipment rental market is predicted to progress rapidly during the projected period due to changing labor dynamics and important infrastructure projects. As a result, several international businesses have begun to invest in the region, establishing distribution hubs and production facilities to accommodate rising demand and grab the untapped opportunities in the market.
The most recent report on the construction equipment rental market includes data on import-export analysis, production analysis, value chain optimization, recent developments, and potential opportunities in different regions. In addition, changes in market regulations, application niches and dominance, category market growths, product approvals, product launches, geographic expansions, and technological advancements are also covered in the research.
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Residential Segment to Dominate the Constriction Equipment Rental Market as a result of Surge in Construction Activities
As per SkyQuest’s market analysis, the residential segment is estimated to exhibit a growth rate of 11.2 by 2025 compared to the CAGR of 8.7% in 2021. Residential building construction is predicted to raise demand for construction equipment across the board. Furthermore, macroeconomic factors benefit home buyers by lowering mortgage rates and creating stable employment. Such factors are likely to fuel the long-term growth of the construction equipment rental sector. In addition, demand in the commercial sector is expected to rise due to expanding infrastructure initiatives in developed and developing countries.
Projects like China’s Belt and Road Initiative, a USD 1 trillion investment in roads, ports, and rail infrastructure in over 150 countries, are increasing demand for rental equipment. This program aims to connect China to other parts of Russia, Europe, and Asia via sea and land corridors. Furthermore, similar large-scale infrastructure initiatives worldwide have aided the expansion of the construction equipment rental market. In addition, In 2021, the federal government of the United States passed the Bipartisan Infrastructure Deal (Infrastructure Investment and Jobs Act), which authorized $110 billion in funding for the construction of roads, bridges, and other infrastructure over the next five years.
The construction equipment rental market report provides an in-depth examination of key market segments, emphasizing identifying key prospects in several regional markets. The research also covers the industry’s existing and future market views regarding current dynamics and recent advancements. The report also includes accurate statistics, graphs, surveys, charts, tables, and other critical data necessary to make all of the significant insights offered in the report more accessible.
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Key Developments in Construction Equipment Rental Market
- Texas First Rentals®, a division of HOLT, announced the acquisition of Rental One, a full-service equipment and storage container rental company with 15 locations in the Dallas-Fort Worth Metroplex and Central Texas regions that offers a complete line of construction equipment and supplies. Texas First Rentals provides aerial, soil, and portable power equipment rental solutions. In addition, Texas First Rentals offers scissor lifts, boom lifts, excavators, pumps, generators, and trench safety equipment.
- Trackunit has recently acquired Flexcavo. The German firm specializes in data-enabled workflow process management in the construction industry, allowing contractors and rental firms to increase productivity, reduce costs, and improve team cooperation across construction sites, yards, and headquarters.
- H&E Equipment Services Inc. has acquired One Source Equipment Rentals Inc. (“One Source”). With the completion of the acquisition, H&E expands its branch network by ten equipment rental sites, including initial locations in Illinois, Indiana, and Kentucky. Furthermore, as assessed by original equipment cost, the Company will grow its operational presence in the southern United States while investing roughly $138 million in the fleet.
- United Rentals, Inc. announced that it would provide Turner Construction with sustainable solutions such as all-electric trucks and zero-emission power systems. Turner will use the rental equipment to lessen the environmental impact of the job site while building a hyper-scale data center in Kansas City, Missouri, for Meta, formerly the Facebook Company.
The construction equipment rental market is highly competitive, with the presence of industry leaders and new market entrants. Therefore, the report has a section on a competitive landscape that covers the significant dynamics of leading market participants, their rankings, product portfolio, business expansions, strategic collaborations, and future projects.
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Prominent Players in Construction Equipment Rental Market
- Boels Rentals
- Herc Rentals Inc.
- H&E Equipment Services
- Nesco Holdings, Inc.
- Kanamoto Co., Ltd.
- Mtandt Group
- Maxim Crane Works, L.P.
- Sarens n.v. /s.a.
- Ramirent
- United Rentals, Inc.
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