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Construction rental sector projected to reach $220.7 billion by 2032
August 9, 2023 By Don Horne
According to a recent Allied Market Research report, the global construction equipment rental industry is projected to reach $220.7 billion by 2032, registering a CAGR of 6.6 per cent from 2023 to 2032.
The market was valued at around $93.5 billion in 2018.
The global construction equipment rental market is experiencing growth due to several factors, including a surge in construction activities in developing countries, a reduction in expenses such as maintenance, labour, and operational costs, and a lack of high ownership costs and financial constraints.
On the other hand, a lack of skilled and qualified operators and a decrease in new construction activities in developed nations may hinder the growth of the market to some extent. Furthermore, emerging economies are rapidly urbanizing and industrializing, resulting in increasing infrastructure development, which presents a huge market opportunity to produce construction equipment to meet the expanding demand for various machines and equipment in these markets.
The tower crane market is expected to reach $9.9 billion in 2028.
The North America construction equipment market is projected to reach $79.7 billion by 2031.
Some of the leading players in the market included in the report include:
- Boels rentals
- Hande equipment services inc.
- Herc rentals inc.
- Kanamoto co., Ltd.
- Nesco holdings, inc.
- Maxim crane works, l.P.
- Mtandt group
- Ramirent ab
- Sarens n.V./S.A.
- United rentals, inc.
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