The global construction equipment rental market size is expected to reach USD 230.0 billion by 2025 at a 4.8% CAGR during the forecast period, according to a new report by Grand View Research, Inc. Increasing trend of renting heavy construction equipment such as excavators and loaders is anticipated to boost market growth. Moreover, customers can rent advanced technological equipment and save on time and hidden costs such as labor cost, maintenance cost, and operational costs involved in buying the same equipment. In addition, rental companies perform appropriate tests and inspections on rental equipment, thus improving the safety aspect.
Earth moving machinery emerged as the largest segment by product. The segment comprises different types of heavy construction machinery, such as excavators and loaders that have prominent application in construction, mining, and agriculture sectors. Excavators alone account for greater than 50% of the market among different earth moving equipment. Growing mining and construction activities in developing countries such as China, India, Brazil, and Africa are likely to boost demand for such construction machinery.
Material handling machinery such as crawler crane, trailer mounted crane, and truck mounted crane is anticipated to gain market share by 2025. Growing construction of skyscrapers and mega township projects are boosting segment growth. Most builders and construction companies tend to rent this machinery owing to high purchase cost.
Better road connectivity and well-connected transportation network contribute to the economic growth of a country. Thus, countries such as China and India are focusing on developing better roads to enhance connectivity among different parts of the country, which will amplify business and trading opportunities. China, for instance, is working on a mega road project “One Belt, One Road”, which focuses on connecting China to Europe.
Europe has also witnessed a rise in mega projects related to road construction and transportation; approximately 30 different projects have been lined up over the next few years. For instance, the European Commission has started its ambitious road project to connect Britain and Ireland with Northern Europe in 2018.
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Further key findings from the report suggest:
The global construction equipment rental market was valued at USD 159.35 billion in 2016 and is expected to exhibit a CAGR of 4.8% from 2017 to 2025
Earth moving machinery emerged as the largest product segment in 2016 and is anticipated to reach USD 133.78 billion by 2025
The material handling machinery segment is expected to register a CAGR of 5.3% over the forecast period
Middle East and Africa is anticipated to emerge as the most promising market for construction equipment rental by 2025, owing to increasing mining and construction activity in the region
Key players including United Rental; Ashtead Group; Aggreko; Herc Rentals Inc.; and Aktio Corp. dominated the global construction equipment rental market in 2016
Grand View Research has segmented the global construction equipment rental market on the basis of product and region:
Construction Equipment Rental Product Outlook (Revenue, USD Billion, 2014 - 2025)
Earth Moving Machinery
Material Handling Machinery
Concrete & Road Construction Machinery
Construction Equipment Rental Regional Outlook (Revenue, USD Billion, 2014 - 2025)
Middle East & Africa
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