Rockville , Sept. 22, 2023 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global excavator rental market is estimated at US$ 6 billion in 2023 and is expected to expand at a CAGR of 4.7% during the forecast years of 2023-2033.
Rental services for an excavator is expected on the back of infrastructure development initiatives by government across the globe. OEMs and contractors are opting to rent from a wide variety of excavator options depending on the need and duration of the project that too with flexible tie-up options.
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Due to the high cost of equipment, companies prefer to lease the equipment for a certain period to cut expenditures. Therefore, the excavator rental market is expected to pick prominence in developing regions.
|Value Projection (2033)||US$ 9.6 Billion|
|Growth Rate (2023-2033)||4.7% CAGR|
|No. of Pages||170 pages|
|No. of Tables||140 Tables|
|No. of Figures||114 Figures|
Key Takeaways from Market Study
- The global excavator rental market is projected to expand at an impressive CAGR of 4.7% and be valued at US$ 9.6 billion by 2033
- The market witnessed a CAGR of 4.9% for the period of 2018-2022
- Under the mobility segment, tracked excavators dominate the market with a 69.1% market share in 2023
- United States dominated the market with a 27.7% market share in 2023
- Based on country, the US and China excavator rental market is expected to increase at CAGRs of 4.9% and 5.0%, respectively
“Increase in Construction Projects Due to Rise in Urbanization Is Supporting the Expansion of the Market,” says a Fact.MR analyst.
Key Companies Profiled in This Report
- United Rentals
- Sunbelt Rentals
- The Home Depot Rental
- Herc Rentals
- BlueLine Rental
- Compact Power Equipment Rental
- Rental One
Pricing is a crucial aspect of remaining competitive in the excavator rental market. Rental service providers strive to offer competitive rental rates, taking into account factors such as equipment value, market demand, and duration of the rental. They also offer pricing incentives, such as discounted rates for long-term rentals or promotional offers, to attract and retain customers.
What part does the US play in the rising demand for the market for renting out excavators?
The United States is a major contributor to the expanding demand for excavators on the rental market. There are numerous infrastructure projects, including roads, bridges, office buildings, and housing developments, that are in the planning stages across the country. For these projects, excavators are required to carry out tasks including excavation, foundation digging, and site preparation.
Because of the U.S. government's focus on infrastructure development, there is a greater need for excavator rentals and more construction activity overall. The need for excavators has also increased as a result of increased building in urban areas around the United States.
Also, a number of well-known rental businesses, such United Rentals and HERC Rentals, are headquartered in the United States and offer a large selection of excavators, supporting the market's growth. Because to the competitive climate and accessibility of rental services, building companies can easily and affordably choose to hire excavators instead of making substantial capital investments. The market for renting out excavators is generally growing quickly in the United States.
With the aforementioned factors, the U.S. excavator rental industry will flourish between 2023 and 2033 at a compound annual growth rate of 4.9%.
Segmentation of Excavator Rental Industry Research Report
- By Type:
- Compact Excavator
- Crawler Excavator
- Dragline Excavator
- Long Reach Excavator
- Suction Excavator
- By Size:
- Mini or Compact (<6 Ton)
- Medium (6 – 10 Ton)
- Standard/Full-Size (10 – 50 Ton)
- Heavy Excavator(>50 ton)
- By Mobility:
- By Application:
- Forestry & Agriculture
- Landscape and Maintenance
- By Region:
- North America
- Latin America
- East Asia
- South Asia & Oceania
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global excavator rental, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of type (compact excavator, crawler excavator, dragline excavator, long reach excavator, suction excavator), size (mini or compact (<6 ton), medium (6 – 10 ton), standard/full-size (10 – 50 ton), heavy excavator (>50 ton)), mobility (crawler/tracked, wheeled), application (construction, mining, forestry & agriculture, landscape and maintenance, others) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).
Explore More Related Studies Published by Fact.MR Research:
Compact Excavator Market: The global compact excavator market is valued at US$ 8.3 billion in 2023 and is estimated to account for a revenue of US$ 12.1 billion by the end of 2033.
Mini Excavator Rental Market: The mini excavator rental market is estimated to reach a valuation of US$ 1.2 billion in 2023 and is forecast to reach US$ 1.8 billion by 2033
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