{"product_id":"global-construction-equipment-rental-market-2023-2030","title":"Global Construction Equipment Rental Market - 2023-2030","description":"\u003cp\u003eGlobal Construction Equipment Rental Market - 2023-2030\u003cbr\u003e\nGlobal Construction Equipment Rental Market reached US$ 112.3 billion in 2022 and is expected to reach US$ 165.1 billion by 2030, growing with a CAGR of 5.1% during the forecast period 2023-2030.\u003c\/p\u003e\n\n\u003cp\u003eRenting construction equipment can be more cost-effective than purchasing, especially for short-term projects. It allows construction companies to avoid the high costs of buying new equipment and instead pay only for the equipment they need during specific project durations. It offers a wide range of construction equipment from small tools to heavy machinery.\u003c\/p\u003e\n\n \u003cp\u003eRental companies often update their equipment inventory with the latest technology and models. By renting, construction companies can access state-of-the-art machinery that may be too costly to purchase outright. Renting allows construction companies to avoid the risk of owning obsolete equipment and ensures access to modern and efficient machinery. Asia-Pacific is expected to witness the highest growth rate during the forecast period 2023-2030.\u003c\/p\u003e\n\n \u003cp\u003eGovernments in Asia-Pacific's emerging economies are heavily investing in the development of highways, airports, dams and special economic zones (SEZs) to improve connectivity, stimulate commerce and strengthen the general economy. The activities are attracting the attention of major construction equipment companies, who are eager to invest heavily and establish a presence in the region. Caterpillar, Hitachi, Liebherr and Sumitomo Corporation are among the global construction equipment manufacturers that offer their goods and services in the region.\u003c\/p\u003e\n\n\u003cp\u003eDynamics\u003c\/p\u003e\n\n\u003cp\u003eIncreasing Investment in Infrastructure\u003c\/p\u003e\n\n\u003cp\u003eInfrastructure projects often involve changing requirements and varying workloads. Renting equipment provides flexibility that quickly adapts project demands and scales up or down as needed. Rental companies offer technical support and operator training which ensures that contractors can operate the equipment safely and efficiently and this support can be valuable, especially for complex machinery.\u003c\/p\u003e\n\n\u003cp\u003eAccording to India Brand Equity Foundation, India enhances its infrastructure upto 2025 and has targeted US$ 5 trillion. India is heavily investing in improving its transportation network to enhance connectivity and mobility. The expansion and modernization of roads, railways and airports are major focus areas. The development of expressways, national highways and the country aims to reduce transportation time and costs, boosting trade and commerce.\u003c\/p\u003e\n\n\u003cp\u003eThe construction equipment rental market offers a lucrative opportunity for private companies as the construction industry continues to expand, with the increasing demand for infrastructure projects and urban development, there is a constant need for construction equipment, create a robust market for rental services.\u003c\/p\u003e\n\n\u003cp\u003eFor instance, on 18 January 2023, Doosan, a well-known brand of orange construction equipment, will now be called DEVELON worldwide. DEVELON aims to continue providing innovative products and solutions for the infrastructure industry, solidifying its position as a global leader in construction equipment. DEVELON will focus on manufacturing construction equipment to build critical infrastructure and promote sustainable development through alternative energy sources.\u003c\/p\u003e\n\n\u003cp\u003eGovernment Investment in Construction Industry\u003c\/p\u003e\n\n \u003cp\u003eThe government heavily invests in the development of infrastructure that includes the construction of highways, bridges, roads, airports and public facilities, these large-scale projects require a wide range of construction equipment which increases demand for rental services from both public and private organizations.\u003c\/p\u003e\n\n\u003cp\u003eFor instance, on 2 February 2023, finance minister's proposal to increase the capital investment outlay for FY24 by three times from the FY19 level indicates a strong commitment to infrastructure development. Higher capital investment leads to increase funding for construction projects, which in turn can create more opportunities for construction companies and boost overall economic growth.