U.S. Construction Equipment Rental Market is Expected to Grow by $54.17 Billion by 2029 From $39.2 Billion in 2022; Industry Insights, Trends & Competitive Analysis - Arizton

U.S. Construction Equipment Rental Market to reach $54.17 Billion by 2029. The analysts at Arizton are closely monitoring the market and are forecasting growth at a CAGR of 4.73% from 2022-2029

CHICAGO, Feb. 28, 2023 /PRNewswire/ -- The integration of advanced technology in the rental fleet to support the U.S. goal of net-zero emission by 2050 and the growing prevalence of online rental platforms for smooth delivery of rental construction equipment are the key trends in the U.S. construction equipment rental market. Intel announced its plans to build two chip factories in Ohio in 2021, with an investment of over $20 billion. Phase 1 of the project is estimated to generate 3,000 and 7,000 construction jobs. The construction began in 2022 and is expected to complete in 2025.  In addition, General Motors Co. plans to invest $7 billion in developing four manufacturing factories in Michigan. The investment will generate 4,000 new jobs. Developing several production facilities in the country is expected to boost the construction of warehouses across the region.  

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The Chicago Transit Authority (CTA) has announced the development of the Red Line Extension (RLE) with an estimated cost of $3.6 billion and included the extension of the Red Line from the existing southern terminal at 95^th Street to 130^th Street. The 5.6-mile extension would comprise four new stations at 103^rd Street, 111^th Street, Michigan Avenue, and 130^th Street. Hence, the rise in road connectivity will likely increase the demand for other rental equipment, with significant investments in the upcoming years.

U.S. CONSTRUCTION EQUIPMENT RENTAL MARKET REPORT SCOPE

 

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GOVERNMENT INVESTMENT IN PUBLIC INFRASTRUCTURE BOOSTING THE U.S. CONSTRUCTION EQUIPMENT RENTAL MARKET

• The Federal Aviation Administration (FAA) announced an expenditure of USD 3 billion for 3,075 airports all over the U.S. to improve terminals. On the other hand, the U.S. Army Corps of Engineers (USACE) floated USD 3.9 billion to improve supply chains and strengthen ports and waterways. It includes over 16 construction projects across ten states.
• Development of the high-speed rail system in California would include 800 miles of rail, with up to 24 stations. The project will connect San Francisco to Los Angeles, extending to Sacramento and San Diego. The rail would run along 1,287 km and is estimated to be completed in 2033. This project is the first high-speed train system implemented in the US. It is estimated to cost USD 68 billion, and the investment by the federal includes USD 2.6 billion in state bonds. Another investment of approximately USD 7 billion is by public-private partnership funding. The construction is being done in an environmentally friendly way, as it has promised to recycle 100% of all usable concrete and steel. The transportation system would include trains that accommodate 1,300 passengers at once and will be up to 1,300 feet long. The technology of the trains would be based on high-speed trains from Japan, Germany, and France.
• Approximately USD 60 billion would be invested by the government to repair surface transportation nationwide. Development of the Glassboro-Camden rail line would cost approximately USD 1.6 to USD 1.8 billion and is expected to be completed in 2028. The train would stop at Glassboro, Pitman, Sewell, Mantua, Woodbury Heights, and Camden stations.
• The U.S. logistics giant Prologis has planned to develop a massive warehouse on a 50,000 sqm area at Prologis Park Wroclaw III near the airport. The warehouse is designed to be 12 meters high, and the construction is scheduled to complete by Q2 2023. Additionally, over 600,000 square meters of modern warehouses are currently under construction in Lower Silesia.
• The Portal Bridge Enhancement Project, with a total value of USD 1.65 billion, involves the construction of a 3.92 km, two-track, high-level, fixed-span railway bridge over the Hackensack River in New Jersey. Project construction commenced in 2021 and is estimated to be completed in quarter four of 2026. The project would replace the 111-year-old swing bridge, enabling marine traffic to sail underneath smoothly. The project will improve service throughout the northeast corridor and contribute to growth in the U.S. construction equipment rental market.

