North America Construction Equipment Market Outlook, 2029

The North American market share is expected to exhibit substantial growth in the upcoming years. The strong presence of leading global manufacturers is contributing to the growth of the market. Additionally, construction companies across North America are being observed as being hesitant to invest in new equipment in these economic conditions. Hence, there are significant opportunities for the market to push through during the forecast period. These factors drive North America's growth potential and continue to grow the market share at the global level. The growth of the construction equipment companies in the region is due to the availability of project-specific, technologically advanced machinery at a minimal cost. The specialised equipment reduces the operation time, eliminates the idling time, and optimises the overall construction or mining activity, making it widely preferred. The prominent construction equipment rental companies based in the U.S., such as United Rentals, Ahern Rentals, Ashtead Group, and others, have increased demand for enhanced rental services and solutions. In addition, explicit efforts taken by these companies for technological developments, strategic collaborations, acquisitions, and effective aftermarket services are expected to have a positive impact on the growth of the North American market going forward.

According to the research report, "North America Construction Equipment Market Outlook, 2029," published by Bonafide Research, the market is anticipated to reach USD 53.01 billion by 2029. North America is expected to account for the largest share of the global construction equipment rental market during the forecast period owing to increasing infrastructure development and end-user demand for cost-effective and customised equipment, which are fueling market growth in this region. Furthermore, the presence of prominent service providers in the region drives the growth of the construction equipment rental market. The market is rising during the forecast period due to a rising shift in trend towards rental equipment services in the U.S. and Canada. Construction companies prefer renting the construction equipment due to the high purchase and maintenance costs associated with the new equipment.

Based on product, the North American market is segmented into earthmoving, material handling, concrete and road construction, and others. The earthmoving and road building segment comprises construction equipment rentals such as backhoes, loaders, excavators, and compaction machines. The increasing adoption of loaders to move and lift heavy objects is contributing to the growing demand in the market. The ability of these machines to move materials from one place to another is also increasing the market's size. With the expanding consumer base of earthmoving and road building equipment in the United States, Canada, and Mexico, loaders will witness bullish demand in the region. The trend for loading materials such as clearing rubble, loading trucks, and digging will bolster product adoption to move and lift heavy objects. The North American construction equipment rental market share from earthmoving is projected to witness a significant rate increase in the next few years, partly attributed to the innate ability of these machines to shift materials from one place to another. End-users will exhibit increased traction for industrial trucks as they can boost productivity and reduce human efforts. Considering the uptake of material handling and cranes, leading companies are poised to increase their investments in industrial trucks.

Key players operating in the North American construction rental equipment industry are Ahern Rentals Inc., Briggs Equipment Inc., Caterpillar Inc., Cooper Equipment Rentals Ltd., H&E Equipment Services, Herc Rentals, Inc., Hinkel Equipment Rental Associates, and United Rentals, Inc. These players are primarily focusing on mergers and acquisitions to enhance their business operations and reach in the market. The joint venture will add Hitachi earthmoving equipment to Acme’s fleet, which will be available through Acme’s proprietary re-rental operations to equipment rental companies across North America. Through its investment in Acme, Hitachi aims to grow its rental business in North America, which is home to the world’s largest rental market. As well, the investment aims to acquire business expertise that can be leveraged to expand the business into other regions in the future.

Considered in this report
• Geography: North America
• Historic year: 2017
• Base year: 2024
• Estimated year: 2023
• Forecast year: 2029

Aspects covered in this report
• North America Construction Equipment Rental market with its value and forecast along with its segments
• Country-wise Construction Equipment Rental market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries covered in the report:
• United States of America
• Canada
• Mexico

By Equipment Type:
• Earthmoving
• Material Handling
• Concrete & Road Construction
• Others

By Application Type:
• Residential
• Non-Residential
• Others (Infrastructure, industrial, real estate, etc)

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Construction Equipment Rental industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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Manmayi Raval

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