The global new, pre-owned, and rental construction equipment market was valued at $445,292.4 million in 2020, and is projected to reach $871,401.5 million by 2032, registering a CAGR of 5.7% from 2023 to 2032. New, pre-owned, and rental construction equipment offers renting or leasing heavy machinery, tools, and equipment to individuals, contractors, or companies for a specific period. In addition, it offers flexibility and affordability for building projects by enabling access to and use of a variety of equipment without the requirement for outright purchase.
Owing to the high cost of construction equipment, consumers who do not require the equipment continuously or temporarily need to choose to rent it rather than buy it. In addition, not all consumers have the ability to afford to spend on such expensive equipment. Furthermore, many clients may not have sufficient funds to obtain a loan with a higher interest rate to purchase equipment. Moreover, due to financial restrictions, not all machines can be bought by clients. However, renting one, when necessary, might cut costs for the equipment and allow funds to be redirected to other projects, which spurs the expansion of the global market.
However, in developed countries in North America and Europe, there is a saturation of new construction activity due to the already constructed infrastructure, the recent industrial collapse, and the high cost of development. As a result, substantial investments in brand-new building projects have declined, which is anticipated to eventually constrain the expansion of the market for renting construction equipment in developed countries.
On the contrary, large cranes are affordable for rent instead of buying, simple to disassemble, and convenient to move to new construction sites. In addition, rental businesses can now easily follow the locations and operations of equipment, thanks to modern technologies such as IoT embedded in construction equipment. The Internet of Things (IoT) assists in addressing a lack of qualified labor, increases work accuracy, ensures on-time & budget delivery, and addresses equipment safety concerns. As a result, during the projection period, the introduction of new internet-connected equipment is anticipated to spur market growth for the rental of construction equipment.
The new, pre-owned, and rental construction equipment market is segmented into sales type, application category, and region. By sales type, the market is classified into new, preowned, and rental. By application category, the market is divided into heavy, and compact.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
In 2022, Asia-Pacific was the key shareholder, however, LAMEA is anticipated to secure a leading position during the forecast period.
Owing to the high cost of construction equipment, consumers who do not require the equipment continuously or temporarily need to choose to rent it rather than buy it. In addition, not all consumers have the ability to afford to spend on such expensive equipment. Furthermore, many clients may not have sufficient funds to obtain a loan with a higher interest rate to purchase equipment. Moreover, due to financial restrictions, not all machines can be bought by clients. However, renting one, when necessary, might cut costs for the equipment and allow funds to be redirected to other projects, which spurs the expansion of the global market.
However, in developed countries in North America and Europe, there is a saturation of new construction activity due to the already constructed infrastructure, the recent industrial collapse, and the high cost of development. As a result, substantial investments in brand-new building projects have declined, which is anticipated to eventually constrain the expansion of the market for renting construction equipment in developed countries.
On the contrary, large cranes are affordable for rent instead of buying, simple to disassemble, and convenient to move to new construction sites. In addition, rental businesses can now easily follow the locations and operations of equipment, thanks to modern technologies such as IoT embedded in construction equipment. The Internet of Things (IoT) assists in addressing a lack of qualified labor, increases work accuracy, ensures on-time & budget delivery, and addresses equipment safety concerns. As a result, during the projection period, the introduction of new internet-connected equipment is anticipated to spur market growth for the rental of construction equipment.
The new, pre-owned, and rental construction equipment market is segmented into sales type, application category, and region. By sales type, the market is classified into new, preowned, and rental. By application category, the market is divided into heavy, and compact.
Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
In 2022, Asia-Pacific was the key shareholder, however, LAMEA is anticipated to secure a leading position during the forecast period.
Competition Analysis
Key companies profiled in the new, pre-owned, and rental construction equipment market report include AB Volvo, Boels Rentals, H&E Equipment Services Inc., Haulotte Group, Herc Rentals Inc., Hitachi Ltd., Loxam (Ramirent), Maxim Crane Works, L.P., Sumitomo Corporation (Sunstate Equipment Company), and United Rentals, Inc.Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the new, pre-owned, and rental construction equipment market analysis from 2020 to 2032 to identify the prevailing new, pre-owned, and rental construction equipment market opportunities.
- 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 new, pre-owned, and rental construction equipment market segmentation assists to determine the prevailing 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 new, pre-owned, and rental construction equipment market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Sales Type
- New
- Pre-owned
- Seller Type
- Dealers
- Rental Companies
- Auction and Listing Sites
- Direct Sell
- Rental
By Application
- Heavy
- Compact
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Rest of Asia-Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East
- Saudi Arabia
- UAE
- Rest Of Middle East
- Africa
- South Africa
- Nigeria
- Rest Of Africa
- Key Market Players
- Maxim Crane Works, L.P.
- Hitachi Ltd.
- AB Volvo
- Herc Holdings Inc.
- Boels Rental
- Loxam SAS (Ramirent)
- Sumitomo Corporation (Sunstate Equipment Co., LLC)
- United Rentals, Inc.
- Haulotte Group S.A.