VENDOR INSIGHTS

• Prominent vendors in the U.S. construction equipment rental market are Caterpillar, Volvo Construction Equipment, Liebherr, Hitachi Construction Machinery, Komatsu, John Deere, Hyundai Construction Equipment, JCB & Kobelco.
• JCB, John Deere & Terex are emerging strong in the U.S. construction equipment rental market. These companies introduce innovative products to capture the construction equipment industry's share. For instance, in 2022, John Deere launched its new large, wheeled loaders (744 P-tier, 824 P-tier, 844 P-tier, and the 904 P-tier) in the US.
• Other prominent U.S. construction equipment rental market vendors are CNH Industrial, Liugong, Tadano & Terex.
• Liebherr, Caterpillar, Volvo Construction Equipment, Komatsu & Hitachi Construction Machinery are the U.S. construction equipment rental market leaders. These companies have a strong industry share and offer various products.
• Caterpillar operates over 60 locations in 25 states of the United States and is a leading US exporter. Finning CAT is one of the prime distributors in the United States.

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Key Vendors

• Caterpillar
• Komatsu
• Hitachi Construction Machinery
• Volvo Construction Equipment
• Liebherr
• Hyundai Construction Machinery
• John Deere
• Kobelco
• JCB

Other Prominent Vendors

• Terex Corporation
• Liu Gong
• CNH Industrial
• Tadano

Rental Companies Profile

• United Rentals, Inc.
• Sunbelt Rentals
• Herc Rentals
• The Home Depot Rental
• Warren CAT
• Sunstate Equipment
• H&E Equipment Services
• Maxim Crane Works, L.P.
• Briggs Equipment
• Uperio Group
• Worldwide Machinery

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Market Segmentation

Type

• Earthmoving Equipment:
• Excavator
• Backhoe Loaders
• Wheeled Loaders
• Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
• Material Handling Equipment
• Crane
• Forklift & Telescopic Handlers
• Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
• Road Construction Equipment
• Road Rollers
• Asphalt Pavers

End Users

• Construction
• Logistics & Warehouse
• Mining
• Others

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TABLE OF CONTENT

Section1 – Introduction

• Market Snapshot
• Executive Summary

Section 2 – The Market Overview

Economic Scenario, Foreign Direct Investment, Major Infrastructure Projects

Section 3 – Market Landscape

3.1 US Construction Equipment Rental Market by Type (Value)

3.1.1. Earthmoving Equipment

1. Excavator
2. Backhoe Loader
3. Wheeled Loader
4. Other Earth Moving Equipment (Other Loaders, Bulldozer, Trencher, etc.)

3.1.2. Material Handling Equipment

1. Crane
2. Forklift and Telescopic Handler
3. Aerial Platform (Articulated Boom lifts, Telescopic Boom lifts, Scissor Lifts, etc)

3.1.3. Road Construction Equipment

1. Road Roller
2. Asphalt Paver

3.2 US Construction Equipment Rental Market by End-User (Value)

1. Construction
2. Mining
3. Logistics & Warehouse
4. Others (Waste Management, Agriculture, Oil & gas Extraction, Utilities & Energy, Power Generation, Disaster Management & Water Management)

Section 4: Market Dynamics

Market Drivers, Restraints, Trends, Advantages US, Key Economic Regions, Supply Chain Analysis, COVID-19 Impact

Section 5: Technology Development

Advent of New Technology

Section 6 – Competitive Landscape

1. Competitive Landscape Overview
2. Major Vendors (Caterpillar | Volvo Construction Equipment | Liebherr | Komatsu | Hitachi Construction Machinery | CNH Industrial | JCB | Hyundai Construction Equipment | John Deere | Liugong | Tadano| Terex | Kobelco
3. Other Prominent Vendors
4. Prominent Rental Vendors

Section 7-Quantitative Summary

Section 8 – Report Summary

1. Key Insights
2. Abbreviations
3. List of Graphs
4. List of Tables

Section 9 – Report Scope & Definition

1. Research Methodology
2. Research Objective
3. Market Definition, Inclusion & Exclusion

 

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