As per a recent report published by Fact.MR, the global construction equipment rental market is poised to grow at a CAGR of 4.3% from 2022 to 2032. During the said forecast period, the industry is likely to yield a dollar opportunity worth US$ 121 Billion in 2022, expected to close at a valuation of US$ 184.3 Billion. The earthmoving machinery rental has witnessed huge traction in the oil and gas industry owing to their reduced cost of maintenance and affordable rental charges.
From 2015 to 2021, the market for Construction Equipment Rental grew at a CAGR of 4.3%, closing at a value of US$ 115 Billion. As of 2022, the industry is likely to reach US$ 121 Billion. Manufacturers are capitalizing on slashing down the operational costs of construction equipment and additional investments in the residential segment across key developing nations including India and China.
Excessive construction equipment costs, combined with the high cost of equipment maintenance services are expected to boost demand for construction equipment rental services.
Key Takeaways from the Market Study
- Global construction equipment rental market to flourish 1.5x from 2022-2032
- Earth moving machinery rental to be a top-selling category, flourishing at a 5% CAGR until 2032
- China to emerge as the fastest-growing construction equipment rental market, documenting a 5% CAGR
- S to be the 2nd most opportunistic market, expected to be valued at US$ 65 Billion in 2022
“With the economic downswing, the cost of construction equipment and materials has increased incessantly, thereby the industry has witnessed an upward trend of equipment rental in the construction sector to cut down the budget,” comments a Fact.MR analyst.
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Competitive Landscape
The global market for construction equipment rental is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.
- In August 2021, Herc Holdings Inc., a leading North American equipment rental supplier operating as Herc Rentals Inc., announced that it has completed the acquisition of substantially all the assets of Texas-based CBS Rentals (CBS).
- In April 2021, United Rentals and General Finance Corp. signed a definitive agreement for United Rentals to acquire General Finance for approximately $996 million. Under the agreement, United Rentals acquire General Finance for $19 per share in cash as well as the assumption of $400 million of net debt.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global Construction Equipment Rental market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period 2022-2032.
The study reveals essential insights on the basis of product type (earth moving machinery rental, material handling machinery, construction equipment rental, concrete & road construction machinery rental) across six major regions (North America, Latin America, East Asia, Europe, South Asia & Oceania and the Middle East & Africa).
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