The construction equipment rental market is segmented by application (ECRCE and MHE), type (ICE and electric), and geography (North America, Europe, APAC, Middle East and Africa, and South America). An increase in the adoption of automation is the major construction equipment rental market trend which will positively influence the market value.
The construction equipment rental market share will value over USD 31,466.43 million by 2027
It is estimated to expand at a CAGR of 5.17% from 2022 to 2027
The construction equipment rental market size will witness a YOY growth rate of 5.09% in 2023
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The construction industry is experiencing automation renovation and the deployment of autonomous, self-driving machines to carry, dig, spread, or move materials under minimum supervision. CAD-based software programs in AGVs route all available paths and provide proper locations for picking and unloading. Hence, automation will further increase market growth during the forecast years.
The increased investment in infrastructure is notably driving the market growth. The demand for construction equipment rental is growing due to the increasing investment in infrastructure projects across the world. Spending on such capital-intensive projects and infrastructure development is expected to grow significantly in the next decade, which will augment the growth of the global market during the forecast period.
Some of the major construction equipment rental market vendors are:
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The operational challenges are the major hindrance for market players
The construction equipment rental market structure is fragmented in nature.
40% of the construction equipment rental market growth will develop from North America.
The market growth by the ECRCE segment will be significant during 2023-2027.