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Construction Equipment Rental Market By Application, By Product, By Propulsion System: Global Opportunity Analysis and Industry Forecast, 2021-2031

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    Report

  • 220 Pages
  • November 2022
  • Region: Global
  • Allied Market Research
  • ID: 5157251
UP TO OFF until Mar 31st 2023

The global construction equipment rental market was valued at $107,947.8 million in 2021, and is projected to reach $168,728.5 million by 2031, registering a CAGR of 4.5% from 2022 to 2031.

Construction equipment rental is the service to rent out construction equipment to end users for a certain period of time by signing contracts with terms and conditions about their usage. Construction equipment is majorly used at construction mining sites to facilitate heavy operations.

Construction equipment rental market growth is driven by an increase in construction & mining activities in developing nations of Latin America and Africa regions. In addition, additional expenses incurred due to maintenance of the equipment, excessive operational cost, and high wages of skilled operators can be saved by renting equipment for the required time, which significantly contributes toward the growth of the global market. Moreover, the high initial investment required to buy equipment and financial constraints can be avoided by opting for rental equipment, thereby augmenting the market growth.

However, a dearth of skilled labors is a major factor restraining the growth of the global market. Moreover, saturation in the construction and mining industry in developed nations is another factor that hampers the growth of the construction equipment rental market.

Furthermore, the lockdown implemented due to the outbreak of COVID-19 has led to either decline in construction activities or has come to a complete halt. This led to the cancellation of equipment contracts by end users with rental companies, thereby declining the business during the lockdown period. However, the reopening of construction sites and the introduction of vaccines for COVID-19 are anticipated to lead to re-initiation of construction equipment rental market companies and construction industry at their full-scale capacities.

On the contrary, manufacturers are developing advanced equipment, which can be operated by connecting them through internet. Moreover, integration of IoT will help to overcome the shortage of skilled labors and enhanced safety of operators and end users. These factors are anticipated to offer remunerative opportunities for the expansion of the global construction equipment rental market during the forecast period.

The global construction equipment rental market is segmented into application, product, propulsion system, and region. The applications covered in the study include excavation & mining, material handling, earthmoving, and concrete. On the basis of product, is the market is divided into backhoes & excavators, loaders, crawler dozers, cranes, forklift, and others. By propulsion system, it is differentiated into electric and ICE. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The major players profiled in the heavy construction equipment rental market include Boels Rental, H&E Equipment Services, Herc Rentals Inc., Kanamoto Co., Ltd., Loxam (Ramirent), Maxim Crane Works, Nesco Holdings, MTANDT Rentals Limited, Sarens n. v. /s. a. and United Rentals, Inc. Major companies in the market have adopted business expansion and acquisition as their key developmental strategies to offer better products and services to customers in the heavy construction equipment rental market.

KEY BENEFITS FOR STAKEHOLDERS

  • This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the construction equipment rental market analysis from 2021 to 2031 to identify the prevailing construction equipment rental market opportunities.
  • The market research is offered along with information related to key drivers, restraints, and opportunities.
  • Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
  • In-depth analysis of the construction equipment rental market segmentation assists to determine the prevailing market opportunities.
  • Major countries in each region are mapped according to their revenue contribution to the global market.
  • Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
  • The report includes an analysis of the regional as well as global construction equipment rental market trends, key players, market segments, application areas, and market growth strategies.

Key Market Segments

By Application

  • Excavation and Mining
  • Material Handling
  • Earthmoving
  • Concrete

By Product

  • Backhoes and Excavators
  • Loaders
  • Crawler Dozers
  • Cranes
  • Forklift
  • Other

By Propulsion System

  • Electric
  • ICE

By Region

  • North America
  • U. S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • UK
  • Italy
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
  • LAMEA
  • Latin America
  • Middle East
  • Africa

Key Market Players

  • Maxim Crane Works
  • MTANDT RENTALS LIMITED
  • Boels Rentals
  • Sarens NV
  • H&E Equipment Services Inc.
  • Kanamoto Co. Ltd.
  • Herc Rentals Inc.
  • NESCO HOLDINGS, INC. (NESCO SPECIALTY RENTALS)
  • Ramirent ab
  • United Rentals, Inc.
Frequently Asked Questions about the Global Construction Equipment Rental Market

What is the estimated value of the Global Construction Equipment Rental Market?

