Construction Equipment Rental Market Size, Share, Growth Analysis, By Product(Earthmoving machinery, material handling machinery, and concrete & road construction machinery), By Application(Real estate, transport, energy infrastructure, and others), By Region - Industry Forecast 2024-2031

Construction Equipment Rental Market size was valued at USD 176.65 billion in 2019 and is poised to grow from USD 187.46 billion in 2023 to USD 301.5 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).

The global construction equipment rental market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share. 'Ahern Rentals Inc.', 'AKTIO Corporation', ' Caterpillar Inc. ', ' United Rentals, Inc. ', ' Ashtead Group plc (Sunbelt Rentals) ', ' Herc Holdings Inc. (Herc Rentals) ', ' Loxam SAS ', ' H&E Equipment Services, Inc. ', ' Blueline Rental LLC ', ' NES Rentals Holdings II, Inc. (Nesco Rentals) ', ' Maxim Crane Works, L.P. ', ' Kanamoto Co., Ltd. ', ' Neff Rental LLC ', ' Nishio Rent All Co., Ltd. ', ' Sarens NV ', ' Cramo Group ', ' Ramirent Plc ', ' Komatsu Ltd. (Komatsu Rental) ', ' Kobelco Construction Machinery Co., Ltd. ', ' Hitachi Construction Machinery Co., Ltd. '

Given the cyclical nature of the construction industry and the current state of the economy, renting construction equipment has a number of advantages. More and more sectors, building companies, and contractors are looking into rental solutions. Contractors and builders have reportedly made a significant switch from purchasing new equipment to renting it, according to the equipment rental platform BigRentz. While many business executives and economists anticipate a recession, this could result in a surge in the demand for equipment rentals, driving enterprises away from ownership and leasing. Construction firms are wary of these expenses. Companies must make the most of the equipment they buy to achieve the most value because of economic unpredictability and cost considerations. This makes renting equipment a tempting substitute and is helping to the construction equipment rental market growth.

Technological advancements in the heavy equipment and automotive industries have resulted in a number of new market trends. To increase productivity and decrease maintenance requirements, producers of construction equipment are concentrating on integrating cutting-edge safety features like 360-degree video views, lift help, and auxiliary work lighting. Construction equipment's productivity and efficiency are rising as a result of expanding technological developments in the automobile and construction machinery industry. The main goals of major players in the equipment business are to create smarter machines by integrating their own proprietary technological systems. Telematics systems give basic information about the location and status of construction equipment and vehicles. The technology transmits information about GPS location, fuel usage, and engine idle time. However, this technology necessitates a substantial investment, making many small contractors and builders unable to afford it. By lowering the overall cost and offering rental possibilities, the equipment rental firm has found a solution. As a result, the aforementioned reasons are fueling even faster global market expansion for construction equipment.

In 2021, North America will control 44.8% of the global market. The region is expected to maintain its dominance during the forecast period. The availability of project-specific technologically advanced machinery at a low cost has fueled the rise of construction equipment companies in the region. The use of specialist equipment is highly recommended because it shortens operation times, eliminates idle time, and enhances overall mining or construction operations. The popularity of the main construction equipment rental companies with U.S. bases, like United Rentals, Ahern Rentals, Ashtead Group, and others, has increased the demand for better rental services and solutions.