GITNUXREPORT 2026

Heavy Equipment Rental Industry Statistics

The global heavy equipment rental industry is thriving, driven by strong growth and major infrastructure investments.

Alexander Schmidt

Alexander Schmidt

Research Analyst specializing in technology and digital transformation trends.

First published: Feb 13, 2026

Our Commitment to Accuracy

Rigorous fact-checking · Reputable sources · Regular updatesLearn more

Key Statistics

Statistic 1

United Rentals reported $14.3 billion in revenue for 2023, a 13% increase YoY.

Statistic 2

Sunbelt Rentals achieved $5.8 billion revenue in FY2023, up 11%.

Statistic 3

Herc Rentals net income rose to $452 million in 2023 from $328 million in 2022.

Statistic 4

Ashtead Group (owner of Sunbelt) had £10.4 billion revenue in FY2023.

Statistic 5

H&E Equipment Services revenue hit $1.82 billion in 2023, EBITDA $548 million.

Statistic 6

Aggreko's power equipment rental division generated £1.9 billion in 2023.

Statistic 7

Boels Rental (Europe) reported €2.1 billion turnover in 2023.

Statistic 8

Loxam (France) achieved €3.5 billion revenue in 2023, up 8%.

Statistic 9

Ramirent (Nordics) had €2.3 billion sales in 2023 post-acquisition.

Statistic 10

United Rentals fleet value exceeded $20 billion as of end-2023.

Statistic 11

Sunbelt Rentals expanded fleet by 15% to 1,000+ locations in 2023.

Statistic 12

Herc Rentals opened 20 new branches in 2023, total 400+.

Statistic 13

H&E acquired 25 locations in 2023, boosting revenue 10%.

Statistic 14

Ashtead Group's rental fleet utilization was 68% in Q4 FY2023.

Statistic 15

United Rentals dollar utilization rate reached 64% in 2023.

Statistic 16

Boels Rental EBITDA margin improved to 28% in 2023.

Statistic 17

Loxam net profit margin was 12.5% on €3.5B revenue in 2023.

Statistic 18

Aggreko rental revenue grew 9% to £2.4 billion in 2023.

Statistic 19

Ramirent operating profit hit €250 million in 2023.

Statistic 20

United Rentals physical utilization 75%, dollar 64% in 2023.

Statistic 21

Excavators represent 28% of the US heavy equipment rental fleet in 2023.

Statistic 22

Backhoes/ loaders account for 22% of global rental equipment inventory.

Statistic 23

Cranes make up 15% of Europe's heavy equipment rental market by value.

Statistic 24

Dozers comprise 12% of North American rental fleets in 2023.

Statistic 25

Telehandlers represent 18% of rental demand in construction segment.

Statistic 26

Dump trucks hold 10% share in mining equipment rentals globally.

Statistic 27

Aerial work platforms (lifts) are 25% of total rental revenue in US.

Statistic 28

Forklifts account for 14% of warehouse-related heavy rentals.

Statistic 29

Motor graders represent 8% of road construction rental equipment.

Statistic 30

Compactors/rollers 11% of earthmoving rental segment worldwide.

Statistic 31

Scissor lifts 20% of access equipment rentals in 2023.

Statistic 32

Wheel loaders 16% of material handling rentals in Asia.

Statistic 33

Hydraulic excavators average rental rate $850/day in Europe 2023.

Statistic 34

Boom lifts demand up 22% in rentals for 2023.

Statistic 35

Skid steers 19% of compact equipment rental fleet US.

Statistic 36

Pavers 7% of asphalt equipment rentals globally.

Statistic 37

Drilling rigs 9% in oil & gas heavy rentals Middle East.

Statistic 38

Trenchers 6% of utility installation rentals.

Statistic 39

Pile drivers 5% of foundation equipment rentals worldwide.

Statistic 40

US Northeast region accounts for 25% of national heavy equipment rentals.

