Key Players & Strategies: Construction Equipment Rental

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• How Rental Equipment Providers are Meeting the
  Changing Demands of the Construction Industry
• The construction equipment rental market is a
  growing industry, with an increasing number of
  construction companies opting to rent equipment
  rather than purchase it. This is due to the high
  cost of purchasing equipment and the need to use
  different types of equipment for various
  projects. Renting equipment can provide
  flexibility and cost savings for companies.
• The demand for construction equipment rental is
  expected to continue to grow in the coming
  years. According to a report by Market Research
  Future,
• The construction equipment rental market is
  projected to grow from USD 98.6 billion in 2019
  to reach USD 121.6 billion by 2024, at a CAGR of
  4.3 from 2019
• to 2024. The report cites several factors driving
  this growth, including increasing construction
  activities in emerging economies, the need for
  cost-effective equipment solutions, and the
  growing trend of renting equipment rather than
  purchasing it.
• The scope of the construction equipment rental
  market is also expanding. In addition to
  traditional construction equipment such as
  cranes, excavators, and bulldozers, there is an
  increasing demand for specialized equipment such
  as aerial work platforms, concrete pumps, and
  material handling equipment. Rental companies
  are also expanding their services to include
  equipment maintenance, training, and telematics
  services to enhance the customer experience.
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• Construction Equipment Rental Market Key Players
• United Rentals Inc. (US)
• Ashtead Group Plc (UK)
• Loxam (Paris)
• Herc Holdings Inc. (US)

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• Construction Equipment Rental Market Drivers
• There are several factors that can drive the
  construction equipment rental market
• Construction activity The construction industry
  is a major driver of the construction equipment
  rental market. When there is an increase in
  construction activity, there is often a
  corresponding increase in the demand for rental
  equipment.
• Cost Renting construction equipment can be more
  cost-effective than purchasing it, especially
  for small construction firms or those that only
  need the equipment for a short period of time.
• Lack of storage space Some construction firms
  may not have the space to store large pieces of
  equipment, making rental a more practical option.
• Limited capital Renting equipment allows
  construction firms to access the equipment they
  need without having to make a large upfront
  investment.
• Flexibility Renting construction equipment
  allows firms to quickly and easily access a wide
  range of equipment as needed, providing them with
  flexibility to adapt to changing project
  requirements.
• Government regulations Some governments may have
  regulations that encourage or require the use of
  rental equipment in order to reduce the
  environmental impact of construction projects.
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• The earthmoving construction equipment segment is
  projected to lead the market during the forecast
  period
• Based on equipment, the construction equipment
  rental market is categorized into earthmoving,
  material handling, and road building concrete.
  Among these, earthmoving construction equipment
  accounted for the largest share of the
  construction equipment rental market in 2018 due
  to the wide application in building
  construction activities. Earthmoving equipment is
  high-value, requiring significant capital
  investments for the installation and maintenance
  of equipment fleets. Contractors prefer renting
  equipment instead of purchasing as this enables
  them to use the capital, which otherwise would
  have been invested in the purchase of equipment.
• Excavators segment to lead the construction
  equipment rental market during the forecast
  period

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finishers, dump trucks, industrial trucks, etc.).
Among these, the excavators segment accounted to
the largest share of the market in 2018 due to an
increase in miscellaneous activities for
construction, repair, and maintenance around the
globe, which is expected to drive the growth of
the construction equipment rental market.
Moreover, the cranes segment is projected to grow
at the highest CAGR during the forecast
period. North America is projected to be the
largest market for construction equipment rental
during the forecast period Based on region, the
construction equipment rental market is
categorized into North America, Europe, Asia
Pacific, the Middle East Africa, and Latin
America. Among these, North America accounted
for the largest share of the market in 2018 and
is expected to continue in the same trend during
the forecast period due to increase in building
construction activities in the region, coupled
with favorable policies which lead to the demand
for construction equipment rental. The market in
the Asia Pacific is projected to grow at the
highest CAGR during the forecast period.