Construction Equipment Rental Market Size, Share & Trends Analysis Report By Product (Earth Moving, Material Handling, Concrete & Road Construction), By Region, And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the construction equipment rental market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for construction equipment rental market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of construction equipment rental market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Construction Equipment Rental Market Categorization:

The construction equipment rental market was categorized into two segments, namely product (Earth Moving Machinery, Material Handling Machinery, Concrete and Road Construction Machinery), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The construction equipment rental market was segmented into product, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The construction equipment rental market was analyzed at a regional level. The global was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-one countries, namely, the U.S.; Canada; the UK.; Germany, Italy; France; Spain; Russia; Rest of Europe; China; India; Japan; Rest of APAC; Brazil; Mexico; Rest of Latin America; South Africa; Saudi; Kenya; Algeria; Rest of MEA.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Construction equipment rental market companies & financials:

The construction equipment rental market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• AKTIO Corporation, AKTIO Corporation, formerly known as Shin Denki Co., Ltd., is one of the leading companies in the construction equipment rental business. It has branch and sales offices in Japan, including Osaka, Tokyo, Sendai, Sapporo, Fukuoka, and Nagoya with 360 sales offices and 114 plant locations across the globe. The company is focused on offering products such as submersible pumps and generators. It also provides a variety of computerization construction-compatible models. It provides construction equipment rental services for the construction work of ordinary residences and office buildings in Japan as well as for large public works projects. It rents air compressors, temporary furnishings, communication systems, surveying instruments, forklifts & cranes, generator sets, aerial lifts & scaffolds, and shielding equipment, among others.

• AB2000, AB2000 provides construction plants, rail/road machinery, crushing and screening equipment, and supplies mobile cranes in Scotland and U.K. It operates through four trading divisions, namely Crane, Core Plant Hire, Railway, and Northern. The core plant hire division consists of over 300 items of non-operated and operated plants for hire and supplies plants and equipment to public authorities, civil engineering contractors, ports, builders, quarries, and energy companies for use in construction projects. The crane division comprises 14 mobile cranes along with a test weight subdivision with more than 250T of certified metal test weights. The railway division comprises mobile elevated work platforms, road/rail vehicles-excavators, and wide-ranging trailers with specialized attachments and equipment used on railways. Meanwhile, the northern division supplies all of the equipment owned by the company from its depots at Aberdeen and Nairn.

• Ahern Rentals Inc., Ahern Rentals Inc. is one of the leading companies offering rental services for industrial equipment. Ahern Rentals serves contractors, commercial and residential construction companies, industrial companies, utilities, convention centers, municipalities, and homeowners. It has a wide geographical presence across California, Illinois, Nevada, New Jersey, New Mexico, New York, North Carolina, South Carolina, North Dakota, Oklahoma, Pennsylvania, Texas, Virginia, and Washington. The company provides rental equipment such as scissor lifts and work platforms; material handling rentals such as forklifts and carriages; and general equipment including submersible pumps, casters, patio heaters, metal detector tools, and wheelbarrows. It also offers used new equipment, rental equipment, and spare parts. Additionally, the company provides repair and maintenance services for lift equipment, forklifts, scissor lifts, booms, and general rental equipment.

• American Equipment Company, Inc., American Equipment Company, Inc. has been recognized as one of the industry leaders supporting construction projects across the globe for nearly 70 years. The company has a wide geographical presence, including South America, Mexico, and Africa. It offers its products and services across verticals such as industrial, mining, government, and construction industries across the globe. It is a full-service, worldwide supplier of vehicles, support services, construction equipment, and asset management solutions across multiple industries and government agencies. It provides sales and rental services as well as parts for both new and used equipment. American Equipment Company, Inc. has categorized its products and services into three segments, namely equipment, construction services, and operation services. Under the equipment segment, the company offers new equipment & rentals, used equipment sales, and equipment services. In addition, it offers integrated construction equipment and fleet service solutions to companies and third-party clients for plant sites and construction projects.

• Ashtead Group plc, Ashtead Group plc is a U.K.-based provider of equipment rental services. The company primarily operates in the U.S., Canada, and the U.K., under brands Sunbelt Rentals in North America, which includes 811 stores in 46 states and Canada, and A-Plant in the U.K., which includes 197 stores across England, Scotland, and Wales. It rents a range of industrial and construction equipment to a diverse customer base for various applications and offers to rent industrial equipment to clients like construction firms, government agencies, homeowners, broadcasters, and railroads. The company also offers equipment tracking with the help of mobile tracking systems.

