Construction Equipment Rental Market to Surpass Valuation of USD 301.5 Billion by 2031 | SkyQuest Technology
Westford, USA, Nov. 22, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Construction Equipment Rental Market will reach a value of USD 301.5 Billion by 2031, with a CAGR of 6.2% during the forecast period (2024-2031). The rise in government investment on public infrastructure development has stimulated mining and construction activities in rising economies worldwide. This element contributes to the substantial market demand for construction equipment rental. Construction organizations and contractors are becoming more interested in renting construction equipment as a result of the increase in the cost of new machinery. Additionally, the rise in automation and the development of cutting-edge technologies are anticipated to fuel the expansion.
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Browse in-depth TOC on the " Construction Equipment Rental Market"
- Pages – 157
- Tables – 64
- Figures – 75
Construction Equipment Rental Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 187.46 Billion |
| Estimated Value by 2031 | USD 301.5 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.2% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Shift in trends toward rental equipment |
| Key Market Opportunities | Low rental penetration in emerging nations |
| Key Market Drivers | Increasing the use of rental equipment in a variety of industries |
Earthmoving Machinery to Hold Significant Growth Playing Essential Role in Various Construction Activities
The primary reason contributed towards the greatest share occupied by earthmoving equipment due to its necessity in construction work like digging and site preparation is the global construction equipment rental market. This overuse in turn causes the increased demand for such services, as companies try to minimize costs by not purchasing any advanced machines but rather renting where possible, which in the end helps in improving the operations of the companies and the duration of projects.
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Energy Infrastructure to Lead due to Growing Demand for Renewable Energy Projects
The pre-eminence of energy in infrastructure applications in the global construction equipment rental market is triggered by the increase in wind farm and solar farm construction. This boom calls for more specialized equipment, hence construction companies resolve to rent, rather than buy equipment, therefore lowering capital outlay and ensuring the cutting-edge technology is available for the various project implementations.
North America to Dominate due to Robust Infrastructure Investments and Booming Construction Sector
The global construction equipment rental market triangular shape is dominated by North America due to strong infrastructural development and growth of the construction industry. As a result of this growth, there is a surge in demand for rental equipment which helps firms reduce capital expenditure on high-end equipment. Therefore, supportive policies and technology also add to the reasons why hiring equipment is more appealing than buying it.
Construction Equipment Rental Market Insight
Drivers:
- Rapid Industrialization and Infrastructure Development
- Emerging Economies Present New Opportunities for the Market
- Expansion of E-Commerce Necessitates Logistics
Restraints:
- Technological Disruptions Require Frequent Updates
- Seasonal Variations in Construction activity
- Inconsistent Rental Demand of the Market
Prominent Players in Construction Equipment Rental Market
The following are the Top Construction Equipment Rental Companies
- United Rentals, Inc. (USA)
- Ashtead Group plc (USA)
- Caterpillar Inc. (USA)
- Hertz Equipment Rental Corporation (USA)
- Loxam (France)
- Neff Rental, LLC (USA)
- Ahern Rentals, Inc. (USA)
- Riwal (Netherlands)
- BrandSafway (USA)
- SGB Rental (USA)
Key Questions Answered in Global Construction Equipment Rental Market Report
- What is the projected value of the global construction equipment rental market by 2031, and what is its expected growth rate (CAGR)?
- Why are construction organizations and contractors increasingly interested in renting construction equipment instead of purchasing new machinery?
- What factor is driving North America's dominance in the global construction equipment rental market?
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This report provides the following insights:
- Analysis of key drivers (Increasing investments in infrastructure development, real estate projects drive demand for rental equipment, renting reduces capital expenditures for companies), restraints (Limited availability of specialized equipment, maintenance & repair costs, economic downturns can lead to reduced construction activities), opportunities (Collaborating within construction firms, enhance equipment management, eco-friendly construction practices), and challenges (Issues with supply chain logistics, keeping pace with rapid technological advancements) influencing the growth of construction equipment rental market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the construction equipment rental market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the construction equipment rental market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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