Power Equipment Rental Market
Power Equipment Rental Market Analysis by Power Drills, Power Saws, Power Sanders, Power Grinders, Power Lawnmowers, Power Generators, Power Welders, and Others from 2023 to 2033
Analysis of Power Equipment Rental Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Power Equipment Rental Market Growth Outlook (2023 to 2033)
The global power equipment rental market size is estimated to be valued at US$ 11.4 billion in 2023 and it is expected to grow at a CAGR of 5.3% to reach US$ 19.2 billion by the end of 2033.
Power equipment rental finds multiple applications in the construction, mining, oil, and gas industries. Its versatility and cost-effectiveness are bolstering the power equipment rental market growth.
Report Attributes | Details |
---|---|
Power Equipment Rental Market Size (2022A) |
US$ 10.9 Billion |
Estimated Market Value (2023E) |
US$ 11.4 Billion |
Forecasted Market Value (2033F) |
US$ 19.2 Billion |
Global Market Growth Rate (2023-2033) |
5.3% CAGR |
East Asia Market Share (2023) |
24.3% |
China Market Growth Rate (2023-2033) |
5.6% CAGR |
Key Companies Profiled |
|
Don't Need a Global Report?
save 40%! on Country & Region specific reports
Historic and Future Pathway Analysis for the Power Equipment Rental Market
Power equipment refers to machinery, devices, and tools that are powered by electricity, batteries, or fuel. These devices functionally rely on electric energy to drive their core parts such as electric motors, transformers, lighting, rechargeable batteries, and control electronics. The power equipment is contrasted with traditional mechanical devices that depend on different power sources like fuels or human physical strength. For instance, power equipment includes heavy machinery, chain saws, portable generators, pumps, lighting, major appliances, small appliances, IT equipment (computers, printers, and others), motors, pumps, and HVAC systems. With the growing demand for power equipment, the demand for power equipment rental services is likely to increase to cater to the growing power equipment demand in a flexible and cost-effective manner.
- Short Term (2023-2026): Increased infrastructure development activities, such as road construction, building projects, and utility installations, to drive the demand for power equipment rentals during the projection period.
- Medium Term (2026-2029): During the medium term, the emphasis on sustainability and environmental considerations is expected to upsurge the demand for eco-friendly power equipment rentals.
- Long Term (2029-2033): Efforts led by the market players such as long-term trade relations with end-users to gain high-profit margins and effective online presence to curb the demand pool are likely to drive the market growth in coming years.
On the back of the aforementioned facts, the power equipment rental market is anticipated to grow at a CAGR of 5.3% during the forecast period from 2023-2033, According to the Fact.MR, a market research and competitive intelligence provider.
Market share analysis of power equipment rental based on end user and region is provided in a nutshell in the above image. Under the end-user segment, the construction and infrastructure sub-segment dominates with a 33.2% market share in 2023.
Market Dynamics Outlook
“Rising Construction Industry Drive Power Equipment Rental Demand”
The construction sector is a significant driver for the target market due to its diverse equipment needs and fluctuating project requirements. As construction projects often require equipment for a limited duration, making rental an attractive option for contractors and construction companies. Renting allows them to access the required equipment without the burden of ownership, particularly for short-term projects or projects with specific equipment requirements.
Renting power equipment is cost-effective for construction companies, especially when considering the high upfront costs associated with purchasing and owning equipment. Also, it eliminates the expenses like maintenance, storage, depreciation, and transportation, allowing construction companies to optimize their budgets and allocate resources more efficiently.
As a result, the growing construction industry worldwide is a key driver for the increased demand for power equipment rentals. Construction companies benefit from the flexibility, cost-effectiveness, and access to a wide range of equipment options that rentals offer, enabling them to meet project requirements efficiently.
“Factors Affecting the Growth of the Power Equipment Rental Market”
Establishing and expanding a power equipment rental business requires substantial upfront capital investment. The costs associated with acquiring, maintaining, and updating a fleet of power equipment are significant barriers for new entrants or smaller rental companies looking to expand their operations. In addition, price sensitivity among customers is one of the other limiting factors for the growth of the target market. As while renting equipment cost-effective is still important to customers compared to purchasing. Customers still have budget constraints or opt for cheaper alternatives, such as used equipment, in-house ownership, or leasing options. This price sensitivity has an impact on the overall demand for power equipment rentals.
More Insights, Lesser Cost (-50% off)
Insights on import/export production,
pricing analysis, and more – Only @ Fact.MR
Country-wise Insights
What are the Factors Driving Power Equipment Rental Demand Across the U.S.?
The United States holds the largest market share and is highly profitable due to various factors, including increased investments in mining, construction, oil and gas, and related exploratory projects. This has led to a growing demand for the target market within the country.
The power equipment rental market offers businesses the advantage of accessing a diverse range of equipment without the need for ownership. Renting equipment allows companies to adjust their resources according to project requirements and duration, while avoiding the expenses of purchasing, maintaining, and depreciating equipment. As a result, businesses save costs by opting for rental solutions.
