The construction equipment rental market is expected to see significant growth by 2027 driven by proliferating demand for construction activities in leading regions across the globe. Moreover, mounting consumer demand for cost-efficient products is anticipated to further support market development over the forecast period.

The COVID-19 outbreak severely disrupted the construction sector due to stringent lockdowns imposed worldwide. However, widespread immunization drives and increasing prominence of the construction sector in employment generation are helping the industry gain its pre-COVID momentum.

Notably, with prevalent economic instability caused by the pandemic, there has been an upsurge in consumer interest towards rental equipment as a more viable option for construction projects, which has impelled industry expansion. Moreover, the industry has undergone rapid digital transformation to remain functional during the pandemic in order to minimize human interaction. Thus, improved user convenience and increased product availability through online channels have enhanced market dynamics.

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Furthermore, telematics has gained massive significance in the construction industry over the recent years. Telematics systems combine on-board diagnostics, GPS technology, and monitoring sensors to deliver accurate information pertaining to operation and performance of construction equipment. Recently, due to the prevalent shift to technological and digital processes bolstered by the COVID-19 pandemic, companies have been incorporating telematics to augment operational efficacy. Subsequently, such technological advancements in the sector have been favorable for the global product landscape.

Additionally, industry players are deploying profitable strategies to capitalize on booming product demand in key regions, thereby propelling business growth globally. For instance, in August 2021, Hyundai Construction Equipment Americas, a leading equipment provider in the construction industry, announced the addition of a new dealership, Tri-State Equipment Rentals, expanding its authorized dealer network in North America.

With the addition of the new dealership, Hyundai’s network across North America grew to over 80 dealerships, spanning about 180 locations where the company offers sales, service, and parts for the complete range of Hyundai wheel loaders, excavators, compaction rollers, and other construction equipment.

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For extensive analysis, the construction equipment rental market has been categorized on the basis of product and region. With respect to product, the market has further been divided into material handling & cranes, earthmoving & road building equipment, and concrete equipment.

The construction equipment rental market from the earthmoving & road building equipment sub-segment is estimated to grow at a CAGR of approximately 4% through the assessment timeframe to reach a sizable valuation by the end of 2027. Rising government focus on developing roads, bridges, and highways is set to drive segmental demand in the upcoming years.

From the perspective of region, the Latin America construction equipment rental market is projected to expand at a CAGR of over 2.5% through the forecast period to garner a major share in the overall industry revenue by 2027. Growing prevalence of residential and commercial construction projects in LATAM because of rising urbanization are likely to foster regional market growth in the future.