The construction equipment rental market is poised to be valued at US$ 121 billion in fiscal 2022, a significant increase from the US$ 115 billion recorded in fiscal 2021. The industry experienced a YoY growth of 4.3% in the previous year. Over the next ten years, the market is expected to grow at a CAGR of 4.3%, culminating in a worth of US$ 185 billion by the end of 2032.

The construction equipment rental market has experienced steady growth, driven by several factors. Firstly, the increasing complexity and diversity of construction projects have led construction companies to rely on rental equipment to meet specific project requirements. Furthermore, the capital-intensive nature of construction equipment has made renting an attractive option for companies seeking to minimize upfront costs. The market is characterized by a wide range of equipment, including excavators, bulldozers, cranes, loaders, and more, catering to different construction needs.

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Market Dynamics: The construction equipment rental market is influenced by several factors that shape its growth and development. One of the key drivers is the cost-effectiveness associated with renting equipment, as it eliminates the need for upfront capital investment, maintenance costs, and storage expenses. This flexibility allows construction companies to access a wide range of machinery without the burden of ownership. Additionally, the growing trend of short-term projects and the need for specialized equipment for different tasks contribute to the rising demand for rental services.

Another dynamic driving the market is the technological advancements in construction equipment. Rental companies are constantly updating their fleets with the latest and most efficient machinery, providing construction businesses access to cutting-edge technology without the need for significant investments. This trend aligns with the construction industry's push for innovation and sustainability, as newer equipment tends to be more fuel-efficient and environmentally friendly.

Market Future Outlook: The construction equipment rental market is poised for significant growth in the coming years. The increasing urbanization, infrastructure development projects, and the adoption of advanced construction techniques in emerging economies are expected to drive the demand for rental equipment. Moreover, the ongoing digital transformation in the construction sector, including the integration of telematics and IoT technologies in equipment, will further enhance the efficiency of rental services.

The future outlook also includes a shift towards more sustainable practices in the construction industry. Rental companies are likely to focus on offering environmentally friendly equipment and promoting the circular economy by reusing and recycling machinery. This aligns with the growing awareness of environmental concerns and the need for responsible business practices.

Market Insights: Insights into the construction equipment rental market reveal a competitive landscape with various players catering to the diverse needs of the construction industry. The market is characterized by the presence of both global and regional players, each offering a range of equipment and services. Rental companies are increasingly focusing on providing comprehensive solutions, including equipment maintenance, training, and on-site support, to differentiate themselves in the market.

Additionally, market insights highlight the importance of strategic partnerships and collaborations between rental companies and construction firms. These collaborations often involve long-term agreements, ensuring a steady revenue stream for rental companies and a reliable supply of equipment for construction projects.

Key Players:

• United Rentals Inc.
• Herc Holdings Inc.
• Ashtead Group Plc
• Aktio Corporation
• Loxam Sas
• Kanamoto Co. Ltd.
• Nishio Rent All Co. Ltd.
• H&E Equipment Services Inc.
• Nikken Corporation
• Cramo Group
• Ramirent Plc

Competitive Landscape:

United Rentals, an online marketplace for industrial and construction equipment rentals, offers a wide range of tools and equipment for users to search and purchase. Their inventory includes compressors, tools, earthmoving equipment, forklifts, vehicles, trailers, and other equipment. To enhance user convenience, United Rentals provides iOS and Android mobile apps. Additionally, they offer fleet and equipment management rental solutions. In the fiscal year 2021, the company achieved impressive financial results, with yearly revenues totaling $9.72 billion and a net profit of $1.39 billion.

In August 2021, Herc Holdings Inc., operating as Herc Rentals Inc., successfully acquired the majority of CBS Rentals' assets, further expanding their presence in the thriving equipment rental market of Texas. This strategic move adds 38 physical sites to Herc Rentals' portfolio, enabling them to offer a comprehensive range of general and specialty equipment rental solutions, along with associated services.

Furthermore, United Rentals made a significant acquisition in April 2021 by entering into a formal agreement with General Finance Corp. The deal involved United Rentals purchasing General Finance for a substantial amount of US$996 million. As part of the transaction, United Rentals agreed to acquire General Finance at a cash share price of US$19, assuming a net debt of $400 million. This acquisition further strengthens United Rentals' position in the industry and expands their capabilities to serve a broader customer base.

Overall, United Rentals and Herc Rentals Inc. demonstrate their commitment to providing top-notch equipment rental solutions, expanding their market presence, and driving growth through strategic acquisitions.

Key Segments Covered In The Market Report

• By Product :
  • Earth Moving Machinery
  • Material Handling Machinery
  • Concrete & Road Construction Machinery
• By Region :
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

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