The combination of these factors leads to an increasing need for power equipment rentals throughout the United States. The attractiveness of rentals stems from their convenience, flexibility, and affordability, making them a preferred choice for businesses operating in diverse sectors.
Why China’s Power Equipment Rental Market is Flourishing?
The Chinese government has implemented various initiatives and policies to promote infrastructure development and economic growth. Programs like "One Belt, One Road" and the "New Urbanization Plan" have spurred investment in construction and infrastructure projects, which, in turn, drive the demand for power equipment rentals. Also, rental companies in China continually update their fleets with advanced and efficient power equipment. These equipment upgrades incorporate the latest technological innovations, such as enhanced fuel efficiency, emission controls, telematics, and automation. The availability of modern equipment with improved features attracts customers and contributes to the market's growth.
Category-wise Insights
Why Do Power Drills Have a Major Share in the Power Equipment Rental Market?
Power drills are versatile tools that are used for various applications, making them highly sought after in the rental market. They are used for drilling holes in different materials such as wood, metal, concrete, and masonry. It is also equipped with various attachments and accessories, allowing them to perform tasks like driving screws, mixing paint or cement, and sanding surfaces. Hence, the ability to handle multiple tasks makes power drills essential for a wide range of industries and projects which contributes to its major shares in the market.
How Growing Construction and Infrastructure Development Plays a Crucial Role in Driving the Market?
The construction industry is a significant consumer of power equipment rentals. As the construction sector experiences growth and increased activity, the demand for the target market will rise in tandem. As construction companies require a wide range of equipment, including excavators, loaders, bulldozers, concrete mixers, and aerial lifts, to complete their projects. Renting this equipment allows construction companies to access the necessary tools on a temporary basis, reducing the need for large capital investments.
Hence, the growing construction and infrastructure segment significantly drive the market by leveraging the benefits of flexibility, scalability, cost-effectiveness, access to advanced equipment, and the ability to focus on core competencies.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Eminent Player’s Key Stratagems
Eminent power equipment rental service providers are Aggreko plc, A-Plant, BlueLine Rental, Coates Hire Limited, Compact Power Equipment Rental, Cramo Group, Herc Rentals Inc., Neff Rental, Sunbelt Rentals, United Rentals Inc.
Leading companies are focusing on expanding and diversifying their equipment fleets. They are continuously investing in acquiring new and technologically advanced equipment to cater to the evolving needs of customers. This strategy ensures that they have a comprehensive range of equipment options available, enabling them to meet the requirements of various industries and projects.
- In February 2023, Able Equipment Rental, Inc. was fully acquired by United Rentals.
- In November 2022, the Quebec-based rental company YEP Location d'équipements is acquired by the Canadian rental company Lou-Tec.
Fact.MR has provided detailed information about the key rental service providers of power equipment rental, their total fleet, service portfolio, and revenue growth, in the recently published report.
Segmentation of Power Equipment Rental Industry Research
-
By Type :
- Power Drills
- Power Saws
- Power Sanders
- Power Grinders
- Power Lawnmowers
- Power Generators
- Power Welders
- Power Air Compressors
- Power Pressure Washers
- Power Chainsaws
- Others
-
By Rental Type :
- Period Rental
- Rent to Own
- On-Demand Rental
-
By End User :
- Construction & Infrastructure
- Manufacturing & Industrial
- Oil and Gas, Mining, & Energy
- Landscaping & Outdoor Maintenance
- Agriculture & Farming
- Transportation & Logistics
- Home Improvement & DIY
- Municipal & Government Projects
- Telecommunications & Network Infrastructure
- Utilities & Power Generation
- Others
-
By Sales Channel :
- Rental Center (Stores)
- Online Rentals
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
- FAQs -
What was the Global Power Equipment Rental Market Size Reported by Fact.MR for 2023?
The global power equipment rental market was valued at US$ 11.4 billion in 2023.
What are the Regions Included in the Power Equipment Rental Market Study?
The regions included in the power equipment rental market study include North America, Latin America, Middle East & Africa, South Asia & Oceania, East Asia, and Europe.
Who are the Major Players Operating in the Power Equipment Rental Market?
Prominent players in the market are Aggreko plc, Ahern Rentals Inc., A-Plant, BlueLine Rental, Coates Hire Limited, Compact Power Equipment Rental, Cramo Group, Herc Rentals Inc., Hertz Equipment Rental Corporation, Neff Rental, Sunbelt Rentals, United Re
What is the Estimated Valuation of the Power Equipment Rental Market in 2033?
The market is expected to reach a valuation of US$ 19.2 billion in 2033.
What Value CAGR did the Power Equipment Rental Market Exhibit Over the Last Five Years?
The historic growth rate of the power equipment rental market was 5.5% from 2018-2022.