The Global Construction Equipment Rental Market was estimated to be valued at $107947.8 million in 2021.

What is the growth rate of the Global Construction Equipment Rental Market?

The growth rate of the Global Construction Equipment Rental Market is 4.6%, with an estimated value of $168728.5 million by 2031.

What is the forecasted size of the Global Construction Equipment Rental Market?

The Global Construction Equipment Rental Market is estimated to be worth $168728.5 million by 2031.

Who are the key companies in the Global Construction Equipment Rental Market?

Key companies in the Global Construction Equipment Rental Market include Maxim Crane Works, Mtandt Rentals Limited, Boels Rentals, Sarens Nv, H&E Equipment Services Inc., Kanamoto Co. Ltd., Herc Rentals Inc., Nesco Holdings, Inc. (Nesco Specialty Rentals) and United Rentals, Inc..

Table of Contents

CHAPTER 1: INTRODUCTION
1.1. Report Description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective

CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Market dynamics
3.4.1. Drivers
3.4.1.1. No high ownership cost & financial constraints
3.4.1.2. Surge in construction activities in developing countries
3.4.1.3. Reduction of expenses such as maintenance cost, labor cost, and operational costs
3.4.2. Restraints
3.4.2.1. Decrease in new construction activities in developed nations
3.4.2.2. Lack of skilled and qualified operators
3.4.3. Opportunities
3.4.3.1. Ease of relocation and high efficiency with IoT technology
3.5. COVID-19 Impact Analysis on the market

CHAPTER 4: CONSTRUCTION EQUIPMENT RENTAL MARKET, BY APPLICATION
4.1 Overview
4.1.1 Market size and forecast
4.2. Excavation and Mining
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market share analysis by country
4.3. Material Handling
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market share analysis by country
4.4. Earthmoving
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market share analysis by country
4.5. Concrete
4.5.1 Key market trends, growth factors and opportunities
4.5.2 Market size and forecast, by region
4.5.3 Market share analysis by country

CHAPTER 5: CONSTRUCTION EQUIPMENT RENTAL MARKET, BY PRODUCT
5.1 Overview
5.1.1 Market size and forecast
5.2. Backhoes and Excavators
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market share analysis by country
5.3. Loaders
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market share analysis by country
5.4. Crawler Dozers
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market share analysis by country
5.5. Cranes
5.5.1 Key market trends, growth factors and opportunities
5.5.2 Market size and forecast, by region
5.5.3 Market share analysis by country
5.6. Forklift
5.6.1 Key market trends, growth factors and opportunities
5.6.2 Market size and forecast, by region
5.6.3 Market share analysis by country
5.7. Other
5.7.1 Key market trends, growth factors and opportunities
5.7.2 Market size and forecast, by region
5.7.3 Market share analysis by country

CHAPTER 6: CONSTRUCTION EQUIPMENT RENTAL MARKET, BY PROPULSION SYSTEM
6.1 Overview
6.1.1 Market size and forecast
6.2. Electric
6.2.1 Key market trends, growth factors and opportunities
6.2.2 Market size and forecast, by region
6.2.3 Market share analysis by country
6.3. ICE
6.3.1 Key market trends, growth factors and opportunities
6.3.2 Market size and forecast, by region
6.3.3 Market share analysis by country

