The Construction Equipment Rental Market was estimated to be worth USD 212 billion in total and is anticipated to grow globally at a CAGR of 5.15% from 2022 to 2030.
It is projected that the rental market for construction equipment will expand steadily over the coming years. The market for renting equipment is driven by the constantly rising demand for new infrastructure, which increases demand for construction equipment globally. In developing nations like China, India, the UAE, and Brazil, the construction equipment market has expanded at respectable to healthy rates. Additionally, a wide variety of equipment types are available on the market for renting construction equipment, and this sector is expanding daily to support the market for equipment. The demand for construction equipment rental markets around the world is also fueled by the rising demand for eco-friendly and sustainable construction and government support. However, the market for renting construction equipment is not expanding because of the high cost of raw materials and the scarcity of skilled labor.
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Regional Analysis :
Over the anticipated period, the construction equipment rental market will gradually grow in the Asia-Pacific region.
The global market for renting construction equipment has been divided into four regions based on geography: North America, Europe, Asia-Pacific, and the Rest of the World. Because of the significant need for infrastructure projects, which in turn generates demand for imported building and construction materials and services, the Asia-Pacific region currently dominates the global market for renting construction equipment, followed by North America and Europe. With the construction industry investing in a variety of projects, including pre-engineered buildings, prefabricated buildings, and civil engineering buildings, Asia-Pacific is predicted to be the most lucrative region. Additionally, this region’s nations have the highest population densities worldwide. Countries like India, China, and South Korea are looking for significant investments in the construction industry to meet the demand for infrastructure created by a growing population. This could increase the demand for construction equipment that is available for rental.
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Market Segmentation :
In the entire construction equipment rental industry, the infrastructure category is expected to experience the highest growth rate.
In terms of application, it is projected that the infrastructure industry will experience long-term expansion. This can be attributed to the technological developments in the construction equipment sector, where various pieces of machinery like excavators, loaders, and backhoes are essential to the overall market.
Based on the type of equipment, it is divided into earthmoving which includes excavator, backhoe, loader, motor grader and others. The second type is material handling that has truck mounted crane, trailer mounted crane and crawler crane. The last type is construction of road with concrete.
On the basis of application it is segmented into residential, non-residential and infrastructural.
Key Players :
The prominent players in the Construction Equipment Rental Market are Ahern Rentals, Inc., Ashtead Group, Blueline Rental LLC, Caterpillar, Inc., Cramo PLC, Shanghai Hongxin Equipment Engineering Co., Ltd., Herc Holdings, Nesco Rentals, Riwal, United Rentals, Inc, and many others.
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