GVR Report cover Construction Equipment Rental Market Size, Share & Trends Report

Construction Equipment Rental Market Size, Share & Trends Analysis Report By Product (Earth Moving, Material Handling, Concrete & Road Construction), By Region, And Segment Forecasts, 2022 - 2030

  • Report ID: 978-1-68038-678-3
  • Number of Pages: 110
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2020
  • Industry: Technology

Report Overview

The global construction equipment rental market size was estimated at USD 73.44 billion in 2021 and is projected to register a compound annual growth rate (CAGR) of 3.9% from 2022 to 2030. The increase in governments’ spending on the development of public infrastructure has catalyzed the construction and mining activities in emerging economies of the world. This factor has created a high demand for construction equipment in the market. Rising prices for new construction machines is encouraging construction companies and contractor to shift their interest toward renting construction equipment. Further, the emergence of advanced technologies and increasing level of automation is expected to propel the market's growth. Advancements such as equipment service tracking & mapping and digital service for automated service improvements are anticipated to drive market growth during the forecast period. However, many factors are driving the growth of the construction equipment rental market, and the pandemic has posed a severe challenge to its market. The 2019-20 pandemic has resulted in global supply chain disruptions, shutting down several production facilities, which harshly affected the infrastructure industry, subsequently affecting the equipment rental industry.

  U.S. construction equipment rental market size, by product, 2020-2030 (USD Billion)

In 2021, the market witnessed higher growth, as many rental companies benefit from the uncertainty caused due to pandemics. The construction activities have been active at an irregular pace after being hit with each Covid-19 wave, which is motivating small and medium scale construction companies to rent the machine than purchase them. The uncertainty is expected to be amplified in the construction sector due to higher inflation in raw material prices, scarcity of skilled workforce, and high interest charged by the construction companies, therefore, the factors mentioned above are expected to increase the adoption of rental construction equipment in the market.

Rapid technological advancement in the automobile and heavy equipment sector has increased the efficiency and performance of construction machines. The prominent players in the equipment market are majorly focusing on developing smarter machines by incorporating propriety technology systems. The Telematics system provides brief information about the location and level of the performance of construction equipment as well as the vehicle. Data relayed through the system includes engine hours idling, GPS location, and fuel consumption; however, the systems require huge investment which makes them unaffordable for many small builders and contractors. Thus, the construction equipment rental service has overcome the issue by removing the total cost of ownership and providing them with rental options.

Renting construction equipment saves the initial purchasing, maintenance, and inventory costs of the equipment and machinery. The rental companies invest more in repairing and maintaining their products to gain long-term profits from them. Further to expand the product and service offering, the rental companies have started providing onsite supporting services for customers at remote locations.

Product Insights

The global construction equipment rental market is segmented into earthmoving machinery, material handling machinery, and concrete & road construction machinery. The earthmoving machinery segment accounted for a major market share of over 50% in 2021. The increasing application of earthmoving excavators for mining, agriculture, and construction industries significantly contributes to segmental growth. The other earthmoving equipment such as backhoe loaders, crawler excavators, skid-steer loaders, and mini excavators, have high load capacity and better engine performance. These features of earthmoving equipment make them suitable to be used in harsh working environments. Moreover, the growing construction of residential and large-scale commercial civil projects has increased the inclination of construction companies and contractors toward leasing earthmoving equipment.

The concrete and road construction machinery segment is anticipated to register a compound annual growth rate of 6.5% from 2022 to 2030. Road connectivity has the potential to define the future economy of the country, as an established infrastructure plays a crucial role in improving trade and commerce activities. In November 2021, the U.S. federal government passed the Bipartisan Infrastructure Deal (Infrastructure Investment and Jobs Act), which enables investment worth $110 billion to rebuild the roads, bridges, and others in five years. Safe streets and roads will be developed to reduce traffic fatalities and improve connectivity. Moreover, many developing countries in the Asia Pacific, such as China and India, focus on creating better road connectivity. For instance, China's "One Belt, One Road" initiative will connect China with European countries. The total estimated cost for the overall project is USD 1.3 trillion. Similarly, according to the new budget 2022-23 Indian government has planned to invest $529.7 billion to improve road connectivity by developing new highways. Thus, the government's increasing investment in mega road and highway construction projects is expected to create a demand for concrete and road construction machinery across the world.

Regional Insights

The Asia Pacific region is expected to witness significant growth of 6.3% during the forecast period. To increase the connectivity, improve trade, and boost the overall economy governments of emerging economies of Asia are majorly investing in the development of the highway, airports, dams, and special economic zones (SEZs). These initiatives are gaining global construction equipment companies’ attention; they are motivated are hugely investing and set up their company based in the region. Global construction equipment manufacturers such as Caterpillar, Hitachi, Liebherr, and Sumitomo Corporation provide their products and services in the region.

  Global construction equipment rental market share, by region, 2021 (%)

North America holds a market share of 44.8% in 2021. The region is anticipated to maintain its dominance over the forecast period. The growth of the construction equipment companies in the region is due to the availability of project-specific technologically advanced machinery at a minimal cost. The specialized equipment reduces the operation time, eliminates the idling time, and optimizes the overall construction or mining activity, thus widely preferred. The prominent construction equipment rental companies based in the U.S., such as United Rentals, Ahern Rentals, Ashtead Group, and others, have increased demand for enhanced rental services and solutions.

Key Companies & Market Share Insights

The prominent players that dominated the global market in 2021 include Caterpillar Inc., Ashtead Group, United Rental, Ahern Rentals, and Aktio Corp. These players adopt strategies such as geographic expansion and new product launches to strengthen their market presence. Moreover, they focus on enhancing their existing product offerings and brand awareness to gain a competitive edge in the market. The companies are undertaking frequent mergers and acquisitions to diversify their product portfolio and gain market share. For instance, In April 2021, United Rental Inc. announced the complete asset acquisition of General Finance Corporation; this acquisition was part of the company’s strategic moves to expand its existing product portfolio. Some prominent players in the construction equipment rental market include     

  • Ahern Rentals Inc.

  • AKTIO Corporation

  • Caterpillar Inc.

  • Byrne Equipment Rental

  • Cramo Plc

  • Finning International Inc.

  • Liebherr-International AG

  • Kanamoto Co., Ltd.

  • Maxim Crane Works, L.P.

  • United Rentals, Inc.

 Construction Equipment Rental Market Report Scope

Report Attribute


Market size value in 2022

USD 77.33 billion

Revenue forecast in 2030

USD 105.29 billion

Growth rate

CAGR of 3.9% from 2022 to 2030

Base year for estimation


Historical data

2018 - 2020

Forecast period

2022 - 2030

Quantitative Units

Revenue in USD Billion and CAGR from 2022 to 2030

Regional scope

North America, Europe, Asia Pacific, Latin America, and Middle East & Africa

Country scope

U.S., Canada, U.K., Germany, France, Italy, Spain, rest of Europe, China, Japan, India, Rest of Asia Pacific, Brazil, Mexico, Rest of Latin America, Middle East & Africa

Segments Covered

Product and Region

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

15% free customization scope (equivalent to 5 analysts working days)

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global construction equipment rental market report by product and region

  • Product Outlook (Revenue, USD Billion, 2018 - 2030)

    • Earth Moving Machinery

    • Material Handling Machinery

    • Concrete & Road Construction Machinery

  • Regional Outlook (Revenue, USD Billion, 2018 - 2030)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

      • Rest of Europe

    • Asia Pacific

      • China

      • Japan

      • India

      • Rest of Asia Pacific

    • Latin America

      • Brazil

      • Mexico

      • Rest of Latin America

    • Middle East and Africa

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