CHAPTER 7: CONSTRUCTION EQUIPMENT RENTAL MARKET, BY REGION
7.1 Overview
7.1.1 Market size and forecast
7.2 North America
7.2.1 Key trends and opportunities
7.2.2 North America Market size and forecast, by Application
7.2.3 North America Market size and forecast, by Product
7.2.4 North America Market size and forecast, by Propulsion System
7.2.5 North America Market size and forecast, by country
7.2.5.1 U. S.
7.2.5.1.1 Key market trends, growth factors and opportunities
7.2.5.1.2 Market size and forecast, by Application
7.2.5.1.3 Market size and forecast, by Product
7.2.5.1.4 Market size and forecast, by Propulsion System
7.2.5.2 Canada
7.2.5.2.1 Key market trends, growth factors and opportunities
7.2.5.2.2 Market size and forecast, by Application
7.2.5.2.3 Market size and forecast, by Product
7.2.5.2.4 Market size and forecast, by Propulsion System
7.2.5.3 Mexico
7.2.5.3.1 Key market trends, growth factors and opportunities
7.2.5.3.2 Market size and forecast, by Application
7.2.5.3.3 Market size and forecast, by Product
7.2.5.3.4 Market size and forecast, by Propulsion System
7.3 Europe
7.3.1 Key trends and opportunities
7.3.2 Europe Market size and forecast, by Application
7.3.3 Europe Market size and forecast, by Product
7.3.4 Europe Market size and forecast, by Propulsion System
7.3.5 Europe Market size and forecast, by country
7.3.5.1 Germany
7.3.5.1.1 Key market trends, growth factors and opportunities
7.3.5.1.2 Market size and forecast, by Application
7.3.5.1.3 Market size and forecast, by Product
7.3.5.1.4 Market size and forecast, by Propulsion System
7.3.5.2 France
7.3.5.2.1 Key market trends, growth factors and opportunities
7.3.5.2.2 Market size and forecast, by Application
7.3.5.2.3 Market size and forecast, by Product
7.3.5.2.4 Market size and forecast, by Propulsion System
7.3.5.3 UK
7.3.5.3.1 Key market trends, growth factors and opportunities
7.3.5.3.2 Market size and forecast, by Application
7.3.5.3.3 Market size and forecast, by Product
7.3.5.3.4 Market size and forecast, by Propulsion System
7.3.5.4 Italy
7.3.5.4.1 Key market trends, growth factors and opportunities
7.3.5.4.2 Market size and forecast, by Application
7.3.5.4.3 Market size and forecast, by Product
7.3.5.4.4 Market size and forecast, by Propulsion System
7.3.5.5 Rest of Europe
7.3.5.5.1 Key market trends, growth factors and opportunities
7.3.5.5.2 Market size and forecast, by Application
7.3.5.5.3 Market size and forecast, by Product
7.3.5.5.4 Market size and forecast, by Propulsion System
7.4 Asia-Pacific
7.4.1 Key trends and opportunities
7.4.2 Asia-Pacific Market size and forecast, by Application
7.4.3 Asia-Pacific Market size and forecast, by Product
7.4.4 Asia-Pacific Market size and forecast, by Propulsion System
7.4.5 Asia-Pacific Market size and forecast, by country
7.4.5.1 China
7.4.5.1.1 Key market trends, growth factors and opportunities
7.4.5.1.2 Market size and forecast, by Application
7.4.5.1.3 Market size and forecast, by Product
7.4.5.1.4 Market size and forecast, by Propulsion System
7.4.5.2 Japan
7.4.5.2.1 Key market trends, growth factors and opportunities
7.4.5.2.2 Market size and forecast, by Application
7.4.5.2.3 Market size and forecast, by Product
7.4.5.2.4 Market size and forecast, by Propulsion System
7.4.5.3 South Korea
7.4.5.3.1 Key market trends, growth factors and opportunities
7.4.5.3.2 Market size and forecast, by Application
7.4.5.3.3 Market size and forecast, by Product
7.4.5.3.4 Market size and forecast, by Propulsion System
7.4.5.4 India
7.4.5.4.1 Key market trends, growth factors and opportunities
7.4.5.4.2 Market size and forecast, by Application
7.4.5.4.3 Market size and forecast, by Product
7.4.5.4.4 Market size and forecast, by Propulsion System
7.4.5.5 Rest of Asia-Pacific
7.4.5.5.1 Key market trends, growth factors and opportunities
7.4.5.5.2 Market size and forecast, by Application
7.4.5.5.3 Market size and forecast, by Product
7.4.5.5.4 Market size and forecast, by Propulsion System
7.5 LAMEA
7.5.1 Key trends and opportunities
7.5.2 LAMEA Market size and forecast, by Application
7.5.3 LAMEA Market size and forecast, by Product
7.5.4 LAMEA Market size and forecast, by Propulsion System
7.5.5 LAMEA Market size and forecast, by country
7.5.5.1 Latin America
7.5.5.1.1 Key market trends, growth factors and opportunities
7.5.5.1.2 Market size and forecast, by Application
7.5.5.1.3 Market size and forecast, by Product
7.5.5.1.4 Market size and forecast, by Propulsion System
7.5.5.2 Middle East
7.5.5.2.1 Key market trends, growth factors and opportunities
7.5.5.2.2 Market size and forecast, by Application
7.5.5.2.3 Market size and forecast, by Product
7.5.5.2.4 Market size and forecast, by Propulsion System
7.5.5.3 Africa
7.5.5.3.1 Key market trends, growth factors and opportunities
7.5.5.3.2 Market size and forecast, by Application
7.5.5.3.3 Market size and forecast, by Product
7.5.5.3.4 Market size and forecast, by Propulsion System

