Engineering Equipment Rental Service Market Size, CAGR, Trends 2024-2030

Market Overview and Report Coverage

Engineering Equipment Rental Service involves renting equipment such as cranes, excavators, bulldozers, and other machinery for construction projects. The market for such services is expected to grow at a CAGR of % during the forecasted period due to the increasing demand for cost-effective solutions and flexibility in managing projects.

The current outlook of the Engineering Equipment Rental Service Market is positive, driven by the rising number of construction projects globally and the need for specialized equipment without the long-term commitment of purchasing. Companies are focusing on expanding their rental fleets and offering advanced technology solutions to meet the diverse requirements of customers in different industries.

Key market trends include the growing adoption of telematics and IoT technology for equipment monitoring and maintenance, as well as the rise of equipment sharing platforms. The market forecast indicates strong growth potential for the Engineering Equipment Rental Service Market, with opportunities for market players to capitalize on the increasing demand for rental services in various sectors.

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Market Segmentation

The Engineering Equipment Rental Service Market Analysis by types is segmented into:

• Bulldozing Equipment
• Material Handling and Cranes
• Concrete Equipment
• Road Construction Equipment
• Others

Engineering equipment rental service market is segmented into various types such as bulldozing equipment, material handling and cranes, concrete equipment, road construction equipment, and others. Bulldozing equipment includes machines like bulldozers and excavators used for earthmoving tasks. Material handling and cranes market includes rental of equipment such as forklifts and cranes for lifting and transporting materials. Concrete equipment market offers equipment like concrete mixers and pumps. Road construction equipment market includes machines like pavers and rollers. Other equipment includes various tools and machinery used in engineering projects.

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The Engineering Equipment Rental Service Market Industry Research by Application is segmented into:

• Factory
• Construction Site
• Others

The Engineering Equipment Rental Service market application serves various industries such as factories, construction sites, and others. Factories rely on rental equipment to improve production efficiency and maintain machinery. Construction sites benefit from access to specialized equipment for various tasks. Other markets, such as agriculture and mining, also use equipment rentals to support operations. Overall, the rental service market caters to a wide range of industries by providing cost-effective solutions and access to advanced machinery and tools.

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In terms of Region, the Engineering Equipment Rental Service Market Players available by Region are:

North America:

• United States


• Canada

Europe:

• Germany


• France


• U.K.


• Italy


• Russia

Asia-Pacific:

• China


• Japan


• South Korea


• India


• Australia


• China Taiwan


• Indonesia


• Thailand


• Malaysia

Latin America:

• Mexico


• Brazil


• Argentina Korea


• Colombia

Middle East & Africa:

• Turkey


• Saudi


• Arabia


• UAE


• Korea

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What are the Emerging Trends in the Global Engineering Equipment Rental Service market?

The global engineering equipment rental service market is experiencing significant growth due to increasing demand for cost-effective solutions, flexibility in equipment usage, and a shift towards outsourcing equipment needs. Key trends shaping the market include the adoption of advanced technologies such as IoT and telematics for equipment monitoring, a rise in the rental of specialized and customized equipment, a shift towards long-term rental contracts, and a focus on sustainability and environmental impact. Additionally, the market is witnessing a rise in online rental platforms, increased partnerships between rental companies and equipment manufacturers, and growing investments in rental fleet expansion to cater to diverse customer needs.

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Major Market Players

The engineering equipment rental service market is highly competitive, with key players such as United Rentals, Ashtead Group, Hertz Equipment Rental, and Loxam Group leading the industry. United Rentals is the largest rental equipment company globally, with a market capitalization of over $12 billion and revenues of over $9 billion in 2020. The company has a strong presence in North America and Europe, offering a wide range of equipment for construction, industrial, and infrastructure projects.

Ashtead Group, another major player in the market, operates under the brand name Sunbelt Rentals in the United States and Canada. The company reported revenues of over $5 billion in 2020 and has been expanding its fleet and footprint through strategic acquisitions and investments in technology. Hertz Equipment Rental, a subsidiary of the Hertz Corporation, specializes in equipment rental for the construction, mining, and industrial sectors. The company has a global presence with operations in North America, Europe, and Asia.

The engineering equipment rental service market has been experiencing steady growth due to the increasing demand for rental equipment from the construction and infrastructure sectors. The market is also witnessing a shift towards digitalization, with companies investing in advanced telematics and monitoring systems to improve fleet management and customer experience. Additionally, the trend towards sustainability and environmental stewardship is driving demand for eco-friendly equipment and practices in the industry.

Overall, the engineering equipment rental service market is projected to continue growing in the coming years, driven by increasing construction activities and infrastructure development worldwide. Companies such as United Rentals, Ashtead Group, and Hertz Equipment Rental are well-positioned to capitalize on this growth through their extensive fleet, global presence, and strategic investments in technology.

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