Global Construction Equipment Rental Market to Garner $220.7 Bn, by 2032 at 6.6% CAGR: AMR
The global construction equipment rental market is driven by a rise in construction activities in emerging economies, a reduction in expenses such as labor, maintenance, and operational costs, and a lack of high ownership costs and financial constraints.
Wilmington, Delaware, Nov. 12, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, titled, “Construction Equipment Rental Market by Application (Excavation and Mining, Material Handling, Earthmoving, Concrete), by Product (Backhoes and Excavators, Loaders, Crawler Dozers, Cranes, Forklift, Other), by Propulsion System (IC Engine, Electric): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global construction equipment rental industry was valued at $93.5 billion in 2018, and is projected to reach $220.7 billion by 2032, registering a CAGR of 6.6% from 2023 to 2032.
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Prime Determinants of Growth:
The global construction equipment rental market is driven by a rise in construction activities in emerging economies, a reduction in expenses such as labor, maintenance, and operational costs, and a lack of high ownership costs and financial constraints. On the other hand, a decrease in new construction activities in developed nations and a lack of skilled and qualified operators hamper the growth of the market to some extent. Furthermore, emerging economies are rapidly urbanizing and industrializing, resulting in increasing infrastructure development, which in turn is creating a huge market opportunity for the global construction equipment rental market to grow.
Report Coverage & Details:
|Market Size in 2018||$93.5 Billion|
|Market Size in 2032||$220.7 Billion|
|No. of Pages in Report||220|
|Segments covered||Application, Product, Propulsion System, and Region.|
|Surge in construction activities in developing countries|
|Reduction of expenses such as maintenance cost, labor cost, and operational costs|
|No high ownership cost and financial constraints|
|Opportunities||Ease of relocation and high efficiency with IoT technology|
|Restraints||Lack of skilled and qualified operators|
|Decrease in new construction activities in developed nations|
The IC engine segment to dominate during the forecast period-
By propulsion system, the IC engine segment garnered the major share in 2018, accounting for more than 90% of the global construction equipment rental market revenue, and is anticipated to maintain its dominance during the forecast period. The growth is attributed to the surge in requirement for high power output, high efficiency, and high torque generated by IC engines. On the other hand, the electric segment is registered to show the fastest CAGR of 8.8% from 2023 to 2032, owing to its eco-friendly nature and comparatively lesser operating costs.
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The loaders segment to maintain its leadership status by 2032-
By product, the loaders segment accounted for the largest market share in 2018, holding nearly two-fifths of the global construction equipment rental market, and is anticipated to rule the roost throughout the forecast period. The growth is attributed to growing demand for commercial construction such as malls, IT parks, schools, and others.
The earthmoving segment to rule the roost throughout the forecast period-
By application, the earthmoving segment generated the highest market share in 2018, holding more than two-fifths of the global construction equipment rental market revenue, and is expected to maintain its lead by 2032. This is due to a rise in the use of earthmoving equipment in a variety of industries for moving materials such as stone, land, and dirt. However, the concrete segment is estimated to witness the highest CAGR of 7.3% from 2023 to 2032, owing to the increase in construction of new ports, airports, commercial spaces, and residential projects.
Asia-Pacific to maintain its lead by 2032-
By region, the Asia-Pacific region held the dominant market share in 2018, holding more than two fifths of the global construction equipment rental market revenue, and is anticipated to maintain its lead during the forecast period, due to industrialization and business expansion by a key market player in the region. LAMEA, at the same time, is projected to grow at the fastest CAGR of 9.0% from 2023 to 2032. This is attributed to surge in construction and infrastructure sectors in emerging economies such as Africa, the Middle East, and others.
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Leading Market Players: –
- Kanamoto co., Ltd.
- Mtandt group
- Ramirent ab
- Sarens n.V./S.A.
- Boels rentals
- Hande equipment services inc.
- Herc rentals inc.
- Maxim crane works, l.P.
- United rentals, inc.
- Nesco holdings, inc.
The report offers a detailed analysis of these major players of the global construction equipment rental market. The report mentions all the business strategies such as business expansion, new product launches, acquisition, collaboration and others adopted by these players in order to increase their market share and maintain dominant shares in different regions.
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