Construction Equipment Rental Market to be Worth USD 164.6 Billion by 2029; Sunbelt Inks a Partnership Agreement with Britishvolt to Facilitate Product Development

The global construction equipment rental market size stood at USD 111.6 billion in 2021. The market value is slated to rise from USD 116.0 billion in 2022 to USD 164.6 billion by 2029 at a CAGR of 5.1% during 2022-2029. The rise can be credited to the growing preference by rental service businesses for revenue generation from local customer base. This is further being supplemented by the significant growth of emerging markets in the specific rental sector.

Fortune Business Insights™ presents this information in its research report, titled “Construction Equipment Rental Market Size, Share & COVID-19 Impact Analysis, By Equipment Type (Earthmoving Equipment, Material Handling Equipment, Concrete & Road Building Equipment, and Others), By Application (Residential, Commercial, and Industrial), and Regional Forecast, 2022-2029”.

Industry Expansion Impacted Due to Delayed Completion of Housing Projects Owing to COVID-19

The coronavirus crisis has impacted the industry in the form of a delay in the completion of private housing and public infrastructure projects. The enforcement of lockdown restrictions by various countries across the globe has stalled the fulfillment of contractual obligations. The sales were further affected in light of the sudden closure of manufacturing units, which, in turn, impacted the daily output rate from production. These aspects affected the demand for construction equipment rental during the pandemic period.

Herc Holdings Acquires Cloverdale Equipment Company to Expand Industry Presence

In March 2022, Herc Holdings Inc. inked a purchase agreement for the acquisition of Cloverdale Equipment Company. The deal would expand the presence of Herc Rental to 14 physical locations that collectively offer specialty and general equipment rental solutions and associated services.

According to company officials, Herc was in a sound position to pursue growth via a range of initiatives while maintaining commitment to a sound financial footing. These included growing investment in major fleet categories, acquired operations, and greenfield branches.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/construction-equipment-rental-market-102247

Industry Value to Surge Driven by Growing Endeavor to Explore More Rental Options

Several construction companies are preferring the option of equipment renting. This is mainly being driven by the rising economic volatility and growing cost concerns associated with repair & maintenance and system acquisition costs. Besides, hiring construction equipment is considered beneficial owing to the fluctuating economic conditions.  

However, the construction sector is susceptible to recessions and slumps, which could affect product demand. This is likely to hinder the construction equipment rental market growth to some extent.

Leading Companies Strike Partnership Deals & Agreements to Gain Strong Footing

Major industry players are focused on the adoption of a series of strategic initiatives for the consolidation of their market position. These include mergers, acquisitions, collaborative agreements, partnerships, product developments, and others.

Other initiatives adopted by major construction equipment rental companies comprise growing participation in trade conferences and increasing research activities. In addition, several companies are also keen to form alliances to sustain industry competition.

Notable Industry Development

• June 2022 – Sunbelt Rentals announced a partnership with Britishvolt for supporting the development of the latter’s full-scale battery Gigaplant based in Cambois. The deal would enable the development of battery solutions for heavy equipment and power plants. It further constituted an effort toward the decarbonization of the equipment rental industry.

List of Key Players Profiled

• United Rentals, Inc. (U.S.)


• Loxam (France)


• Sunbelt (U.S.)


• Taiyokenki Rental Co., Ltd. (Japan)


• AKTIO Corporation (Japan)


• Herc Rentals Inc. (U.S.)


• Ahern Rentals. (U.S.)


• H&E Equipment Services, Inc. (U.S.)


• Nikken Corporation (Japan)


• Nishio Rent All Co. Ltd. (Japan)

Further Report Findings

• Based on equipment type, the earthmoving equipment segment is expected to register commendable growth over the forecast period. The surge can be attributed to a rise in the number of road and bridge construction projects.


• The Asia Pacific construction equipment rental market share is set to expand at a substantial rate throughout the forthcoming years. The region has recorded an escalation in the number of construction and infrastructure development projects.


• The North America market is anticipated to register considerable expansion over the forecast period. This is attributed to various construction companies showing reluctance to invest in new equipment amid fluctuating market conditions.  

Table of Segmentation