Heavy Equipment Rental Market Report 2024 (Global Edition)

Global Heavy Equipment Rental Market Report 2024 Market Size Split by Type Outlook: (Bulldozers, Forklifts, Excavators, Others), by Application Outlook: (Construction, Industrial)

Heavy Equipment Rental Market Report Description

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Heavy Equipment Rental Market Insights Video

Competitive Landscape of the Heavy Equipment Rental Market

The heavy equipment rental market is highly competitive, with a mix of global, regional, and local players competing to capture market share. Key players include major rental companies like United Rentals, Ashtead Group, Herc Rentals, and Loxam, which have a broad geographic presence and extensive fleets of equipment. These companies leverage their strong brand reputation, extensive distribution networks, and large inventories to cater to diverse industries such as construction, mining, and infrastructure.

In November 2022, Maxim Crane Works LP announced the launch of Maxim MarketplaceTM, a new online marketplace for used equipment sales. With hundreds of fleet-owned cranes and support equipment to sell, the US rental giant is refreshing its fleet via its own cutting-edge online used equipment sales platform developed in collaboration with Krank, the industry's first software developer. (Source: https://www.constructiondive.com/press-release/20221027-maxim-crane-works-lp-launches-digital-marketplace-for-used-equipment-sal-1/) In August 2023, Zeppelin boosted its Zeppelin Rental business by acquiring Bauhof Service GmbH, a Germany-based company that rents pumps and generators and provides logistical services for construction sites. (Source: https://www.internationalrentalnews.com/news/zeppelin-makes-site-services-acquisition/8030741.article)

Top Companies Market Share in Heavy Equipment Rental Industry: (In no particular order of Rank)

• Ahern Rentals Inc.
• AKTIO Corporation
• Caterpillar Inc.
• Byrne Equipment Rental
• Cramo Plc
• Finning International Inc.
• Liebherr-International AG
• Kanamoto Co.
• Ltd.
• Maxim Crane Works
• L.P.
• United Rentals
• Inc.
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Heavy Equipment Rental Market

Which Region Dominates the Heavy Equipment Rental Market in 2024?

According to Cognitive Market Research, North America dominates the heavy equipment rental market due to several key factors. The region's booming construction industry, driven by infrastructure development and urbanization projects, fuels demand for heavy machinery. Additionally, the high cost of purchasing new equipment encourages contractors to opt for rental services to reduce capital expenditure.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific is the fastest-growing region in the heavy equipment rental market due to rapid urbanization, industrialization, and infrastructure development across countries like China, India, and Southeast Asia. Massive investments in construction projects, such as roads, bridges, and smart cities, drive demand for heavy machinery.

The current report Scope analyzes Heavy Equipment Rental Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Heavy Equipment Rental

According to Cognitive Market Research, the global Heavy Equipment Rental market size was estimated at USD 127154.2 Million, out of which North America held the major market share of more than 40% of the global revenue with a market size of USD 50861.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.

• According to Cognitive Market Research, the US had a major share in the Heavy Equipment Rental market with a market size of USD 40129.87 million in 2024 and is projected to grow at a CAGR of 4.2% during the forecast period. The U.S. market's increasing construction and infrastructure development projects.
• The Canada Heavy Equipment Rental market had a market share of USD 6103.40 million in 2024 and is projected to grow at a CAGR of 5.2% during the forecast period. Canada’s increasing construction and infrastructure development projects.
• The Mexico Heavy Equipment Rental market is projected to witness growth at a CAGR of 4.9% during the forecast period, with a market size of USD 4628.41 million in 2024.

Europe Heavy Equipment Rental

According to Cognitive Market Research, the global Heavy Equipment Rental market size was estimated at USD 127154.2 Million, out of which Europe held the market share of more than 30% of the global revenue with a market size of USD 38146.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.

• The United Kingdom Heavy Equipment Rental market had a market share of USD 6408.57 million in 2024 and is projected to grow at a CAGR of 5.5% during the forecast period. In the UK, Heavy Equipment Rental sales witness an upswing due to the increasing shift towards environmentally friendly construction practices.
• The France Heavy Equipment Rental market is projected to witness growth at a CAGR of 3.9% during the forecast period, with a market size of USD 3509.46 million in 2024.
• According to Cognitive Market Research, the German Heavy Equipment Rental market size was valued at USD 7552.96 million in 2024 and is projected to grow at a CAGR of 4.9% during the forecast period. In Germany, Heavy Equipment Rental surged due to the increasing shift towards environmentally friendly construction practices.
• The Italy Heavy Equipment Rental market is projected to witness growth at a CAGR of 4.1% during the forecast period, with a market size of USD 3280.58 million in 2024.
• The Russia Heavy Equipment Rental market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 5912.67 million in 2024.
• The Spain Heavy Equipment Rental market is projected to witness growth at a CAGR of 3.8% during the forecast period with a market size of USD 3127.99 million in 2024
• The Luxembourg Heavy Equipment Rental market is projected to witness growth at a CAGR of 4.8% during the forecast period, with a market size of USD 1182.53 million in 2024.
• The Portugal Heavy Equipment Rental market is projected to witness growth at a CAGR of 4.5% during the forecast period, with a market size of USD 801.07 million in 2024.
• The Greece Heavy Equipment Rental market is projected to witness growth at a CAGR of 5.0% during the forecast period, with a market size of USD 457.76 million in 2024.
• The Rest of Europe's Heavy Equipment Rental market is projected to witness growth at a CAGR of 3.4% during the forecast period, with a market size of USD 5912.67 million in 2024.