Statistic 41

Southeast US holds 22% market share in equipment rentals 2023.

Statistic 42

Midwest US 18% of rental revenue, driven by agriculture.

Statistic 43

West US 20% share, boosted by infrastructure projects.

Statistic 44

South Central US 15% of total rentals in 2023.

Statistic 45

California leads US states with $8.5B rental market in 2023.

Statistic 46

Texas heavy equipment rentals $7.2B, 14% national share.

Statistic 47

Florida $4.1B rentals, growing 6% YoY.

Statistic 48

New York metro area 12% of Northeast rentals.

Statistic 49

Germany dominates EU with 28% of €45B market.

Statistic 50

UK heavy rentals £6.5B, 14% Europe share.

Statistic 51

France €8.2B, second in Europe.

Statistic 52

China 45% of Asia-Pacific rentals, CNY 350B total.

Statistic 53

Japan $15B market, 20% APAC share.

Statistic 54

India INR 25k crore, 15% South Asia dominance.

Statistic 55

Brazil 40% Latin America rentals $3.5B.

Statistic 56

Mexico $2.1B, growing 8% in NA region.

Statistic 57

Saudi Arabia $6.8B, 55% Middle East share.

Statistic 58

UAE $3.2B rentals from infrastructure boom.

Statistic 59

Australia AUD 4.2B, mining heavy in Queensland.

Statistic 60

The industry is shifting to telematics-equipped rentals, with 65% of new fleet additions in 2023 featuring IoT tracking.

Statistic 61

Sustainability drives 40% adoption of electric heavy equipment in rentals by 2025 forecast.

Statistic 62

Subscription rental models grew 25% in 2023 for short-term projects.

Statistic 63

AI predictive maintenance reduced downtime by 30% in top rental firms 2023.

Statistic 64

Post-pandemic supply chain recovery boosted fleet availability to 85% in 2023.

Statistic 65

Infrastructure bills like US IIJA to drive 7% CAGR through 2028.

Statistic 66

Labor shortages increase rental demand by 18% for operator-inclusive models.

Statistic 67

Digital platforms for bookings rose to 55% of transactions in 2023.

Statistic 68

M&A activity hit 45 deals worth $12B in 2023 globally.

Statistic 69

Fuel efficiency regs push hybrid rentals up 35% in Europe.

Statistic 70

3D printing attachments for rentals emerging, 10% pilot adoption.

Statistic 71

Remote operation tech in 20% of crane rentals by 2024 forecast.

Statistic 72

Carbon tracking mandatory for 30% of EU rental contracts in 2024.

Statistic 73

VR training for equipment reduced accidents 22% in rental firms.

Statistic 74

Blockchain for rental contracts piloted, cutting disputes 40%.

Statistic 75

The global heavy equipment rental market was valued at USD 112.6 billion in 2023 and is projected to reach USD 162.4 billion by 2030, growing at a CAGR of 5.4%.

Statistic 76

In the US, the heavy equipment rental industry generated $52.3 billion in revenue in 2023, up 4.2% from the previous year.

Statistic 77

North America holds 38% of the global heavy equipment rental market share in 2023, driven by infrastructure investments.

Statistic 78

The Asia-Pacific heavy equipment rental market is expected to grow at the highest CAGR of 6.8% from 2024 to 2030 due to urbanization.

Statistic 79

Europe's heavy equipment rental sector reached €45.2 billion in 2023, with a 3.9% YoY growth.

Statistic 80

The construction equipment rental segment accounted for 62% of the total heavy equipment rental market in 2023 globally.

Statistic 81

US heavy equipment rental fleet size exceeded 1.2 million units in 2023.

Statistic 82

Global rental penetration rate for heavy equipment reached 45% in 2023, up from 40% in 2020.

Statistic 83

India's heavy equipment rental market grew to INR 25,000 crore in FY2023, at 12% CAGR.

