Latest News- Construction Equipment Rental Market: ECRCE is expected to lead the Application segment during 2025-2029

The Construction Equipment Rental Market is being driven by Increased investment in infrastructure

The Construction Equipment Rental Market is expected to grow at a CAGR of 5.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 39945.4 million. The construction equipment rental market is witnessing a significant shift towards automation, with the integration of autonomous, self-driving machines becoming increasingly prevalent. These machines, which include automated guided vehicles (AGVs), are designed to carry, dig, spread, or move materials with minimal human intervention. Compared to manually operated equipment, automated machines offer enhanced efficiency and productivity. AGVs, in particular, have gained popularity due to their adaptability, enabling the determination of the most efficient route for the transportation of goods. Initially, these vehicles were guided manually; however, the introduction of computer-aided design (CAD) systems has enabled the optimization of routes for the efficient delivery or collection of goods. Despite this advancement, human traffic controllers remain responsible for assigning tasks and managing load movement requests for each AGV. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • ECRCE
  • MHE
• Type
  • ICE
  • Electric
• Product Type
  • Backhoes
  • Excavators
  • Loaders
  • Crawler dozers
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increased investment in infrastructure
• High initial investment and maintenance cost
• Increasing penetration of rentals

However, the market also witnesses some limitations, which are as follows:

• Lack of workforce in construction industry
• Operational challenges
• Growing second-hand machine market

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Market Scope in Construction Equipment Rental Market Research Report

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Research Analysis Overview

The construction equipment rental market encompasses a range of machinery, including hydraulic excavators, tracked excavators, and wheeled excavators, as well as mini and compact excavators. Additionally, crawler dozers, wheel loaders, skid steer loaders, compact track loaders, rough terrain cranes, mobile cranes, tower cranes, concrete pumps, and concrete placing booms are part of this market. The market also caters to soil compaction, road construction, asphalt paving, heavy lifting, and material handling equipment. Construction site management, project scheduling, equipment logistics, fleet optimization, and maintenance planning are essential services offered. Equipment diagnostics, preventive maintenance, and wearable technology are key features for minimizing downtime. Augmented reality, virtual reality, and remote control technology are transforming the industry. Emissions regulations, carbon footprint, renewable energy, and alternative fuels are driving sustainability efforts. Safety regulations, workplace safety, and operator safety are paramount concerns. Market analysis provides insights into trends, growth opportunities, and challenges.

Market Research Overview

The construction equipment rental market is a segment of the larger industrial machinery and supplies and components market, encompassing businesses providing rental services for heavy-duty machinery and equipment. Key offerings include earthmoving equipment, such as backhoe loaders, and material handling solutions, like concrete mixers. The industrial machinery and supplies and components market size is determined by Technavio as the combined revenue generated by manufacturers of machinery and components utilized in industrial settings. Market expansion will be fueled by increasing industrial production in process and discrete industries, driven by the growing global demand for energy, chemicals and petrochemicals, pulp and paper products, and processed food and beverages in developing economies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/