CHAPTER 8: COMPETITIVE LANDSCAPE
8.1. Introduction
8.2. Top winning strategies
8.3. Product Mapping of Top 10 Players
8.4. Competitive Dashboard
8.5. Competitive Heatmap
8.6. Top player positioning, 2021

CHAPTER 9: COMPANY PROFILES
9.1 Maxim Crane Works
9.1.1 Company overview
9.1.2 Key Executives
9.1.3 Company snapshot
9.1.4 Operating business segments
9.1.5 Product portfolio
9.1.6 Business performance
9.1.7 Key strategic moves and developments
9.2 MTANDT RENTALS LIMITED
9.2.1 Company overview
9.2.2 Key Executives
9.2.3 Company snapshot
9.2.4 Operating business segments
9.2.5 Product portfolio
9.2.6 Business performance
9.2.7 Key strategic moves and developments
9.3 Boels Rentals
9.3.1 Company overview
9.3.2 Key Executives
9.3.3 Company snapshot
9.3.4 Operating business segments
9.3.5 Product portfolio
9.3.6 Business performance
9.3.7 Key strategic moves and developments
9.4 Sarens NV
9.4.1 Company overview
9.4.2 Key Executives
9.4.3 Company snapshot
9.4.4 Operating business segments
9.4.5 Product portfolio
9.4.6 Business performance
9.4.7 Key strategic moves and developments
9.5 H&E Equipment Services Inc.
9.5.1 Company overview
9.5.2 Key Executives
9.5.3 Company snapshot
9.5.4 Operating business segments
9.5.5 Product portfolio
9.5.6 Business performance
9.5.7 Key strategic moves and developments
9.6 Kanamoto Co. Ltd.
9.6.1 Company overview
9.6.2 Key Executives
9.6.3 Company snapshot
9.6.4 Operating business segments
9.6.5 Product portfolio
9.6.6 Business performance
9.6.7 Key strategic moves and developments
9.7 Herc Rentals Inc.
9.7.1 Company overview
9.7.2 Key Executives
9.7.3 Company snapshot
9.7.4 Operating business segments
9.7.5 Product portfolio
9.7.6 Business performance
9.7.7 Key strategic moves and developments
9.8 NESCO HOLDINGS, INC. (NESCO SPECIALTY RENTALS)
9.8.1 Company overview
9.8.2 Key Executives
9.8.3 Company snapshot
9.8.4 Operating business segments
9.8.5 Product portfolio
9.8.6 Business performance
9.8.7 Key strategic moves and developments
9.9 Ramirent ab
9.9.1 Company overview
9.9.2 Key Executives
9.9.3 Company snapshot
9.9.4 Operating business segments
9.9.5 Product portfolio
9.9.6 Business performance
9.9.7 Key strategic moves and developments
9.10 United Rentals, Inc.
9.10.1 Company overview
9.10.2 Key Executives
9.10.3 Company snapshot
9.10.4 Operating business segments
9.10.5 Product portfolio
9.10.6 Business performance
9.10.7 Key strategic moves and developments

Executive Summary

The Construction Equipment Rental Market is likely to experience a significant growth rate of 4.5% from 2022-2031 owing to increasing market demand from the Construction and Mining sector.