Asia Pacific Heavy Equipment Rental

According to Cognitive Market Research, the global Heavy Equipment Rental market size was estimated at USD 127154.2 Million, out of which Asia Pacific held the market share of around 23% of the global revenue with a market size of USD 29245.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.0% from 2024 to 2031.

• According to Cognitive Market Research, the China Heavy Equipment Rental market size was valued at USD 13160.46 million in 2024 and is projected to grow at a CAGR of 7.7% during the forecast period. Heavy Equipment Rental surged in China due to rapid urbanization, infrastructure development.
• The Japan Heavy Equipment Rental market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 4035.87 million in 2024.
• The India Heavy Equipment Rental market had a market share of USD 3509.46 million in 2024 and is projected to grow at a CAGR of 10.0% during the forecast period. India's rapid urbanization, infrastructure development.
• The South Korean Heavy Equipment Rental market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD 2924.55 million in 2024.
• The Australian Heavy Equipment Rental market is projected to witness growth at a CAGR of 7.9% during the forecast period, with a market size of USD 1520.76 million in 2024.
• The South East Asia Heavy Equipment Rental market is projected to witness growth at a CAGR of 9.2% during the forecast period, with a market size of USD 2017.94 million in 2024.
• The Rest of Asia Pacific Heavy Equipment Rental market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD 2076.43 million in 2024.

South America Heavy Equipment Rental

According to Cognitive Market Research, the global Heavy Equipment Rental market size was estimated at USD 127154.2 Million, out of which the Latin America held the market share of around 5% of the global revenue with a market size of USD 6357.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil Heavy Equipment Rental market size was valued at USD 2721.10 million in 2024 and is projected to grow at a CAGR of 6.2% during the forecast period. Heavy Equipment Rentals flourished in Brazil due to increasing investments in infrastructure projects.
• Argentina's Heavy Equipment Rental market had a market share of USD 1068.10 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period. Argentina's increasing investments in infrastructure projects.
• Colombia Heavy Equipment Rental market is projected to witness growth at a CAGR of 5.4% during the forecast period, with a market size of USD 565.84 million in 2024.
• Peru Heavy Equipment Rental market is projected to witness growth at a CAGR of 5.8% during the forecast period, with a market size of USD 521.33 million in 2024.
• Chile Heavy Equipment Rental market is projected to witness growth at a CAGR of 5.9% during the forecast period, with a market size of USD 457.76 million in 2024.
• The Rest of Latin America's Heavy Equipment Rental market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 1023.59 million in 2024.

Middle East and Africa Heavy Equipment Rental

According to Cognitive Market Research, the global Heavy Equipment Rental market size was estimated at USD 127154.2 Million, out of which the Middle East and Africa held the major market share of around 2% of the global revenue with a market size of USD 2543.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031..

• The GCC Countries Heavy Equipment Rental market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 1088.44 million in 2024. Heavy Equipment Rental sales flourish due to the increasing infrastructure investments, urbanization.
• The Egypt Heavy Equipment Rental market is projected to witness growth at a CAGR of 6.2% during the forecast period, with a market size of USD 267.02 million in 2024.
• The South Africa Heavy Equipment Rental market is projected to witness growth at a CAGR of 6.9% during the forecast period, with a market size of USD 401.81 million in 2024. Heavy Equipment Rental sales flourished in South Africa due to increasing infrastructure investments, urbanization.
• The Turkey Heavy Equipment Rental market is projected to witness growth at a CAGR of 5.4% during the forecast period, with a market size of USD 218.71 million in 2024.
• The Nigeria Heavy Equipment Rental market is projected to witness growth at a CAGR of 5.0% during the forecast period, with a market size of USD 267.02 million in 2024.
• The Rest of the MEA Heavy Equipment Rental market is projected to witness growth at a CAGR of 4.9% during the forecast period, with a market size of USD 300.08 million in 2024.

Heavy Equipment Rental Market Analysis

How are Segments Performing in the Global Heavy Equipment Rental Market?

Heavy Equipment Rental Market Type Segment Analysis

According to Cognitive Market Research, the excavator segment is currently the dominant category in the heavy equipment rental market. This can be attributed to their versatility and essential role in various construction and earthmoving projects. Excavators are crucial for tasks such as digging, grading, and material handling, making them indispensable for contractors and construction firms. Their ability to operate in diverse environments—from urban sites to rugged terrains—further solidifies their market position.

The forklifts represent the fastest-growing category within the heavy equipment rental market. Their rise can be largely attributed to the booming logistics and warehousing sectors, which require efficient material handling solutions. As e-commerce continues to expand, the need for forklifts to transport goods swiftly and safely within warehouses has surged.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Heavy Equipment Rental Industry. Request a Free Sample PDF!

Heavy Equipment Rental Market Application Segment Analysis

According to Cognitive Market Research, the industrial application category holds the dominant position. This dominance is primarily due to the increasing demand for heavy machinery in manufacturing, logistics, and warehousing operations. Industries such as oil and gas, mining, and construction heavily rely on rented equipment to optimize productivity and manage operational costs.

The construction application category is currently the fastest-growing segment within the heavy equipment rental market. This rapid growth can be attributed to the global surge in infrastructure development, driven by government initiatives and private investments in residential and commercial projects. The increasing urbanization and population growth are fueling the need for new buildings, roads, and utilities, all of which require various heavy equipment.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

Swasti Dharmadhikari

Research associate at Cognitive Market Research

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Swasti Dharmadhikari, an agile and achievement-focused market researcher with an innate ardor for deciphering the intricacies of the Service & Software sector. Backed by a profound insight into technology trends and consumer dynamics, she has committed herself to meticulously navigating the ever-evolving terrain of digital Services and software solutions.

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