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Construction Equipment Rental Market: The Role of Digitalization and Automation

 The global construction equipment rental market size is expected to reach USD 280.13 billion by 2030, registering a CAGR of 6.12% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing government spending on infrastructure projects and rising Foreign Direct Investment (FDI) in the building sector for skyscrapers, motorways, bridges, and smart cities is driving the growth. The market for renting construction equipment is expanding as a result of ongoing technological advancements that result in modern construction tools that focus on projects and streamline the entire construction process. Small and medium-sized construction enterprises and contractors are encouraged to use rental construction equipment due to the higher total cost of ownership of modern construction equipment and machines. Additionally, construction equipment leasing offers a cost-effective substitute for purchasing for construction companies since it lowers the costs of ownership such as maintenance, repair, insurance, and storage.

 

Gather more insights about the market drivers, restrains and growth of the Global Construction Equipment Rental Market

 

The pandemic led to a global lockdown and disrupted the supply chain, which had a significant impact on the industrial, building, and mining industries. Following the pandemic, problems with the supply of skilled labor, rising raw material prices, and high EMIs have exacerbated uncertainty in the construction business, slowing expansion. The market for construction rental equipment is expanding as a result of larger construction enterprises migrating to renting equipment in order to prevent risk aversion and lessen uncertainty.

 

Asia Pacific is expected to witness a high pace of growth during the forecast period. The major participants in the Chinese construction equipment rental market are concentrating on creating cutting-edge machinery that uses less fuel, produces more, and minimizes machine downtime, driving the growth of the construction equipment rental market. Additionally, the Indian government is making significant investments in expansive infrastructure projects to strengthen the nation's economy; as a result, these factors are anticipated to support the expansion of the construction equipment market in the area.

 

Construction Equipment Rental Market Segments Highlights:

 

• The global construction equipment rental market was valued at USD 187.46 billion in 2022 and is expected to exhibit a CAGR of 6.12% from 2023 to 2030.

• The earthmoving machinery segment dominated the market in 2022 and is expected to generate a market revenue of over USD 104.53 billion by the end of the forecast period.

• The increasing application of earthmoving excavators for mining, agriculture, and construction industries significantly contributes to segmental growth.

• Asia Pacific is expected to witness significant growth in construction equipment rental market by 2030, owing to governments’ investment in the development of the highway, airports, dams, and special economic zones(SEZs).

• The construction equipment rental market is witnessing high competition across the globe. Major players are inclining towards enhancing the business and product offering through strategic business acquisition.

• For instance, in April 2021, United Rental Inc., a global equipment rental company announced the acquisition of General Finance Corporation, a specialty rental service company. United Rental Inc. acquired complete assets of General Finance Corporation which helped the company to enhance its product portfolio.

 

Order a free sample PDF of the Construction Equipment Rental Market Intelligence Study, published by Grand View Research.

 

Segments Covered in the Report

 

Grand View Research has segmented the global construction equipment rental market report based on product and region:

 

Construction Equipment Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • Earth Moving Machinery

  • Material Handling Machinery

  • Concrete & Road Construction Machinery

 

Construction Equipment Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • U.K.

    • Germany

    • France

    • Italy

    • Spain

    • Russia

    • Rest of Europe

  • Asia Pacific

    • China

    • India

    • Japan

    • Rest of Latin America

  • Latin America

    • Brazil

    • Mexico

    • Rest of Latin America

  • Middle East & Africa

    • South Africa

    • Algeria

    • Saudi Arabia

    • Kenya

    • Rest of MEA

 

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