\u003c\/p\u003e\n\n\u003cp\u003eGovernments offer tax incentives and subsidies for construction companies which include equipment rental services, these incentives can reduce the overall cost of construction projects and encourage more companies to opt for rental solutions. The government also invested in skill development and training programs for construction workers.\u003c\/p\u003e\n\n\u003cp\u003eFor instance, on 11 March 2023, the Union Budget 2023–24 in India focuses on promoting infrastructure and development efforts while also addressing real estate, industrial growth and public spending and with a significant allocation of 10 trillion rupees to infrastructure development, the budget aims to boost connectivity between cities and implement various infrastructure projects. The expansion of the PM Awas Yojana and tax reductions aims to increase access to affordable housing.\u003c\/p\u003e\n\n\u003cp\u003eNeed Maintenance\u003c\/p\u003e\n\n \u003cp\u003eRental equipment needs regular maintenance to ensure proper functioning and safety. The cost of maintenance is high, especially for older equipment or in cases where customers do not take proper care of the rented machines. Construction equipment has a finite lifespan which will depreciates over time.\u003c\/p\u003e\n\n\u003cp\u003eOwning and maintaining a construction equipment involves significant capital investment and ongoing expenses. During periods of downtime, rental companies still need to cover maintenance costs, insurance, storage and other overhead expenses, even though the equipment is not generating revenue.\u003c\/p\u003e\n\n\u003cp\u003eThe Updation and Management of Equipment\u003c\/p\u003e\n\n\u003cp\u003eRental companies need to maintain an updated inventory of equipment to meet customer demands. Balancing equipment availability with market demand and ensuring proper storage can be a logistical challenge. Staying up to date with industry trends is a challenging situation for contractors.\u003c\/p\u003e\n\n\u003cp\u003eManaging contract renewals and extensions is a time-consuming process, especially when multiple rental agreements are ongoing simultaneously. Rental companies need to keep track of contract expiration dates and proactively engage with customers to discuss potential renewals or extensions.\u003c\/p\u003e\n\n\u003cp\u003eSegment Analysis\u003c\/p\u003e\n\n\u003cp\u003eThe global construction equipment rental market is segmented based on product, propulsion, drive, application and region.\u003c\/p\u003e\n\n\u003cp\u003eRising Demand for Hydraulic Technology\u003c\/p\u003e\n\n\u003cp\u003eEarthmoving equipment is expected to hold a share of more than 1\/3rd of the global market in 2022. The increased use of earthmoving excavators among the agricultural, mining and building sectors considerably promotes corporate growth. Backhoe loaders, crawler excavators, skid-steer loaders and compact excavators, on the contrary hand, have a bigger load capacity and more powerful engines.\u003c\/p\u003e\n\n \u003cp\u003eThe characteristics of earthmoving equipment allow it to be used in severe operating settings. A well-developed infrastructure is required to improve trade and commerce activities and road connectivity has the potential to affect the economy's destiny. The federal government of U.S. passed The Bipartisan Infrastructure Deal (Infrastructure Investment and Jobs Act) in November 2021, allowing an investment of US$ 110 billion to upgrade roads, bridges and other infrastructure in five years.\u003c\/p\u003e\n\n\u003cp\u003eGeographical Penetration\u003c\/p\u003e\n\n\u003cp\u003eThe Rapid Expansion of Construction Industry in North America\u003c\/p\u003e\n\n\u003cp\u003eNorth America is expected to hold around 1\/3rd of the global construction equipment rental market during period 2023-2030. The construction industry in North America is experiencing robust growth, driven by increased investment in real estate, industrial and commercial sectors, this expansion creates a higher demand for construction equipment, prompting companies to opt for rental solutions. Rental companies continuously upgrade their technology and also contractors prefer renting new machines with advanced technology.\u003c\/p\u003e\n\n\u003cp\u003eFor instance, on 3 October 2022, H\u0026amp;E Equipment Services Inc. completed its acquisition of One Source Equipment Rentals Inc., with this acquisition, H\u0026amp;E adds 10 new equipment rental locations to its branch network, including initial locations in Illinois and Kentucky. The addition of One Source also strengthens H\u0026amp;E's presence in the southern U.S. and contributes approximately US$ 138 million in assets based on original equipment cost.