Statistic 84

Middle East heavy equipment rental market valued at $12.5 billion in 2023, fueled by oil & gas projects.

Statistic 85

Latin America's market hit $8.7 billion in 2023, with Brazil leading at 35% regional share.

Statistic 86

Rental rates for excavators in the US averaged $1,200 per week in Q4 2023.

Statistic 87

Global market for earthmoving equipment rentals grew 5.1% YoY to $45 billion in 2023.

Statistic 88

China's heavy equipment rental industry revenue reached CNY 350 billion in 2023.

Statistic 89

Australia’s market expanded to AUD 4.2 billion in 2023, driven by mining.

Statistic 90

South Korea's rental market for heavy machinery was KRW 15 trillion in 2023.

Statistic 91

Rental utilization rates for heavy equipment in the US hit 72% in 2023.

Statistic 92

Global crane rental market subset valued at $28.4 billion in 2023.

Statistic 93

Canada’s heavy equipment rental revenue was CAD 12.8 billion in 2023.

Statistic 94

Southeast Asia market grew to $10.2 billion in 2023 at 7.2% CAGR.

Sources
Trusted by 500+ publications
Harvard Business ReviewThe GuardianFortune+497
Forget about buying heavy equipment outright, because the global rental market is already a $112.6 billion behemoth—and it's projected to keep climbing to $162.4 billion by 2030, fueled by massive infrastructure projects, rapid urbanization, and a fundamental industry shift toward flexible, cost-effective solutions.

Key Takeaways

  • The global heavy equipment rental market was valued at USD 112.6 billion in 2023 and is projected to reach USD 162.4 billion by 2030, growing at a CAGR of 5.4%.
  • In the US, the heavy equipment rental industry generated $52.3 billion in revenue in 2023, up 4.2% from the previous year.
  • North America holds 38% of the global heavy equipment rental market share in 2023, driven by infrastructure investments.
  • United Rentals reported $14.3 billion in revenue for 2023, a 13% increase YoY.
  • Sunbelt Rentals achieved $5.8 billion revenue in FY2023, up 11%.
  • Herc Rentals net income rose to $452 million in 2023 from $328 million in 2022.
  • Excavators represent 28% of the US heavy equipment rental fleet in 2023.
  • Backhoes/ loaders account for 22% of global rental equipment inventory.
  • Cranes make up 15% of Europe's heavy equipment rental market by value.
  • US Northeast region accounts for 25% of national heavy equipment rentals.
  • Southeast US holds 22% market share in equipment rentals 2023.
  • Midwest US 18% of rental revenue, driven by agriculture.
  • The industry is shifting to telematics-equipped rentals, with 65% of new fleet additions in 2023 featuring IoT tracking.
  • Sustainability drives 40% adoption of electric heavy equipment in rentals by 2025 forecast.
  • Subscription rental models grew 25% in 2023 for short-term projects.

The global heavy equipment rental industry is thriving, driven by strong growth and major infrastructure investments.

Company Performance

  • United Rentals reported $14.3 billion in revenue for 2023, a 13% increase YoY.
  • Sunbelt Rentals achieved $5.8 billion revenue in FY2023, up 11%.
  • Herc Rentals net income rose to $452 million in 2023 from $328 million in 2022.
  • Ashtead Group (owner of Sunbelt) had £10.4 billion revenue in FY2023.
  • H&E Equipment Services revenue hit $1.82 billion in 2023, EBITDA $548 million.
  • Aggreko's power equipment rental division generated £1.9 billion in 2023.
  • Boels Rental (Europe) reported €2.1 billion turnover in 2023.
  • Loxam (France) achieved €3.5 billion revenue in 2023, up 8%.
  • Ramirent (Nordics) had €2.3 billion sales in 2023 post-acquisition.
  • United Rentals fleet value exceeded $20 billion as of end-2023.
  • Sunbelt Rentals expanded fleet by 15% to 1,000+ locations in 2023.
  • Herc Rentals opened 20 new branches in 2023, total 400+.
  • H&E acquired 25 locations in 2023, boosting revenue 10%.
  • Ashtead Group's rental fleet utilization was 68% in Q4 FY2023.
  • United Rentals dollar utilization rate reached 64% in 2023.
  • Boels Rental EBITDA margin improved to 28% in 2023.
  • Loxam net profit margin was 12.5% on €3.5B revenue in 2023.
  • Aggreko rental revenue grew 9% to £2.4 billion in 2023.
  • Ramirent operating profit hit €250 million in 2023.
  • United Rentals physical utilization 75%, dollar 64% in 2023.