Construction equipment rental is the service to rent out construction equipment to end users for a certain period of time by signing contracts with terms and conditions about their usage. Construction equipment is majorly used at construction mining sites to facilitate heavy operations.

Construction equipment rental market growth is driven by an increase in construction & mining activities in developing nations of Latin America and Africa regions. In addition, additional expenses incurred due to maintenance of the equipment, excessive operational cost, and high wages of skilled operators can be saved by renting equipment for the required time, which significantly contributes toward the growth of the global market. Moreover, the high initial investment required to buy equipment and financial constraints can be avoided by opting for rental equipment, thereby augmenting the market growth.

However, the dearth of skilled laborers is a major factor that restrains the growth of the global market. Moreover, saturation in the construction and mining industry in developed nations is another factor that hampers the growth of the market.

In addition, the outbreak of COVID-19 led to halting in logistic and manufacturing activities across the globe which has led to the interruption of the supply chain, which hinders the growth of the heavy construction equipment rental market. However, this situation is expected to improve as governments are relaxing norms around the world to resume business activities.

On the contrary, manufacturers are developing advanced equipment, which is economical and sustainable. For instance, in March 2021, Doosan Infracore launched a 100-ton excavator, which uses smart power control and an electronic integrated hydraulic system. It has an in-house designed fuel optimization system to improve fuel efficiency and deliver ideal job performance with loss-free power and speed. Moreover, the integration of IoT is expected to help to overcome the shortage of skilled laborers and enhanced the safety of operators and end users. These factors are anticipated to offer remunerative opportunities for the expansion of the global market during the forecast period.

The global construction equipment rental market is segmented into application, product, propulsion system, and region. The applications covered in the study include excavation & mining, material handling, earthmoving, and concrete. On the basis of product, the market is divided into backhoes & excavators, loaders, crawler dozers, cranes, forklifts, and others. By propulsion system, it is differentiated into electric and ICE. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, and the rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and the rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

The major market participants profiled in this report include Ashtead Group plc. (Sunbelt Rentals Ltd), Boels Rental, H&E Equipment Services, Haulotte Group, Herc Rentals Inc., Kanamoto Co., Ltd., Loxam (Ramirent), Sarens n.v./s.a., Sumitomo Corporation (Sunstate Equipment Company), and United Rentals, Inc. The players in the market have been actively engaged in the adoption of various strategies such as acquisition, product launch, and expansion to remain competitive and gain an advantage over the competitors in the market

Key Market Insights

By application, the earthmoving segment was the highest revenue contributor to the market and is estimated to reach $63.3 billion by 2031. In addition, the excavation and mining segment is estimated to be the fastest-growing segment with a CAGR of 5.2% during the forecast period.

By product, the loaders segment dominated the global market, and the other is expected to be the fastest-growing segment with a CAGR of 6.1% during the forecast period.

Based on the propulsion system, the ICE segment was the highest revenue contributor to the market with a CAGR of 4.3% during the forecast period.

Based on region, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR of 5.8% during the forecast period.

Companies Mentioned

  • Maxim Crane Works
  • Mtandt Rentals Limited
  • Boels Rentals
  • Sarens Nv
  • H&E Equipment Services Inc.
  • Kanamoto Co. Ltd.
  • Herc Rentals Inc.
  • Nesco Holdings, Inc. (Nesco Specialty Rentals)
  • Ramirent Ab
  • United Rentals, Inc.

Methodology

The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.

They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.

They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast

Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.

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