The Latest Construction Equipment Rental Industry Statistics Explained
The global construction equipment rental market size was valued at USD 92.9 billion in 2019.
The statistic indicates that in 2019, the global construction equipment rental market had a substantial value of USD 92.9 billion. This value represents the total revenue generated from renting out construction equipment such as excavators, cranes, loaders, and other machinery. The market size reflects the significant demand for renting construction equipment rather than purchasing it outright, likely driven by factors such as cost-effectiveness, flexibility, and the growing trend of outsourcing equipment needs. The high value of the market suggests a strong and growing industry with opportunities for equipment rental companies to expand their offerings and reach a wider customer base in the global construction sector.
The global construction equipment rental market is expected to reach USD 136.5 billion by 2027.
The statistic that the global construction equipment rental market is projected to reach USD 136.5 billion by 2027 reflects a significant anticipated growth in the industry. This indicates a growing trend towards renting rather than purchasing construction equipment by companies in the sector. This could be driven by factors such as cost-effectiveness, flexibility, and the need for modern and specialized equipment for specific projects without the high upfront costs of ownership. The projected value represents a lucrative opportunity for construction equipment rental companies and suggests a positive outlook for the industry as a whole in the coming years.
Earth moving machinery accounted for the highest revenue of over 40% in the construction equipment rental market in 2019.
The statistic indicates that earth moving machinery generated the highest revenue share, comprising over 40% of the total revenue in the construction equipment rental market in 2019. This suggests that earth moving machinery, such as excavators and bulldozers, was in high demand and played a crucial role in the construction sector during that period. The significant revenue generated by earth moving machinery highlights its importance in construction projects, indicating a strong market preference for these types of equipment. This information can be valuable for stakeholders in the construction industry to understand market trends and make informed decisions regarding equipment rental and investment strategies.
The material handling machinery segment is expected to expand at the fastest CAGR of 5.7% from 2020 to 2027 in the global rental market.
This statistic indicates that within the global rental market, the segment of material handling machinery is projected to demonstrate significant growth with a Compound Annual Growth Rate (CAGR) of 5.7% from 2020 to 2027. This implies that the demand for renting material handling equipment such as forklifts, cranes, and conveyor systems is expected to rise at a faster pace compared to other segments in the rental industry during this period. Factors driving this growth could include increased industrial and logistical activities, advancements in technology leading to the need for updated equipment, and a shift towards rental options for cost efficiency and flexibility. The forecasted expansion in this specific segment highlights potential business opportunities for rental companies specializing in material handling machinery.
North America dominated the global equipment rental market in 2019 with more than 45% share of the total revenue.
North America’s dominance in the global equipment rental market in 2019, with a share of over 45% of the total revenue, indicates the region’s significant market presence and influence. This statistic highlights North America as a key player in the industry, showcasing strong demand for equipment rental services within the region. The high market share suggests that North America boasts a competitive advantage in terms of infrastructure development, construction activities, and industrial projects compared to other regions globally. Additionally, it signals robust economic growth in the region, driving the need for equipment rentals across various sectors. Overall, this statistic underscores North America’s position as a major market player in the equipment rental industry and demonstrates its importance in shaping the global market dynamics.
The total value of the US rental equipment market to be around $41.1 billion in 2019.
The statistic stating that the total value of the US rental equipment market was around $41.1 billion in 2019 indicates the aggregate amount of revenue generated by renting out various types of equipment such as construction machinery, tools, vehicles, and other goods for temporary use within the United States during that year. This figure serves as a key indicator of the size and importance of the rental equipment industry within the nation’s economy, highlighting the demand for temporary access to equipment rather than outright ownership. It also reflects the significant role that rental equipment plays across various sectors, including construction, manufacturing, agriculture, and events, as businesses and individuals opt for the flexibility and cost-effectiveness that rental services provide over purchasing equipment outright.
By 2024, the equipment rental industry in the United States is expected to generate 59.4 billion U.S. dollars in revenue.
The statistic indicates that in the year 2024, the equipment rental industry in the United States is projected to generate a total revenue of 59.4 billion U.S. dollars. This figure suggests a significant and substantial economic contribution from the equipment rental sector, reflecting a robust demand for equipment rental services across various industries such as construction, manufacturing, and transportation. The forecasted revenue figure also highlights the potential growth and expansion opportunities within the equipment rental market, emphasizing the importance of rental services as a cost-effective and flexible solution for businesses in need of equipment for short-term or specialized projects.
US construction equipment rental market size by 2024 will be around USD 23 billion.
The statistic “US construction equipment rental market size by 2024 will be around USD 23 billion” indicates that the total value of the market for renting construction equipment in the United States is projected to reach approximately $23 billion by the year 2024. This suggests that the demand for renting construction equipment in the US is expected to continue growing over the next few years, likely driven by factors such as increasing construction activity, cost-effectiveness of renting equipment over purchasing, and the flexibility that renting provides to construction companies. This statistic provides important insight for companies operating in the construction equipment rental industry, as it highlights the potential market size and opportunities for growth within the sector.
Heavy construction equipment rental services accounted for around 55% share in the U.S. in 2015.
The statistic indicates that in the United States in 2015, heavy construction equipment rental services comprised approximately 55% of the overall market share for the industry. This implies that more than half of the market was dominated by rental services for heavy construction equipment, such as excavators, bulldozers, and cranes. This could suggest a preference among businesses in the construction sector for renting rather than purchasing these costly equipment items, potentially due to factors such as lower initial investment costs, maintenance responsibilities, and flexible usage terms. The high market share of rental services highlights the significant role they play in providing access to essential equipment for construction projects while also aligning with companies’ needs for cost-effective and convenient solutions.
