How Big is The Construction Equipment Rental Market:

IMARC Group, a leading market research company, has recently releases report titled “Construction Equipment Rental Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The global construction equipment rental market size reached US$ 109.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 153.1 Billion by 2028, exhibiting a growth rate (CAGR) of 5.59% during 2023-2028.

What is Construction Equipment Rental?

Construction equipment rental refers to the practice of leasing heavy machinery, tools, and equipment for a specified period. This approach provides construction companies with a flexible and cost-effective means of accessing a wide array of specialized equipment tailored to their project needs. It allows businesses to bolster their operational capabilities without the substantial capital investment typically associated with equipment acquisition. It provides access to the latest and most advanced equipment, ensuring that construction companies can use state-of-the-art machinery without the burden of ownership. As it offers a wide range of equipment types and sizes to match the specific requirements of each project without the commitment of long-term ownership, the demand for construction equipment rental is rising across the globe.

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Construction Equipment Rental Market Trends and Drivers:

At present, opting for equipment rental over purchase allows companies to allocate resources more effectively, ensuring they pay only for equipment usage when needed. This fiscally responsible approach aligns with the dynamic nature of construction projects, wherein equipment requirements may vary from one project phase to another. In addition, the increasing adoption of advanced technology within construction equipment is strengthening the market growth. Rental companies are constantly updating their fleets to offer cutting-edge machinery, attracting businesses keen on harnessing the benefits of automation, telematics, and enhanced fuel efficiency. This tech-driven transformation not only enhances project efficiency but also aligns with sustainability goals by minimizing resource wastage. Furthermore, many construction firms are opting for rental equipment with eco-friendly features, such as reduced emissions and energy-efficient designs, to reduce their carbon footprint, which is propelling the growth of the market. Moreover, the growing demand for construction equipment rental among businesses to access a wide range of equipment as needed, enabling them to adapt to project-specific requirements. This flexibility is especially beneficial for projects with varying equipment needs, which is impelling the growth of the market.

Who are The Key Players Operating in The Industry?

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• Ahern Rentals Inc.
• Boels Rental, Caterpillar Inc.
• Finning International Inc.
• H&E Equipment Services Inc.
• Herc Rentals Inc.
• Hitachi Construction Machinery Co. Ltd. (Hitachi Ltd.)
• Liebherr-International AG
• Nishio Rent All Vietnam Co. Ltd
• Ramirent Oy
• United Rentals Inc. and Kanamoto Co. Ltd.

The report has been segmented the market into following categories:

Breakup by Equipment Type:

• Earthmoving
  • Excavator
  • Loader
  • Backhoe
  • Motor Grader
  • Others
• Material Handling
  • Crawler Crane
  • Trailer-Mounted Crane
  • Truck-Mounted Crane
• Concrete and Road Construction

Breakup by Propulsion System:

• Electric
• ICE

Breakup by Application:

• Residential
• Commercial
• Industrial

Breakup By Regions:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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