PUBLISHER: The Business Research Company | PRODUCT CODE: 1409478
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409478
“Heavy Construction Machinery Rental Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on heavy construction machinery rental market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for heavy construction machinery rental? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The heavy construction machinery rental market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Heavy construction machinery rental involves the service of renting equipment designed for executing large construction projects. This rental service allows construction contractors to use specific heavy machinery for various construction tasks, providing cost savings in terms of equipment purchase, labor, maintenance, and operations.
The main equipment categories for heavy construction machinery rental include earthmoving equipment, material handling equipment, heavy construction vehicles, and others. Earthmoving equipment is designed for construction operations, capable of moving and grading soil and rock. Applications for these heavy machinery rentals include excavation and demolition, heavy lifting, tunneling, material handling, recycling, and waste management. These services cater to end-users in sectors such as infrastructure, construction, mining, oil and gas, manufacturing, and others.
The heavy construction machinery rental market research report is one of a series of new reports from The Business Research Company that provides heavy construction machinery rental market statistics, including heavy construction machinery rental industry global market size, regional shares, competitors with heavy construction machinery rental market share, detailed heavy construction machinery rental market segments, market trends, and opportunities, and any further data you may need to thrive in the heavy construction machinery rental industry. This heavy construction machinery rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The heavy construction machinery rental market size has grown strongly in recent years. It will grow from $53.4 billion in 2023 to $57.36 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth observed in the historic period can be attributed to several factors, including increased construction and infrastructure projects, the appeal of cost-efficiency and flexibility offered by renting heavy construction machinery, addressing short-term project needs without long-term commitments, considerations of maintenance and upkeep costs, and the influence of market volatility and economic conditions on the decision-making process for construction contractors. These factors collectively contributed to the adoption and growth of heavy construction machinery rental during the historic period.
The heavy construction machinery rental market size is expected to see strong growth in the next few years. It will grow to $75.83 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period can be attributed to factors such as increased infrastructure investments, a focus on sustainability and green initiatives in construction projects, the integration of technology in heavy machinery, market flexibility, and adaptability to changing construction trends globally. Key trends expected in the forecast period include the offering of maintenance and service packages, collaboration with construction technology providers for enhanced capabilities, optimization of rental fleet management, adherence to safety and compliance standards, and the provision of customer training and support services to enhance overall customer experience and satisfaction.
The anticipated growth in the heavy construction machinery rental market is driven by the increasing level of construction and mining activity. Construction activities involve the creation of substantial industrial structures, such as buildings, railways, houses, and power plants, while mining entails extracting valuable substances from the earth. Renting heavy construction machinery in both construction and mining activities proves beneficial by mitigating operational and financial risks, reducing costs associated with new equipment and maintenance. For instance, the World Steel Association (WSA) reported that global crude steel production from mining reached 1,951 million metric tons in 2021. Additionally, the Office for National Statistics (ONS) indicated a 12.7% increase in the total output of construction activities in volume terms in 2021. Thus, the surge in construction and mining activity is a key driver propelling the growth of the heavy construction machinery rental market.
The heavy construction machinery rental market is further expected to thrive due to the expanding urbanization industry. Urbanization involves the migration of populations from rural to urban areas, contributing to the growth and expansion of urban centers. This trend fosters a dynamic construction landscape, making heavy construction machinery rental a strategic choice for urban businesses. The rental option offers flexibility, cost efficiencies, and access to a diverse range of specialized equipment tailored to the unique needs of urban construction projects. According to a World Bank report, over 50% of the global population resided in urban regions in 2022, and this number is projected to reach 6 billion by 2045, representing a 1.5-fold increase. The report also forecasts a 1.2 million km2 expansion of urban built-up area by 2030. Hence, the growth of urbanization is a driving force behind the expanding heavy construction machinery rental market.
The introduction of artificial intelligence (AI) stands out as a significant trend gaining momentum in the heavy construction machinery rental market. AI involves the integration of datasets and computer science to facilitate problem-solving. This technology is applied to monitor performance data by attaching sensors to construction equipment. Major companies in the heavy construction machinery rental market are embracing technologies such as artificial intelligence and machine learning to sustain their market positions. For example, Caption, an Israel-based start-up, launched 'MineCept,' an AI-based system for heavy equipment in August 2022. This AI system, installed on heavy construction equipment, provides real-time information to enhance safety and productivity at industrial plants, mines, or construction sites.
Innovations such as online rental marketplace applications are becoming a focal point for major companies operating in the heavy construction machinery rental market. Online rental marketplace applications serve as digital platforms facilitating the rental or leasing of various goods and services between individuals or businesses. United Mobility Technology AG, a Germany-based technology company, introduced Smart Rental in December 2022. This platform incorporates a 'Car-2-Go' concept, enabling users to rent construction equipment such as excavators and loaders conveniently near their job sites. The platform's digital features streamline the rental process, from registration to payment, providing users with a contact-free and efficient experience.
In February 2023, Cooper Equipment Rentals Limited, a Canada-based construction equipment rental company, acquired Hub Equipment, a Canadian provider of specialized heavy equipment. This strategic acquisition aligns with Cooper Equipment Rentals' goal of being the sole Canadian-owned, nationwide rental company, in line with the company's growth strategy.
Major companies operating in the heavy construction machinery rental market report are Ashtead Group plc, United Rentals Inc., H&E Equipment Services Inc., Kanamoto Co. Ltd., Boels Rental Ltd., Haulotte Corporate, Herc Rentals Inc., Loxam S.A.S, Sarens USA Inc., Sumitomo Corporation, Hyundai Heavy Industries Group, Hitachi Construction Machinery Group, Caterpillar Inc., Komatsu Ltd., Volvo CE, Sunstate Equipment Co., Maxim Crane Works L.P., BlueLine Rental LLC, Ahern Rentals Inc., Neff Rental LLC, BigRentz Inc., Sunbelt Rentals Inc., The Home Depot Inc., United Site Services Inc., Anderson Machinery Co., Romco M Offset Pvt. Ltd., Texas First Rentals, Aktio Co. Ltd., Nishio Rent All Co. Ltd., Metso Outotec Corporation, Atlas Copco AB .
North America was the largest region in the heavy construction machinery rental market in 2023. The regions covered in the heavy construction machinery rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the heavy construction machinery rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The heavy construction machinery rental market includes revenues earned by entities by providing bulldozers for rent, drilling machinery leasing, and crane hire services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.