The construction equipment rental market has been segmented based on product such as earthmoving machinery, material handling machinery, and concrete & road construction.
Earthmoving Machinery Rentals
Earthmoving machinery emerged as one of the largest product segments in the past decade, projected to reach $133.78 billion USD by 2025. This category includes equipment such as excavators and loaders which enjoy enormous demand around the world and are expected to witness a considerable increase in demand on a global scale, as it has a wide application of scope in construction, mining, and agriculture sectors. Other equipment in this category are skid-steer loaders, backhoe loaders, crawler excavators, and mini excavators, which also enjoy attractive market potential. North America alone accounts for more than 75% demand for skid-steer loaders. These have high load capacity and engine power, which enable them to efficiently work in harsh conditions year round.
Depending on the location of the equipment in use, as well as length of use, quantity required, and required size, renting equipment of this kind can range from as little as $200-3,000 per day.
Material Handing Equipment Leasing
The material handling equipment segment is expected to register a CAGR of 9.9% over the forecast period leading up to 2025 owing to an escalating need for automated production processes to achieve ideal raw material usage, resource and energy consumption. This category of equipment comprises of crawler cranes, trailer-mounted cranes, and truck-mounted cranes. The growing construction of skyscrapers and mega infrastructure projects are anticipated to boost demand for these types of machinery. Truck-mounted cranes represent the largest segment in this category owing to their easy mobility. They are used for the construction of buildings, bridges, dams, and other related projects. On the other hand, traditional crawler cranes are witnessing a steep fall in demand since the previous decade. Crawler cranes are difficult to be transported long distances and they need to be loaded on to other vehicles for transportation. These cranes also have lower material handling capacity in comparison to recent technological innovations.
Infrastructure Equipment Rental Service
Concrete and road construction machinery such as road roller, motor grader, road paver, asphalt plant and cold planner and other new road construction equipment are expected to increase dramatically over the coming years. Roads are considered a significant indicator of a country’s overall development as better road connectivity aids in improved trade and GDP. With this in mind, many developing countries, like China and India are focusing on developing better road connectivity and increasing infrastructural developments. An example of this is China’s aforementioned ambitious “One Belt, One Road” initiative which will connect China with European countries through trade routes. Such projects are understandably boosting demand for concrete and road construction machinery around the world. Demand for concrete mixer trucks are steadily rising due to increased construction projects globally.