- H&E Equipment Services Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: NEW, PRE-OWNED, AND RENTAL CONSTRUCTION EQUIPMENT MARKET, BY SALES TYPE
CHAPTER 5: NEW, PRE-OWNED, AND RENTAL CONSTRUCTION EQUIPMENT MARKET, BY APPLICATION
CHAPTER 6: NEW, PRE-OWNED, AND RENTAL CONSTRUCTION EQUIPMENT MARKET, BY REGION
CHAPTER 7: COMPETITIVE LANDSCAPE
CHAPTER 8: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the new, pre-owned, and rental construction equipment market was valued at $445.3 billion in 2020, and is estimated to reach $871.4 billion by 2032, growing at a CAGR of 5.7% from 2023 to 2032.For heavy activities such as material handling, excavation, lifting, and other heavy operations, construction equipment or machinery are employed. New, pre-owned, and rental construction equipment is a service that allows end users to rent construction equipment for a certain period by signing contracts that include terms and conditions. Moreover, customers can opt for used or new equipment as per budget and requirements. Construction of equipment is mostly done to aid heavy activities at construction mining sites. Moreover, customers can choose between new and used agricultural equipment depending on their budget.
The global new, preowned, and rental construction equipment market is expanding as a result of the increasing automation of construction activities. The necessity for residential and commercial building is also fueled by population growth. Builders are using automated and semi-automated construction equipment on-site around the world in order to rapidly develop projects, which greatly supports new, pre-owned, and rental construction equipment market expansion.
Most countries in Asia-Pacific and LAMEA earn the majority of their income from construction. Due to an upsurge in the adoption of construction equipment, it is projected that nations like India, China, Indonesia, and Brazil, will experience significant growth. Due to the government incentives offered to encourage the use of construction equipment, farmers in these regions have accepted it even on small builders. Many construction equipment manufacturers concentrate on new product introductions and product developments to help with various construction tasks like demolition, digging and others.
Heavy and advanced construction equipment need trained operators to operate the equipment as they are equipped with various levers and gears. However, one wrong move can lead to several problems such as failure in carrying out the desired operations. Thus, the dearth of trained operators acts as a major restraint for the growth of the global new, pre-owned, and rental construction equipment market.
However, huge cranes are inexpensive to rent rather than purchase, easy to disassemble, and practical to transport to other construction sites. Moreover, because of modern innovations like IoT incorporated in construction equipment, rental companies can now simply track the whereabouts and operations of equipment. The Internet of Things (IoT) helps to handle issues with a shortage of skilled labor, improves job precision, guarantees on-time & budget delivery, and tackles concerns with equipment safety. In addition key market players are investing in infrastructure and products to offer better service to customer. In June 2023, Boels Rental invested more than $500 million in construction equipment that incorporates new battery, electric, and hybrid technologies. As a result, it is projected that the introduction of new internet-connected equipment will fuel new, pre-owned, and rental construction equipment market growth for the leasing of construction equipment throughout the forecast period.
The key companies profiled in the new, pre-owned, and rental construction equipment market report include AB Volvo, Boels Rentals, H&E Equipment Services Inc., Haulotte Group, Herc Rentals Inc., Hitachi Ltd., Loxam (Ramirent), Maxim Crane Works, L.P., Sumitomo Corporation (Sunstate Equipment Company), and United Rentals, Inc.
In May 2023, Boels Rental acquired two rental businesses to increase the size of its specialized rental divisions in Sweden and the UK. The first company is KraftX AB, a leader in backup power and power renting for industrial, construction, and infrastructure projects. Illumin8, a renowned light tower rental expert in the UK, is the second firm.
In June 2023, - H&E Equipment Services Inc. (H&E) expanded its new branch in Houston South branch, its 22nd rental location in the state of Texas. By means of this expansion it is handling a variety of construction and general industrial equipment.
In December 2022, United Rentals, Inc. acquired Ahern Rentals which is a leading provider of rental construction equipment in the U.S. and this acquisition will strengthen its position with the newly added 60,000 rental assets.
In May 2022, - United Rentals, Inc. collaborated with Ford Pro to purchase all-electric vehicles for its North American rental and company fleets. Through this collaboration, 500 F-150 Lightning pickups and 30 E-Transit vans are being ordered, with 120 trucks and all 30 vans scheduled to be delivered in 2022. Customers of United Rentals, as well as the staff members who handle sales, servicing, and deliveries for the company, will use the trucks on industrial and construction job sites.
Key Market Insights
By sales type, the new segment was the highest revenue contributor to the market and is estimated to reach $3,28,425.8 million by 2032. Moreover, the rental segment is estimated to be the fastest-growing segment with a CAGR of 6.4% during the forecast period.By application, the heavy segment dominated the global market. However, the compact segment is expected to be the fastest-growing segment with a CAGR of 7.3% during the forecast period.
By region Asia-Pacific held the largest revenue share in 2020 and, Africa is anticipated to grow at the highest CAGR of 7.2% during the forecast period.
Companies Mentioned
- Maxim Crane Works, L.P.
- Hitachi Ltd.
- AB Volvo
- Herc Holdings Inc.
- Boels Rental
- Loxam SAS (Ramirent)
- Sumitomo Corporation (Sunstate Equipment Co., LLC)
- United Rentals, Inc.
- Haulotte Group S.A.
- H&E Equipment Services 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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