\u003c\/p\u003e\n\n\u003cp\u003eNorth America is witnessing significant investments in infrastructure projects which include the construction of roads, bridges, airports and public utilities, these projects require a wide range of construction equipment and renting them provides cost-effective solutions for contractors and project developers.\u003c\/p\u003e\n\n\u003cp\u003eFor instance, on 7 February 2023, Sunbelt U.S., a prominent equipment rental company, completed the acquisition of the business and assets of Key Rentals Group LLC and TBG Equipment LLC. The two entities were specialty businesses operating in Montana, with this acquisition, Sunbelt U.S. further expands its presence and offerings in the region, enhancing its capabilities to serve customers in the equipment rental industry.\u003c\/p\u003e\n\n\u003cp\u003eCompetitive Landscape\u003c\/p\u003e\n\n\u003cp\u003eThe major global players include United Rentals Inc., Kanmoto Co Ltd., Herc Rentals Inc., Hitachi Construction Machinery Co., Ltd, Caterpillar Inc., Loxam Group, Liebherr, H\u0026amp;E Equipment Services, Inc., Boels Rental and Ahern Rentals.\u003c\/p\u003e\n\n\u003cp\u003eCOVID-19 Impact Analysis\u003c\/p\u003e\n\n\u003cp\u003eGlobally the pandemic disrupted the supply chain management system and leads to delays in the manufacturing and delivery of construction equipment, this affected the availability of rental equipment, causing shortages and increased lead times. During the initial phase of the pandemic, construction industries face slowdown or halt in many regions.\u003c\/p\u003e\n\n\u003cp\u003eThe decline in rental revenue and ongoing expenses, such as maintenance and overhead costs, put a financial strain on rental companies. Some smaller or less financially stable rental firms faced difficulties in stabilizing their companies during the pandemic. Due to these factors, the market faced downfall during COVID-19.\u003c\/p\u003e\n\n\u003cp\u003eCOVID-19 accelerated the adoption of technology in the construction industry, including telematics, remote monitoring and online rental platforms. Rental companies had to adapt to these changes and provide digital solutions to customers. As construction industries gradually started to resume there activities, rental companies experienced increased demand for specific equipment.\u003c\/p\u003e\n\n\u003cp\u003eTo minimize physical contact and comply with social distancing guidelines, rental companies moved towards contactless transactions, online bookings and digital documentation. Physical paperwork and manual documentation have been replaced by digital alternatives. Customers receive rental agreements, invoices and receipts electronically, reducing the need for paper exchanges and in-person visits to rental offices.\u003c\/p\u003e\n\n\u003cp\u003eAI Impact\u003c\/p\u003e\n\n \u003cp\u003eAI-powered sensors and analytics can monitor the condition of rental equipment in real-time. By analyzing data such as machine performance, usage patterns and environmental factors, AI can predict potential equipment failures or maintenance needs, which enables rental companies to schedule maintenance proactively, reducing downtime and improving equipment reliability.\u003c\/p\u003e\n\n\u003cp\u003eAI algorithms analyze historical rental data, market demand and project requirements to optimize equipment allocation, this ensures that the right equipment is available at the right place and time and maximizes rental utilization and revenue for the company, these factors boost market growth.\u003c\/p\u003e\n\n\u003cp\u003eAI-powered chatbots can handle customer inquiries, rental bookings and provide instant support. As they can answer common queries, guide customers through the rental process and offer personalized recommendations, enhancing customer satisfaction and reducing the workload on rental company staff.\u003c\/p\u003e\n\n\u003cp\u003eIn large construction projects, AI can identify potential clashes in equipment allocation. By analyzing project timelines and equipment requirements, AI can prevent situations where multiple projects require the same equipment simultaneously, avoiding conflicts and improving project efficiency.\u003c\/p\u003e\n\n\u003cp\u003eRussia- Ukraine War Impact\u003c\/p\u003e\n\n \u003cp\u003eIn areas directly affected by the conflict, there is significant damage to infrastructure, including roads, bridges, buildings and utilities. Rebuilding and reconstruction efforts would require construction equipment and materials. Geopolitical tension between region disrupts the supply chain and make a challenging situation to procure construction materials.