Asia Pacific construction rental market size was over USD 20 billion in 2015.
The statistic states that the Asia Pacific construction rental market was valued at more than USD 20 billion in 2015. This figure represents the total market value of construction equipment and machinery rented out to businesses or individuals in the Asia Pacific region during that year. The large market size reflects the significant demand for rental services in the construction industry, driven by factors such as cost-effectiveness, flexibility, and the preference for renting over purchasing equipment outright. The statistic serves as an indicator of the size and importance of the construction rental market in the Asia Pacific region during the specified period.
The UK construction equipment rental market size by product expects 3% growth by 2024.
This statistic indicates that the overall size of the UK construction equipment rental market segmented by different products is projected to increase by 3% by the year 2024 compared to the present market size. This growth rate suggests a positive outlook for the industry as more construction companies or contractors are anticipated to rely on renting equipment rather than buying it outright. The expected growth may be driven by factors such as cost-effectiveness, flexibility, and lower maintenance requirements associated with equipment rental, contributing to the overall expansion of the market within the construction sector in the UK over the specified time frame.
Europe construction equipment rental market size was valued at over USD 34 billion in 2015.
The statistic “Europe construction equipment rental market size was valued at over USD 34 billion in 2015” indicates the total worth of the construction equipment rental industry in Europe during the year 2015. This value represents the combined revenue generated by companies within the region that offer construction equipment on a rental basis rather than selling it outright. A market size of USD 34 billion highlights the substantial scale and significance of the construction equipment rental sector in Europe, reflecting the demand for temporary access to expensive machinery by construction companies, contractors, and other industry players. This statistic can serve as a valuable indicator of the economic activity and trends within the construction sector, providing insights into the investment and operational decisions made by businesses in the region.
Excavators held the highest rental market share of around 35% in Asia Pacific in 2015.
The statistic that excavators held the highest rental market share of around 35% in Asia Pacific in 2015 indicates that among all types of equipment available for rent in the construction industry in the region during that year, excavators were the most commonly rented machines. This suggests that excavators were in high demand among construction companies, infrastructure developers, and other entities needing such equipment for their projects. The high market share of excavators in the rental industry in Asia Pacific in 2015 highlights the importance and prevalence of these machines in the region’s construction sector, reflecting the significant role they play in various construction activities.
Concrete and road construction equipment constituted around 20% of market share in 2015.
The statistic indicates that in the year 2015, the combined market share of concrete and road construction equipment accounted for approximately 20% of the total market. This suggests that these types of equipment were in demand and played a significant role in the construction industry during that year. The high market share implies that a large portion of construction projects utilized concrete and road construction equipment, highlighting their importance in infrastructure development. Understanding the market share of specific equipment categories can provide insights into industry trends, preferences, and potential opportunities for businesses operating in the construction sector.
The construction equipment rental market in South America is expected to grow at a CAGR of 5.35% during the period 2021-2026.
This statistic indicates that the construction equipment rental market in South America is projected to experience a Compound Annual Growth Rate (CAGR) of 5.35% between the years 2021 and 2026. This forecast suggests that the market for renting out construction equipment in the region is expected to expand steadily over the specified time frame, with an average annual growth rate of 5.35%. This growth rate serves as a key indicator of the industry’s potential for increased demand and business opportunities in South America’s construction sector over the next five years.
India’s construction equipment rental market size is about $4-to-$5 billion and is on a growth trajectory of around 18%-20% annually.
The statistic indicates that the construction equipment rental market in India is currently valued at approximately $4 to $5 billion. Furthermore, it is experiencing a significant growth rate of around 18% to 20% annually. This suggests a strong and expanding demand for rental construction equipment in India, likely driven by infrastructure projects, urbanization, and industrial development in the country. The growth trajectory indicates a potential lucrative opportunity for businesses operating in the construction equipment rental sector to capitalize on the increasing market demand and drive further expansion and profitability in the industry.
By 2026, the Middle East and Africa construction equipment rental market is projected to reach a market size of $5.18 billion.
The statistic states that by the year 2026, the construction equipment rental market in the Middle East and Africa regions is projected to grow and reach a market size of $5.18 billion. This projection indicates a substantial increase in demand for construction equipment rental services in these regions over the coming years. Factors such as economic growth, increased construction activities, infrastructure development, and a shift towards renting rather than owning equipment may contribute to this market expansion. The projected market size of $5.18 billion highlights the growing opportunities and potential for the construction equipment rental industry in the Middle East and Africa regions in the near future.
More than 50% of contractors expect to increase their reliance on rental equipment in the next few years.
The statistic “More than 50% of contractors expect to increase their reliance on rental equipment in the next few years” indicates that a significant majority of contractors anticipate using rental equipment more frequently in the future. This may suggest a growing trend in the construction industry towards renting equipment rather than purchasing it outright. Contractors choosing to rent equipment instead of buying may be driven by factors such as cost-effectiveness, flexibility, and the ability to access specialized equipment as needed. The expected increase in reliance on rental equipment could have implications for equipment rental companies, as they may see an uptick in demand for their services in the coming years.
References
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5. – https://www.www.marketresearch.com
6. – https://www.www2.deloitte.com
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