The construction equipment rental market is estimated to be USD 98.6 billion in 2019 and is projected to reach USD 121.6 billion by 2024, at a CAGR of 4.3% from 2019 to 2024. Construction companies prefer renting construction equipment rather than purchasing it due to the cost advantages through Contract Plant-Hire Agreements (CPA), which state that all liabilities, including insurance, maintenance, and break-down will be held with the renting company. The key factors for the growth of the market are increasing rental penetration, investments in infrastructure activities in emerging countries, recovering construction sector in developed countries, and the various benefits associated with the rental.  

Recent Developments

• In July 2018, Maxim Crane Works, L.P. acquired the assets of Cincinnati-based Tri-State Crane. This acquisition is a strategic move that helped expand Maxim's existing tri-state area operations and facilitate continuous growth in the region.
• In November 2018, Sarens NV launched the largest crane SGC-250 (Sarens Giant Crane - 250) in the world in terms of size and capacity. It is the first 3rd generation ring-based crane with a maximum load moment of 250.000Tm which allows lifting 5.000T. Even at a large radius of 100m, the crane is capable of lifting 2.000T. With the launch of this product, the company captured the extremely heavy lifting segment of the market.

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Based on equipment, the construction equipment rental market is categorized into earthmoving, material handling, and road building & concrete. Earthmoving equipment comprises mobile and power-propelled vehicles designed to carry, dig, spread, or move earth or material. These vehicles include excavators, loaders, dozers, and motor graders, which are typically used to excavate or move large amounts of earth, dig foundations, and landscape. The selection of earthmoving equipment majorly depends on the quantity of material to be moved, the prevailing soil type, and compaction factors. Increasing investments in the infrastructure industry to improve facilities in the government and private sectors have provided an opportunity for companies in the earthmoving equipment rental market. Earthmoving equipment is high-value, requiring significant capital investments for the installation and maintenance of equipment fleets.

Based on the product, the construction equipment rental market is categorized into excavators, backhoes, loaders, crawler dozers, cranes, concrete pumps, compactors, transit mixers, concrete mixers, and others (asphalt pavers, finishers, dump trucks, industrial trucks, etc.). All these products are provided on a rental basis by companies across the globe. To fetch larger construction projects, contractors invest in heavier and more expensive equipment. Rental services help contractors maximize their investments while reducing costs and maintaining financial flexibility.

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