Company Performance Interpretation

While the figures show the industry is digging up impressive profits, the battle to build, acquire, and optimize fleets suggests everyone’s scrambling to keep their shovels sharp for the next cycle.

Equipment Segmentation

  • Excavators represent 28% of the US heavy equipment rental fleet in 2023.
  • Backhoes/ loaders account for 22% of global rental equipment inventory.
  • Cranes make up 15% of Europe's heavy equipment rental market by value.
  • Dozers comprise 12% of North American rental fleets in 2023.
  • Telehandlers represent 18% of rental demand in construction segment.
  • Dump trucks hold 10% share in mining equipment rentals globally.
  • Aerial work platforms (lifts) are 25% of total rental revenue in US.
  • Forklifts account for 14% of warehouse-related heavy rentals.
  • Motor graders represent 8% of road construction rental equipment.
  • Compactors/rollers 11% of earthmoving rental segment worldwide.
  • Scissor lifts 20% of access equipment rentals in 2023.
  • Wheel loaders 16% of material handling rentals in Asia.
  • Hydraulic excavators average rental rate $850/day in Europe 2023.
  • Boom lifts demand up 22% in rentals for 2023.
  • Skid steers 19% of compact equipment rental fleet US.
  • Pavers 7% of asphalt equipment rentals globally.
  • Drilling rigs 9% in oil & gas heavy rentals Middle East.
  • Trenchers 6% of utility installation rentals.
  • Pile drivers 5% of foundation equipment rentals worldwide.

Equipment Segmentation Interpretation

While the global rental landscape is a diverse orchestra—from the booming excavator sections in the US and Europe to the steady rhythm of backhoes and the soaring crescendo of aerial lifts—the core melody remains clear: the industry's value is precisely measured not just by what's in the fleet, but by what's in demand and on the job.

Geographic Distribution

  • US Northeast region accounts for 25% of national heavy equipment rentals.
  • Southeast US holds 22% market share in equipment rentals 2023.
  • Midwest US 18% of rental revenue, driven by agriculture.
  • West US 20% share, boosted by infrastructure projects.
  • South Central US 15% of total rentals in 2023.
  • California leads US states with $8.5B rental market in 2023.
  • Texas heavy equipment rentals $7.2B, 14% national share.
  • Florida $4.1B rentals, growing 6% YoY.
  • New York metro area 12% of Northeast rentals.
  • Germany dominates EU with 28% of €45B market.
  • UK heavy rentals £6.5B, 14% Europe share.
  • France €8.2B, second in Europe.
  • China 45% of Asia-Pacific rentals, CNY 350B total.
  • Japan $15B market, 20% APAC share.
  • India INR 25k crore, 15% South Asia dominance.
  • Brazil 40% Latin America rentals $3.5B.
  • Mexico $2.1B, growing 8% in NA region.
  • Saudi Arabia $6.8B, 55% Middle East share.
  • UAE $3.2B rentals from infrastructure boom.
  • Australia AUD 4.2B, mining heavy in Queensland.

Geographic Distribution Interpretation

While the Northeast US flexes its industrial might with a quarter of the nation's rentals, the true global story is one of concrete jungles and literal ones, where China's CNY 350B behemoth and Saudi Arabia's desert dominances prove that where infrastructure dreams are dug, rental fleets follow.

