The construction equipment rental market reached a record revenue of USD 93 billion in 2018 and is projected to reach USD 122 billion by 2024, at a CAGR of 4.3%, in terms of value, between 2019 and 2024. This is attributed mainly to the increasing revenue of construction equipment rental providers driven by major infrastructure projects in emerging markets and boom in residential construction in the US and Europe. Sales of construction equipment witnessed substantial growth in 2018, reaching 1.13 million units.
This growth is attributed to the increasing building & construction activities, especially in China, Japan, and India, coupled with increasing investments from domestic & foreign investors in public & private sectors, which is expected to drive the Asia Pacific market during the forecast period.
Browse 54 market data Tables and 49 Figures spread through 152 Pages and in-depth TOC on “Construction Equipment Rental Market by Equipment (Earthmoving, Material Handling, Road Building & Concrete), Product (Backhoes, Excavators, Loaders, Crawler Dozers, Cranes, Compactors, Concrete Pumps), Region – Global Forecast to 2024”
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Worldwide infrastructure projects, such as China’s Belt and Road program, an unprecedented USD 1 trillion investment in ports, roads, and rail infrastructure across more than 150 countries, is one factor responsible for the rise in sales of construction equipment as well as rental revenues. China’s Belt and Road Program, which aims to link China with other parts of Asia, Russia, and Europe by land and sea corridors, coupled with other large-scale infrastructure programs in the emerging world, have helped drive global growth. In emerging markets, construction equipment revenue grew as the result of a boom in residential construction. Furthermore, high-value infrastructure projects in Britain, which include road improvements, new nuclear reactors, and high-speed rail and North America’s road infrastructure improvement projects are expected to generate a steady flow of rental revenues in construction equipment rental in the near future.
Recent Developments
In January 2019, Nationwide Platforms Limited, Loxam’s wholly-owned UK subsidiary, completed the acquisition of UK Platforms Limited (UKP) from HSS Hire Group plc. UKP has approximately 120 employees and operates a fleet of circa 3,000 powered access units.
In October 2018, United Rentals, Inc. acquired WesternOne Rentals & Sales LP, a Canada-based leading equipment rental provider of aerial lifts and heat solutions, to expand its business in Western Canada.
Key players in the construction equipment rental market, such as H&E Equipment Services, Inc (US), Cramo (Finland), Ramirent Plc (Finland), Maxim Crane Works, L.P. (US), Kiloutou (France), Sarens NV (Belgium), Taiyokenki Rental Co., Ltd. (Japan), Boels Rentals (Netherlands), Speedy Hire Plc (UK), United Rentals Inc. (US), Ashtead Group Plc (UK), Loxam (Paris), Herc Holdings Inc. (US), Aktio Corporation (Japan), Nishio Rent All Co. Ltd. (Japan), and Kanamoto Co. Ltd. (Japan), among others, are considered for the study.
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