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Construction Equipment Rental Market Size By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment], Material Handling & Cranes, Concrete Equipment) & Forecast, 2023 - 2032

  • Report ID: GMI773
  • Published Date: Jan 2023
  • Report Format: PDF

Industry Statistics

Construction Equipment Rental Market size surpassed USD 130 billion in 2022 and is anticipated to register 4% CAGR from 2023 to 2032, resulting from the high purchasing cost of new construction equipment.

Construction Equipment Rental Market

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Renting is gaining popularity among contractors since on-site maintenance, repair, and replacement provisions are now included in rental agreements, which helps businesses reduce expenditures, maintenance expenses, and repair costs. Equipment rental firms are leveraging potential business opportunities by expanding their firms through acquisitions or partnerships to broaden their global reach and by strategically incorporating technical upgrades into their fleet.

Additionally, the emerging trend of mass migration of people from rural to urban areas in the Middle East region has accelerated the improvement of infrastructure amenities. The GCC's urbanization rate is set to rise from 85% in 2022 to 90% by 2050. Furthermore, renting equipment is found to lower carbon emissions by 30 to 60% during the life of the equipment compared to ownership. The advent of electrified and miniaturized machinery emphasizes the trend of sustainability, which is likely to boost market revenue by 2032.

Lack of skilled labor and operators to impede the industry growth

The boom in the construction sector is resulting in an immediate surge in the demand for highly trained labor, which may slow down the construction equipment rental market expansion. However, businesses are increasingly investing in advanced technologies, including AI and industrial robotics and are also implementing strategies to train their staff in order to promote productivity, which is likely to raise the number of skilled personnel in the business scenario.

Mounting demand for modern bulk material handling

Construction Equipment Rental Market Share By Product

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The industry size from the material handling & cranes segment accounted for USD 15 billion in 2022, due to growing need for handling bulk materials impelled by rapid industrialization. Furthermore, major investments toward the integration of modern technologies and significant efforts by firms to enhance their product portfolios are expected to drive the market development. For instance, CanLift Equipment Ltd., a material handling manufacturer, expanded its product line by adding nine new aerial lift machines from XCMG, a leading construction manufacturing company.

Major projects for building carbon-neutral cities to aid European industry growth

Authors: Preeti Wadhwani, Anish Pathak

Frequently Asked Questions (FAQ) :

The industry size of construction equipment rental was worth USD 130 billion in 2022 and is projected to register 4% CAGR during 2023 to 2032 owing to the high purchasing cost of new construction equipment.

The material handling & cranes segment amassed over USD 15 billion revenue in 2022 due to the rising need of material handling equipment for effectively handling bulk materials because of rapid industrialization.

The Europe market is anticipated to account for more than 25% of the overall industry revenue by 2032 attributed to the booming construction sector with large and small-scale commercial and residential activities.

Caterpillar Inc., Loxam Group, H&E Equipment Services, Al Faris Equipment Rental, Hinkel Equipment Rental Associates, Aktio Corporation, Boels Rental, Kanamoto Co. Ltd. and United Rentals, Inc., among others are the major players in the competitive industry landscape.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 255
  • Countries covered: 16
  • Pages: 250
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