Construction Equipment Rental Services Market to Reach $230.3 billion, Globally, by 2034 at 7.6% CAGR: Allied Market Research
The growth of the construction equipment rental services market is primarily driven by the increasing cost of purchasing new construction machinery, prompting companies to opt for rental solutions. This approach allows contractors to access the latest equipment without heavy capital investment, ensuring operational efficiency and flexibility.
WILMINGTON, Del. , Nov. 4, 2025 /PRNewswire/ -- Allied Market Research published a report, titled, "Construction Equipment Rental Services Market by Construction Equipment Type (Earthmoving Equipment, Material Handling Equipment, Concrete and Road Construction Equipment, Crane and Lifting Equipment, Drilling, Piling and Mining Equipment, and Others), End User (Residential, Commercial, Industrial), and Mode of Operation (Self-service, Dry lease, Wet lease): Global Opportunity Analysis and Industry Forecast, 2025-2034". According to the report, the construction equipment rental services market was valued at $97.9 billion in 2022, and is estimated to reach $230.3 billion by 2034, growing at a CAGR of 7.6% from 2025 to 2034.
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Prime Determinants of Growth
Rising infrastructure development projects worldwide, especially in emerging economies, further fuel the demand for rental services. In addition, technological advancements in construction machinery and the growing emphasis on reducing ownership costs contribute to market expansion. Seasonal demand fluctuations and short-term project requirements also encourage equipment rental, making it a preferred choice across various construction segments.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2025–2034 |
Base Year | 2022 |
Market Size in 2022 | $97.9 billion |
Market Size in 2034 | $230.3 billion |
CAGR | 7.6 % |
No. of Pages in Report | 396 |
Segments covered | Construction Equipment Types, End User, Mode of Operation and Region. |
Drivers | Increase in Infrastructure Development Projects Globally. Advancement in Rental Equipment Technology Expansion of Urbanization and Smart City Projects |
Opportunity | Integration of Telematics and IoT in Rental Equipment Increase in Demand for Rental Service in Residential Construction |
Restraints | High Maintenance and Repair Costs for Rental Companies Lack of Skilled Operators for Specialized Equipment |
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Impact of Russia-Ukraine War Scenario
- On February 24, 2022 the The Russia-Ukraine war has significantly disrupted the global construction equipment rental services market by triggering sharp increases in fuel and raw material costs, creating severe supply chain bottlenecks, and delaying major construction projects worldwide. With both countries being key exporters of metals like steel and aluminum, the conflict has led to material shortages and price surges, affecting equipment production and availability. Shipping restrictions and airspace closures have further strained global logistics, making it harder for rental companies to procure or deliver machinery on time.
- Uncertainty surrounding project timelines and economic instability has caused many infrastructure developments in Europe and neighboring regions to pause or slow down, reducing demand for rental services. Rental companies are now grappling with equipment scarcity, increased maintenance costs, and the need to revise rental agreements with escalation clauses. This volatile landscape is reshaping rental strategies and pushing providers to seek alternative sourcing and fleet management solutions to stay competitive.
The Earthmoving Equipment segment to maintain its leadership status throughout the forecast period
On the basis of construction equipment type, the earthmoving equipment segment held the highest market share in 2022, accounting for around one-third of the global construction equipment rental services market revenue. This is due to the widespread use of earthmoving equipment in large-scale infrastructure, mining, and road construction projects, driven by increase in urbanization and demand for efficient land development solutions. However, the drilling, pilling, and mining equipment segment is projected to attain the fastest CAGR of 12.2% from 2025 to 2034, driven by its essential role in resource extraction and deep foundation work across expanding mining and infrastructure development projects globally.
The commercial segment to maintain its leadership status throughout the forecast period
On the basis of end user, the commercial segment held the highest market share in 2022, accounting for more than two-fifths of the global construction equipment rental services market revenue. This dominance is attributed to the rising number of commercial infrastructure projects, including offices, malls, and industrial parks, which require diverse, high-performance equipment for efficient construction within tight project timelines. However, the industrial segment is projected to attain the fastest CAGR of 8.5% from 2025 to 2034, This is due to the increase in adoption of rental equipment in manufacturing, energy, and heavy industries to reduce capital expenditure, improve operational flexibility, and support ongoing expansion and modernization efforts.
The dry lease segment to maintain its leadership status throughout the forecast period
On the basis of mode of operation, the dry lease segment held the highest market share in 2022, accounting for more than two-fifths of the global Construction Equipment Rental Services market revenue. This is driven by the cost-effectiveness and operational flexibility offered by dry leases, allowing contractors to use their own operators and reduce dependency on third-party labor for equipment handling. However, the wet lease segment is projected to attain the fastest CAGR of 8.7% from 2025 to 2034, This is due to the growing preference for bundled services that include both equipment and skilled operators, reducing operational risks and ensuring higher efficiency, especially in complex or large-scale construction projects.
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Asia-Pacific to maintain its dominance by 2034
On the basis of region, Asia-pacific held the highest market share in terms of revenue in 2022, accounting more than one-third of the global Construction Equipment Rental Services market revenue. This is due to rapid urbanization, large-scale infrastructure development, and increasing government investments in smart cities and transportation projects across countries such as China, India, and Southeast Asia, driving strong rental equipment demand. However, North America is expected to witness the fastest CAGR of 7.3% from 2025 to 2034, This growth is primarily driven by rising infrastructure renovation projects, adoption of advanced construction technologies, and increasing demand for flexible equipment solutions to reduce capital expenditure across the U.S. and Canada.
Leading Market Players: -
- United Rentals, Inc.
- Sunbelt Rentals
- Herc Rentals Inc.
- EquipmentShare
- Hande Equipment Services
- Loxam Group
- Boels Rental
- Kiloutou Group
- Modulaire Group (ALGECO)
- Sarens
- Kanamoto Co. Ltd
- AKTIO CO. LTD
- Sin Heng Heavy Machinery Limited, RENT (THAILAND) CO. LTD
- Tat Hong Holdings Ltd.
The report provides a detailed analysis of these key players of the global Construction Equipment Rental Services market. These players have adopted different strategies such as expansion and product launch to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Construction Equipment Rental Services Market Segments:
By Construction Equipment Types
- Earthmoving Equipment
- Material Handling Equipment
- Concrete and Road Construction Equipment
- Crane and Lifting Equipment
- Drilling, Piling and Mining Equipment
- Others
By End User
- Residential
- Commercial
- Industrial
By Mode of Operation
- Self-service
- Dry lease
- Wet lease
By Region
- North America (U.S., Canada)
- Europe (Germany, France, UK, Italy, Rest of Europe)
- Asia-Pacific (China, India, Japan, Australia, Indonesia, Vietnam, Thailand, Malaysia, Philippines, Singapore, Cambodia, Myanmar, Brunei, Laos, Rest of Asia-Pacific)
- LAMEA (Latin America, Middle East, Africa)
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