• United Rentals, Inc. (acquired BlueLine Rental), United Rentals, Inc. is one of the largest equipment rental companies across the globe. The company operates a network of 1,186 rental locations in North America and 11 in Europe with its revenue derived mainly from equipment rentals, sale of new equipment, sale of rental equipment, contractor supplies sales and service, and other revenues. It carries out its operations through two segments- General Rentals and Trench, Power and Fluid Solutions. The General Rentals segment is focused on renting industrial and general construction equipment, like backhoes, skid-steer loaders, material handling equipment, forklifts, and earthmoving equipment, and offers aerial work platforms. The segment serves industrial and construction companies, utilities, manufacturers, municipalities, and government entities. The Trench, Power and Fluid Solutions segment is focused on renting specialty construction products like trench safety equipment, aluminum hydraulic shoring systems, crossing plates, slide rails, construction lasers, and line testing equipment. United Rentals, Inc., has categorized its solutions into two segments, namely industry solutions and specialty solutions. The company also offers online services and equipment protection services.

• Byrne Equipment Rental, Byrne Equipment Rental is one of the major equipment rental companies in the Middle East. Byrne Equipment Rental offers a non-mechanical and mechanical fleet that includes power generation, compressed air, welding equipment, temporary buildings, and operated plants. The company serves customers in sectors including oil and gas, construction, events, and shipping and operates from depots in the UAE, Qatar, Oman, Saudi Arabia, Bahrain, and Kuwait. It offers its products and services across different industry verticals, including oil & gas, construction & infrastructure, manufacturing & logistics, marine & ports, retail & commercial, and defense & military. The company’s product portfolio comprises air & steam, hoist & access, lighting, plant, power generation, sanitation, and temporary buildings. Additionally, it serves various industries, including construction and infrastructure, oil and gas, industrial and manufacturing, and marine and ports.

• Cramo Oyj, Cramo Oyj is a service company focusing on machinery and equipment rental services. It provides modernized rental solutions via the Cramo Concept. The company has fully owned operations in 12 countries. Additionally, in Russia and Ukraine, it operates under the brand of the 50% owned joint venture, Fortrent. It has a network of 300 depots with a total of 230,000 rental items, serving 150,000 customers in over 14 countries across the globe. As per the Cramo Concept, the customers and construction companies in the trade and public sector along with private customers are provided with equipment, modular space, and machinery through different rental services and solutions. The company’s solutions are categorized into four segments, namely daycares, schools, office spaces, and accommodations. It offers a full range of construction machinery and equipment as well as related services. Additionally, rents lightweight machinery, such as handheld appliances and pumps, and heavy machinery including hoists and lifts. It also manufactures, sells, and rents moveable buildings as well as provides diamond cutting & boring and drying services across Finland.

• NISHIO RENT ALL Co., Ltd., NISHIO RENT ALL Co., Ltd. offers rental services for various construction activities across the globe. The company offers its solutions and services through 416 rental operation divisions and 55 franchise operation chain stores in Japan. It sells and rents products for road and civil construction projects consisting of lighting systems; offers civil equipment for general construction, and also provides road construction equipment. In addition, also offers tunneling work equipment, specialty equipment, and construction wastewater treatment systems, along with quality assurance, shoring, and environmental protection equipment for civil work projects. Furthermore, the company is engaged in the manufacturing, and selling of materials designed for outdoor play equipment and indoor kids' play facilities along with offering different forklifts, aerial platforms, work platforms, tower cranes, and maintenance equipment and rents equipment for exhibitions and equipment & materials for outdoor events. The company sells various parts and equipment; and provides inspection and onsite repair services for large-scale projects.

• Ramirent, Ramirent is one of the leading service companies offering equipment on a rental basis for construction and other industries. It is engaged in the business of renting construction machinery and equipment in Sweden, Finland, Denmark, Norway, Estonia, Latvia, Poland, the Czech Republic, Lithuania, and Slovakia. The company specializes in offering machine rental, equipment rental, and dynamic rental solutions. It offers light machinery, including painting and drilling, concrete mixing, and power & heating systems, and is also engaged in providing planning, electricity, installation, and maintenance services. It offers support equipment, along with weather covers, fences and gates, guard rails, fall safety systems, fall protection, and other traffic safety equipment. Moreover, the company also provides heavy equipment and machinery such as loaders, excavators, rollers compaction equipment, and pumping equipment. Additionally, the company provides worksite planning, on-site support, condition monitoring, logistics, safety planning, fuel services, and training services. In addition to the construction industry, it serves shipyards, public sector, entrepreneurs, and households.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Construction Equipment Rental Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Construction Equipment Rental Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.