Construction Equipment Rental Market Report 2024
Construction Equipment Rental Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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The construction equipment rental market has seen substantial growth in recent years, increasing from $100.51 billion in 2023 to $106.1 billion in 2024, with a compound annual growth rate (CAGR) of 5.6%. This growth can be attributed to several factors, including rising demand for construction projects, the need for cost optimization and efficiency in construction operations, heightened competition among construction companies and equipment manufacturers, and a growing preference for rental equipment due to the cyclical nature of the construction industry.
What Is The Estimated Market Size Of The Global Construction Equipment Rental Market And Its Annual Growth Rate?
The construction equipment rental market is projected to experience robust growth in the coming years, reaching $130.51 billion by 2028, with a compound annual growth rate (CAGR) of 5.3%. This growth in the forecast period can be linked to several factors, including the rising adoption of rental equipment across various industries, increased demand for sustainable and eco-friendly construction equipment, a growing preference for operational flexibility and scalability, enhanced financial flexibility, and capital conservation for businesses. Additionally, the increasing use of telematics and IoT in construction equipment rentals is contributing to this market expansion.
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Growth Driver Of The Construction Equipment Rental Market
The expanding construction industry is anticipated to drive the growth of the construction equipment rental market in the future. This growth is fueled by factors such as ongoing urbanization, upcoming infrastructure projects, and an increasing population. The construction sector utilizes a wide range of equipment, including tower cranes, bulk material handling systems, transit mixers, batching plants, concrete pumps, and more. Renting this equipment allows contractors to minimize purchase and maintenance costs, making it a more cost-effective option.
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Which Market Players Are Steering The Construction Equipment Rental Market Growth?
Key players in the market include H&E Equipment Services Inc., Maxim Crane Works LLP, Boels Rentals NV, United Rentals Inc., Ashtead Group plc, Loxam Group, Herc Holdings Inc., Aktio Corporation, Kanamoto Co Ltd., Taiyokenki Rental Co. Ltd., Cramo Group, Ramirent PLC, Kiloutou SAS, Speedy Hire plc, Nishio Rent All Co. Ltd., The Hertz Corporation, Ahern Rentals Inc., Nikken Corporation, Sunstate Equipment Co. LLC, Neff Rental LLC, BlueLine Rental Holdings Inc., BigRentz Inc., Sunbelt Rentals Inc., The Home Depot Inc., Rentals ProContractor, Herc Rentals Inc., Aggreko plc, NES Rentals Holdings Inc., Neff Corporation, Romco Equipment Co. LLC, Mobile Mini Inc.
What Are The Key Trends That Influence Construction Equipment Rental Market Share And Analysis?
Leading companies in the construction equipment rental market are increasingly concentrating on online rental solutions. These digital platforms enable businesses and individuals to easily access and rent a diverse array of construction equipment, significantly enhancing convenience and efficiency within the construction industry.
How Is The Global Construction Equipment Rental Market Segmented?
1) By Equipment: Earthmoving, Material Handling, Road Building And Concrete
2) By Product: Backhoes, Excavators, Loaders, Crawler Dozers, Cranes, Concrete Pumps, Compactors, Transit Mixers, Concrete Mixers
3) By Application: Residential, Commercial, Industrial
Geographical Insights: North America Leading The Construction Equipment Rental Market
North America was the largest region in the market in 2023. Asia-Pacific is expected to be the fastest-growing region in the report during the forecast period. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Construction Equipment Rental Market Definition
Construction equipment rental involves providing small and large construction equipment necessary for the execution, completion, and maintenance of construction projects. Renting this equipment helps construction contractors reduce expenses associated with purchasing new machinery, as well as labor, maintenance, and operational costs.
Construction Equipment Rental Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Macroeconomic factors affecting the market in the short and long run
• Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global construction equipment rental market report covering trends, opportunities, strategies, and more
The Construction Equipment Rental Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on construction equipment rental market size, construction equipment rental market drivers and trends, construction equipment rental market major players and construction equipment rental market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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