The heavy construction equipment rental market was valued at $76,371.9 million in 2020, and is projected to reach $117,788.8 million by 2030, registering a CAGR of 4.3% from 2021 to 2030. The heavy equipment rental is a service that allows end users to rent construction equipment for a certain period by signing a contract with terms and conditions of use. Heavy equipment and machinery are used for heavy equipment work such as material handling, excavation, lifting, and other heavy work. Construction machinery is mainly used to facilitate heavy work at mine construction sites. There are various types of heavy equipment in the market. Nevertheless, choosing the right construction equipment is very important. When choosing heavy equipment, companies consider factors such as material, quality, project complexity, and safety.
Expansion of the heavy construction equipment rental industry is fueled by increase in building and mining operations in emerging economies of Latin America and Africa. The government of U.S. has invested heavily in development of highways, railway tracks, airports, and other infrastructure, necessitating the use of excavators, loaders, and other heavy equipment. For instance, U.S. president Trump announced a $2 trillion infrastructure plan in March 2021, which covers roads, telecommunications, electric grid, and residential & commercial buildings. These elements create immense opportunities for the rental market. In addition, extra expenses paid for equipment maintenance, excessive operational costs, and expensive pay of trained operators may be avoided by renting equipment for appropriate period, which adds considerably to the global market growth. Furthermore, significant initial expenditure required for purchasing equipment, as well as financial restraints, may be avoided by renting equipment, which drives the market growth.
Lack of trained labor in the global market is a significant restraining factor of growth. Another issue that hinders the market expansion is the saturation of construction and mining industries in industrialized nations.
Manufacturers are designing innovative equipment that is both cost-effective and long-lasting. For instance, Doosan Infracore, introduced a 100-ton excavator model in March 2021. It makes use of an electronic integrated hydraulic system and smart power regulation. It operates on a fuel optimization technology that was developed in-house to optimize fuel efficiency and gives perfect work performance with no loss of power or speed. Furthermore, IoT integration aids in alleviation of skilled labor shortages as well as improved operator and end-user safety. During the forecast period, these aspects are expected to provide lucrative opportunities for the market growth
The market is segmented on the basis of equipment, end user, application, and region. By equipment, the market is classified into earthmoving equipment, material handling equipment, heavy construction vehicles, and others. By end user, it is classified as infrastructure, construction, mining, oil & gas, manufacturing, and others. By application, it is categorized into excavation & demolition, heavy lifting, tunneling, material handling, and recycling & waste management. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The major players profiled in the heavy construction equipment rental market include Ashtead Group plc. (Sunbelt Rentals Ltd), Boels Rental, H&E Equipment Services, Haulotte Group, Herc Rentals Inc., Kanamoto Co., Ltd., Loxam (Ramirent), Sarens n.v./s.a., Sumitomo Corporation (Sunstate Equipment Company) and United Rentals, Inc. Major companies in the market have adopted business expansion and acquisition as their key developmental strategies to offer better products and services to customers in the heavy construction equipment rental market.
Expansion of the heavy construction equipment rental industry is fueled by increase in building and mining operations in emerging economies of Latin America and Africa. The government of U.S. has invested heavily in development of highways, railway tracks, airports, and other infrastructure, necessitating the use of excavators, loaders, and other heavy equipment. For instance, U.S. president Trump announced a $2 trillion infrastructure plan in March 2021, which covers roads, telecommunications, electric grid, and residential & commercial buildings. These elements create immense opportunities for the rental market. In addition, extra expenses paid for equipment maintenance, excessive operational costs, and expensive pay of trained operators may be avoided by renting equipment for appropriate period, which adds considerably to the global market growth. Furthermore, significant initial expenditure required for purchasing equipment, as well as financial restraints, may be avoided by renting equipment, which drives the market growth.
Lack of trained labor in the global market is a significant restraining factor of growth. Another issue that hinders the market expansion is the saturation of construction and mining industries in industrialized nations.
Manufacturers are designing innovative equipment that is both cost-effective and long-lasting. For instance, Doosan Infracore, introduced a 100-ton excavator model in March 2021. It makes use of an electronic integrated hydraulic system and smart power regulation. It operates on a fuel optimization technology that was developed in-house to optimize fuel efficiency and gives perfect work performance with no loss of power or speed. Furthermore, IoT integration aids in alleviation of skilled labor shortages as well as improved operator and end-user safety. During the forecast period, these aspects are expected to provide lucrative opportunities for the market growth
The market is segmented on the basis of equipment, end user, application, and region. By equipment, the market is classified into earthmoving equipment, material handling equipment, heavy construction vehicles, and others. By end user, it is classified as infrastructure, construction, mining, oil & gas, manufacturing, and others. By application, it is categorized into excavation & demolition, heavy lifting, tunneling, material handling, and recycling & waste management. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
The major players profiled in the heavy construction equipment rental market include Ashtead Group plc. (Sunbelt Rentals Ltd), Boels Rental, H&E Equipment Services, Haulotte Group, Herc Rentals Inc., Kanamoto Co., Ltd., Loxam (Ramirent), Sarens n.v./s.a., Sumitomo Corporation (Sunstate Equipment Company) and United Rentals, Inc. Major companies in the market have adopted business expansion and acquisition as their key developmental strategies to offer better products and services to customers in the heavy construction equipment rental market.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the heavy construction equipment rental market analysis from 2020 to 2030.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the heavy construction equipment rental market forecast segmentation assists to determine the prevailing heavy construction equipment rental market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global heavy construction equipment rental market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Equipment
- Earthmoving Equipment
- Material Handling Equipment
- Heavy Construction Vehicles
- Others
By End User
- Infrastructure
- Construction
- Mining
- Oil Gas
- Manufacturing
- Others
By Application
- Excavation Demolition
- Heavy Lifting
- Tunneling
- Material Handling
- Recycling Waste Management
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Europe
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Ashtead Group plc. (Sunbelt Rentals Ltd)
- Boels Rental
- H&E Equipment Services
- Haulotte Group
- Herc Rentals Inc.
