Global Construction Equipment Rental Market is expected to foresee significant growth. APAC to lead the growth!

Construction equipment refers to heavy-duty vehicles specially designed for executing construction tasks, most frequently involving earthwork operations. Several factors, such as rapid urbanization, rapid industrialization, rising government investments in the development of infrastructure, and the expansion and growth activities of real estate and construction companies worldwide are the primary drivers of the global construction equipment market. Moreover, companies are rapidly investing to maintain a dominant share in the market. For instance, in January 2021, the UK government announced investing around USD 900 billion across the private and public infrastructure in the next ten years.

The Construction Equipment Rental Market is expected to grow at a steady rate of around 4% during the forecast period (2022-2028) owing to increase in governments’ spending on the development of public infrastructure which has catalyzed the construction and mining activities in emerging economies of the world. This has created a high demand for construction equipment in the market. In addition, rising prices for new construction machines are encouraging construction companies and contractor to shift their interest toward renting construction equipment. Further, the emergence of advanced technologies and increasing level of automation is expected to propel the market’s growth.

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Based on equipment, the market is segmented into earth moving, material handling, road building, and concrete pumps. The earth moving segment category to witness higher CAGR during the forecast period. As earthmoving construction equipment is benefiting greatly from the demand for better infrastructure and the growing urban population. Moreover, other earthmoving equipment such as backhoe loaders, crawler excavators, skid-steer loaders, and mini excavators, have high load capacholds better engine performance. These types of earthmoving equipment make them suitable to be used in harsh working environments.

Based on product, the market is categorized into backhoes, cranes, excavators, loaders, and others. Among these, the crane holds a significant share in the market in during the forecast period. This is mainly due to the large construction projects worldwide that include the port extension, underwater tunnel, railway tunnels, including the use of many types of cranes. Thus, driving the growth of the crane segment.

Based on application, the construction equipment rental market has been classified into construction & infrastructure, transport power, energy infrastructure, and others. The construction and Infrastructure category is to witness higher adoption during the forecast period. Construction equipment sales have been impressive as a result of rising construction and infrastructure spending, particularly in emerging markets. In addition, the government is spending on infrastructure projects, primarily in rural areas, sales of construction equipment are anticipated to rise by double digits in the coming years, which will have a positive impact on the segmental growth during the forecast period.

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For a better understanding of the market adoption of the construction equipment rental industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the nations like China and India, whose development relies heavily on construction projects. The Asia-Pacific construction equipment market is expanding at a rapid rate due to investments in construction and infrastructure. However, the demand for technologically advanced equipment, the rapid adoption of automated construction equipment, and low-interest loans to acquire this equipment will all contribute to North America’s significant growth in the coming years.

Some of the major players operating in the market include Caterpillar, CNH Industrial N.V, Doosan Corporation, Escorts Limited, Hitachi Construction Machinery Co Ltd., Hyundai Construction Equipment Co Ltd., J C Bamford Excavators Ltd., Deere & Company., Kobelco Construction Machinery Co Ltd., and Komatsu Ltd.

Global Construction Equipment Rental Market Segmentation

Market Insight, by Equipment

• Earthmoving
• Material Handling• Road Building• Concrete pumps

Market Insight, by Product

• Backhoes
• Cranes
• Excavators
• Loaders
• Others

Market Insight, by Application

• Construction & Infrastructure
• Transport power
• Energy infrastructure
• Others

Market Insight, by Region

• North America
  • US
  • Canada
  • Rest of North America
• Europe
  • Germany
  • United Kingdom
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Rest of the World

Top Company Profiles

• Caterpillar
• CNH Industrial N.V.
• Doosan Corporation
• Escorts Limited
• Hitachi Construction Machinery Co Ltd.
• Hyundai Construction Equipment Co Ltd.
• J C Bamford Excavators Ltd.
• Deere & Company.
• Kobelco Construction Machinery Co Ltd.
• Komatsu Ltd.