\u003c\/p\u003e\n\n \u003cp\u003eOngoing hostilities and security concerns lead to delays or cancellations of construction projects in the affected areas. The conflict causes labor shortages, as workers may migrate to safer regions or face difficulties in commuting to work due to security concerns. Due to these factors, the construction industry in the affected region witnessed a downfall in the market.\u003c\/p\u003e\n\n \u003cp\u003eMany roads and bridges in the conflict-affected regions have been damaged or destroyed due to military actions, which makes transportation and logistics challenging, this has affected the movement of goods, people and aid and these factors hinder economic activities. The conflicts resulted in destruction of homes and public facilities.\u003c\/p\u003e\n\n\u003cp\u003eThe war had significant economic consequences for both Russia and Ukraine. The destruction of infrastructure has affected industries along with agriculture, production and trade, leading to economic losses and demanding situations in reconstruction. The ongoing struggle has created an ecosystem of instability within the region, deterring funding and economic development.\u003c\/p\u003e\n\n\u003cp\u003eBy Product\u003cbr\u003e\n* Earthmoving Equipment\u003cbr\u003e\n* Material-Handling Equipment\u003cbr\u003e\n* Heavy Construction Vehicles\u003cbr\u003e\n* Others\u003c\/p\u003e\n\n\u003cp\u003eBy Propulsion\u003cbr\u003e\n* Diesel\u003cbr\u003e\n* Gasoline\u003cbr\u003e\n* Construction Vehicles\u003cbr\u003e\n* Others\u003c\/p\u003e\n\n\u003cp\u003eBy Drive\u003cbr\u003e\n* Hydraulic\u003cbr\u003e\n* Electric\u003cbr\u003e\n* Hybrid\u003c\/p\u003e\n\n\u003cp\u003eBy Application\u003cbr\u003e\n* Residential\u003cbr\u003e\n* Commercial\u003cbr\u003e\n* Industrial\u003cbr\u003e\n* Infrastructure\u003c\/p\u003e\n\n\u003cp\u003eBy Region\u003cbr\u003e\n* North America\u003cbr\u003e\nU.S.\u003cbr\u003e\nCanada\u003cbr\u003e\nMexico\u003cbr\u003e\n* Europe\u003cbr\u003e\nGermany\u003cbr\u003e\nUK\u003cbr\u003e\nFrance\u003cbr\u003e\nItaly\u003cbr\u003e\nRussia\u003cbr\u003e\nRest of Europe\u003cbr\u003e\n* South America\u003cbr\u003e\nBrazil\u003cbr\u003e\nArgentina\u003cbr\u003e\nRest of South America\u003cbr\u003e\n* Asia-Pacific\u003cbr\u003e\nChina\u003cbr\u003e\nIndia\u003cbr\u003e\nJapan\u003cbr\u003e\nAustralia\u003cbr\u003e\nRest of Asia-Pacific\u003cbr\u003e\n* Middle East and Africa\u003c\/p\u003e\n\n\u003cp\u003eKey Developments\u003cbr\u003e\n* On 19 March 2023, Durante Rentals, based in New Rochelle, N.Y., recently launched Durante Rentals Event Services. Durante Rentals aims to make an immediate impact on their projects, leveraging their assets and expertise in construction equipment rentals.\u003cbr\u003e\n* On 11 July 2023, Cooper Equipment Rentals, based in Canada, has recently acquired Warner Rentals and Scotty's Rentals and Landscaping, expanding its branch and specialty footprint in western Canada. The acquisition of Warner Rentals strengthens Cooper's presence in central British Columbia and enhances its service coverage in the rapidly growing western Canadian market.\u003cbr\u003e\n* On 18 June 2023, Quebec-based Simplex Equipment Rental has acquired Skytec Rentals, an Ontario-based equipment rental company specializing in aerial work platforms. The two companies share common values and a customer-focused business vision, making the acquisition a strategic move to strengthen Simplex's leadership position.\u003c\/p\u003e\n\n\u003cp\u003eWhy Purchase the Report?\u003cbr\u003e\n* To visualize the global construction equipment rental market segmentation based on product, propulsion, drive, application and region, as well as understand key commercial assets and players.\u003cbr\u003e\n* Identify commercial opportunities by analyzing trends and co-development.\u003cbr\u003e\n * Excel data sheet with numerous data points of construction equipment rental market-level with all segments.\u003cbr\u003e\n* PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.\u003cbr\u003e\n* Product mapping available as Excel consisting of key products of all the major players.\u003c\/p\u003e\n\n\u003cp\u003eThe global construction equipment rental market report would provide approximately 69 tables, 70 figures and 181 Pages.\u003c\/p\u003e\n\n\u003cp\u003eTarget Audience 2023\u003cbr\u003e\n* Manufacturers\/ Buyers\u003cbr\u003e\n* Industry Investors\/Investment Bankers\u003cbr\u003e\n* Research Professionals\u003cbr\u003e\n* Emerging Companies\u003c\/p\u003e","brand":"Heavy Industry","offers":[{"title":"September, 2023 \/ 181 Pages \/ MCW16213776","offer_id":47616262635826,"sku":null,"price":5220.0,"currency_code":"USD","in_stock":true}],"url":"https:\/\/www.hardmanwell.com\/products\/global-construction-equipment-rental-market-2023-2030","provider":"HARDMAN AND WELL MANAGEMENT CONSULTANCIES L.L.C","version":"1.0","type":"link"}