Industry Trends & Outlook

  • The industry is shifting to telematics-equipped rentals, with 65% of new fleet additions in 2023 featuring IoT tracking.
  • Sustainability drives 40% adoption of electric heavy equipment in rentals by 2025 forecast.
  • Subscription rental models grew 25% in 2023 for short-term projects.
  • AI predictive maintenance reduced downtime by 30% in top rental firms 2023.
  • Post-pandemic supply chain recovery boosted fleet availability to 85% in 2023.
  • Infrastructure bills like US IIJA to drive 7% CAGR through 2028.
  • Labor shortages increase rental demand by 18% for operator-inclusive models.
  • Digital platforms for bookings rose to 55% of transactions in 2023.
  • M&A activity hit 45 deals worth $12B in 2023 globally.
  • Fuel efficiency regs push hybrid rentals up 35% in Europe.
  • 3D printing attachments for rentals emerging, 10% pilot adoption.
  • Remote operation tech in 20% of crane rentals by 2024 forecast.
  • Carbon tracking mandatory for 30% of EU rental contracts in 2024.
  • VR training for equipment reduced accidents 22% in rental firms.
  • Blockchain for rental contracts piloted, cutting disputes 40%.

Industry Trends & Outlook Interpretation

The heavy equipment rental industry is frantically modernizing, swapping wrenches for widgets and paper logs for pixels, as it's dragged into a smarter, greener, and more efficient future by a whirlwind of data, regulation, and the sheer necessity of doing more with fewer hands.

Market Size & Growth

  • The global heavy equipment rental market was valued at USD 112.6 billion in 2023 and is projected to reach USD 162.4 billion by 2030, growing at a CAGR of 5.4%.
  • In the US, the heavy equipment rental industry generated $52.3 billion in revenue in 2023, up 4.2% from the previous year.
  • North America holds 38% of the global heavy equipment rental market share in 2023, driven by infrastructure investments.
  • The Asia-Pacific heavy equipment rental market is expected to grow at the highest CAGR of 6.8% from 2024 to 2030 due to urbanization.
  • Europe's heavy equipment rental sector reached €45.2 billion in 2023, with a 3.9% YoY growth.
  • The construction equipment rental segment accounted for 62% of the total heavy equipment rental market in 2023 globally.
  • US heavy equipment rental fleet size exceeded 1.2 million units in 2023.
  • Global rental penetration rate for heavy equipment reached 45% in 2023, up from 40% in 2020.
  • India's heavy equipment rental market grew to INR 25,000 crore in FY2023, at 12% CAGR.
  • Middle East heavy equipment rental market valued at $12.5 billion in 2023, fueled by oil & gas projects.
  • Latin America's market hit $8.7 billion in 2023, with Brazil leading at 35% regional share.
  • Rental rates for excavators in the US averaged $1,200 per week in Q4 2023.
  • Global market for earthmoving equipment rentals grew 5.1% YoY to $45 billion in 2023.
  • China's heavy equipment rental industry revenue reached CNY 350 billion in 2023.
  • Australia’s market expanded to AUD 4.2 billion in 2023, driven by mining.
  • South Korea's rental market for heavy machinery was KRW 15 trillion in 2023.
  • Rental utilization rates for heavy equipment in the US hit 72% in 2023.
  • Global crane rental market subset valued at $28.4 billion in 2023.
  • Canada’s heavy equipment rental revenue was CAD 12.8 billion in 2023.
  • Southeast Asia market grew to $10.2 billion in 2023 at 7.2% CAGR.

Market Size & Growth Interpretation

The world is increasingly deciding that, instead of buying the farm, it's far smarter to just rent the tractor, as evidenced by a booming global rental market where nearly half of all heavy equipment is now leased, proving that the real asset is flexibility, not ownership.

Sources & References

Logos provided by Logo.dev