HomeBusiness NewsConstruction Equipment Rental Market Landscape Outlook, Revenue Growth Analysis by Fact MR

Construction Equipment Rental Market Landscape Outlook, Revenue Growth Analysis by Fact MR

The construction equipment rental market is poised to be valued at US$ 121 billion in fiscal 2022, a significant increase from the US$ 115 billion recorded in fiscal 2021. The industry experienced a YoY growth of 4.3% in the previous year. Over the next ten years, the market is expected to grow at a CAGR of 4.3%, culminating in a worth of US$ 185 billion by the end of 2032.

The construction equipment rental market has experienced steady growth, driven by several factors. Firstly, the increasing complexity and diversity of construction projects have led construction companies to rely on rental equipment to meet specific project requirements. Furthermore, the capital-intensive nature of construction equipment has made renting an attractive option for companies seeking to minimize upfront costs. The market is characterized by a wide range of equipment, including excavators, bulldozers, cranes, loaders, and more, catering to different construction needs.

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Market Opportunity:

The construction equipment rental market offers several promising opportunities for growth. The continuous urbanization and infrastructure development in emerging economies present a robust market potential. Additionally, the growing emphasis on sustainability and eco-friendly practices has created a demand for the rental of environmentally friendly and energy-efficient equipment. Technological advancements, such as telematics and IoT, provide avenues for enhancing the efficiency and utilization of rented equipment, opening new doors for the market to expand.

Market Challenges:

Despite the promising opportunities, the construction equipment rental market also faces its share of challenges. Economic fluctuations can significantly impact construction activity, which, in turn, affects rental demand. The high maintenance costs of equipment and the need for regular upkeep can cut into rental companies’ profit margins. The competitive nature of the industry demands constant innovation and adaptation to stay relevant and profitable. Moreover, stringent regulations, particularly regarding emissions and safety standards, can increase compliance costs and operational complexity.

Key Players:

  • United Rentals Inc.
  • Herc Holdings Inc.
  • Ashtead Group Plc
  • Aktio Corporation
  • Loxam Sas
  • Kanamoto Co. Ltd.
  • Nishio Rent All Co. Ltd.
  • H&E Equipment Services Inc.
  • Nikken Corporation
  • Cramo Group
  • Ramirent Plc

Competitive Landscape:

United Rentals, an online marketplace for industrial and construction equipment rentals, offers a wide range of tools and equipment for users to search and purchase. Their inventory includes compressors, tools, earthmoving equipment, forklifts, vehicles, trailers, and other equipment. To enhance user convenience, United Rentals provides iOS and Android mobile apps. Additionally, they offer fleet and equipment management rental solutions. In the fiscal year 2021, the company achieved impressive financial results, with yearly revenues totaling $9.72 billion and a net profit of $1.39 billion.

In August 2021, Herc Holdings Inc., operating as Herc Rentals Inc., successfully acquired the majority of CBS Rentals’ assets, further expanding their presence in the thriving equipment rental market of Texas. This strategic move adds 38 physical sites to Herc Rentals’ portfolio, enabling them to offer a comprehensive range of general and specialty equipment rental solutions, along with associated services.

Furthermore, United Rentals made a significant acquisition in April 2021 by entering into a formal agreement with General Finance Corp. The deal involved United Rentals purchasing General Finance for a substantial amount of US$996 million. As part of the transaction, United Rentals agreed to acquire General Finance at a cash share price of US$19, assuming a net debt of $400 million. This acquisition further strengthens United Rentals’ position in the industry and expands their capabilities to serve a broader customer base.

Overall, United Rentals and Herc Rentals Inc. demonstrate their commitment to providing top-notch equipment rental solutions, expanding their market presence, and driving growth through strategic acquisitions.

Key Segments Covered In The Market Report

  • By Product :
    • Earth Moving Machinery
    • Material Handling Machinery
    • Concrete & Road Construction Machinery
  • By Region :
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia
    • Oceania
    • Middle East & Africa

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