The global construction equipment rental market is estimated to be $98.6 billion USD in 2019 and is projected to reach $121.6 billion USD by 2024, at a CAGR of 4.3% from 2019 to 2024. This projection is based on ResearchAndMarkets.com’s "Construction Equipment Rental Market by Equipment (Earthmoving, Material Handling, Road Building & Concrete), Product (Backhoes, Excavators, Loaders, Crawler Dozers, Cranes, Compactors, Concrete Pumps), Region - Global Forecast to 2024" report.
The globally leading construction equipment renting companies profiled in this report are United Rentals Inc. (US) (Belgium), United Rentals Inc. (US), Ashtead Group Plc (UK), Loxam (Paris), Herc Holdings Inc. (US), Aktio Corporation (Japan), Nishio Rent All Co. Ltd. (Japan), Kanamoto Co. Ltd. (Japan), Nishio Rent All Co. Ltd (Japan), Nikken Corporation (Japan), and Ahern Rentals (US), among others.
The construction equipment rental industry in North America and Europe, along with the preference toward rental for construction rather than purchase, are expected to fuel the growth of the market during the forecast period. North America is projected to be the largest construction equipment rental market during the forecast period. Europe accounted for the second-largest market share in 2018. However, the Asia Pacific region is expected to outrank Europe to become the second-largest construction equipment rental market by 2024.
The Asia Pacific region is projected to grow at the highest CAGR during the forecast period. Increasing investments in construction and rising population in the region are expected to lead to the increasing demand for construction equipment on a rental basis, and the trend is expected to continue through 2024.
Projected Growth by Equipment Category and Product
The construction equipment rental market is categorized into earthmoving, material handling, and road building & concrete. Among these, the earthmoving segment is projected to lead the market during the forecast period. Wide acceptance, mobility and ease of operation coupled with the high cost of excavators make rental a more viable option.
By product, the construction equipment rental market is segregated into excavators, backhoes, loaders, crawler dozers, cranes, concrete pumps, compactors, transit mixers, concrete mixers and others. Among these, the excavator segment is projected to lead the market due to an increase in infrastructure construction activities, such as roads, highways, metros, airports, bridges, along with refurbishment and redevelopment activities associated with residential construction. The crane segment is projected to grow at the highest CAGR during the forecast period.
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