- Kanamoto Co., Ltd.
- Loxam (Ramirent)
- Sarens n.v./s.a.
- Sumitomo Corporation (Sunstate Equipment Company)
- United Rentals, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: HEAVY CONSTRUCTION EQUIPMENT RENTAL MARKET, BY EQUIPMENT
CHAPTER 5: HEAVY CONSTRUCTION EQUIPMENT RENTAL MARKET, BY END USER
CHAPTER 6: HEAVY CONSTRUCTION EQUIPMENT RENTAL MARKET, BY APPLICATION
CHAPTER 7: HEAVY CONSTRUCTION EQUIPMENT RENTAL MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Heavy Construction Equipment Rental Market,' the heavy construction equipment rental market size was valued at $76.4 billion in 2020, and is estimated to reach $117.8 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.Heavy construction equipment machineries are used for various operations such as material handling, excavation, lift and different other heavy operations. It is a service that is used for providing the construction equipment on rent to the end users. For taking equipment on rent, the contract is signed for a certain amount of time. In addition, the contract mentions the terms and conditions regarding the precautions and usage of the equipment. The construction equipment is majorly used for the heavy operation in construction mining sites. There are variety of the heavy construction equipment available in the market according to the need and use as per the project complexity.
Mining activities in different developing nations such as Latin America and Africa drive growth of the heavy construction equipment rental market. Governments in different countries are investing on construction of roads, airports, railway, airports, and other infrastructural projects. Thus, this requires use excavators, loaders and different other heavy equipment. In March 2021, the U.S. President introduced infrastructural plan by investing about2 trillion. The plan had infrastructural construction projects that includes transportation, broadband, electric grid and residential & commercial constructions. Thus, these factors are expected to create new opportunities for the market. In addition, high operational cost and maintenance cost could be saved by renting the equipment for required period of time. Moreover, high amount of investment needed in order to purchase the equipment could be avoided by renting the construction equipment. Thus, such factors propel the market growth.
However, dearth of skilled labors is a major factor that restrains the heavy construction equipment rental market growth. Moreover, saturation in the construction and mining industry in developed nations is another factor that hampers growth of the market.
In addition, the outbreak of COVID-19 led to halt in logistic and manufacturing activities across the globe that has led to interruption of supply chain, which hinders growth of the heavy construction equipment rental market share. However, this situation is expected to improve as governments are relaxing norms around the world to resume business activities.
On the contrary, manufacturers are developing advanced equipment, which are economical and sustainable. For instance, in March 2021, Doosan Infracore launched 100-ton excavator, which uses smart power control and electronic integrated hydraulic system. It has in-house designed fuel optimization system to improve fuel efficiency and deliver ideal job performance with loss-free power and speed. Moreover, integration of IoT is expected to help to overcome shortage of skilled labors and enhanced safety of operators and end users. These factors are anticipated to offer remunerative opportunities for expansion of the global heavy construction equipment rental industry during the forecast period.
The heavy construction equipment rental market analysis is on the basis of equipment, end user, application, and region. By equipment, the market is classified into earthmoving equipment, material handling equipment, heavy construction vehicles, and others. By end user, it is classified as infrastructure, construction, mining, oil & gas, manufacturing, and others. By application, ithe market is categorized into excavation & demolition, heavy lifting, tunneling, material handling, and recycling & waste management. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
COMPETITION ANALYSIS
The major players profiled in the heavy construction equipment rental market include Ashtead Group plc. (Sunbelt Rentals Ltd), Boels Rental, H&E Equipment Services, Haulotte Group, Herc Rentals Inc., Kanamoto Co., Ltd., Loxam (Ramirent), Sarens n.v./s.a., Sumitomo Corporation (Sunstate Equipment Company) and United Rentals, Inc.Key findings of the Study
- The report provides an extensive analysis of the current and emerging global heavy construction equipment rental market trends and dynamics.
- Depending on equipment, the earthmoving equipment segment was the largest revenue generator in 2020.
- By end user, the construction segment generated the highest revenue in 2020.
- By application, the excavation & demolition segment dominated the market in 2020.
- Region wise, North America is anticipated to dominate the global heavy construction equipment rental market opportunities throughout the forecast period.
- The global heavy construction equipment rental market forecast from 2021 to 2030 is included in the report.
Companies Mentioned
- Ashtead Group plc. (Sunbelt Rentals Ltd)
- Boels Rental
- H&E Equipment Services
- Haulotte Group
- Herc Rentals Inc.
- Kanamoto Co., Ltd.
- Loxam (Ramirent)
- Sarens n.v./s.a.
- Sumitomo Corporation (Sunstate Equipment Company)
- United Rentals, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 240 |
| Published | May 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 76371.9 million |
| Forecasted Market Value ( USD | $ 117788.8 million |
| Compound Annual Growth Rate | 4.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
