Construction Equipment Rental Market Size

Construction Equipment Rental Market Size

The global construction equipment rental market was valued at USD 147.4 billion in 2024 and is estimated to register a CAGR of 6.2% between 2025 and 2034. High purchasing costs for construction machines are driving contractors worldwide to prefer equipment rental and hiring services. With the high prices of machines such earth-moving equipment, roadbuilding, and material-handling equipment, contractors find rentals more cost-effective and convenient. Additionally, training sessions for equipment operators improve workplace safety. Companies such as United Rentals, Boels, Ashtead, and Caterpillar offer these programs, encouraging contractors to choose rentals.

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Rising labor wages and a shortage of laborers in countries such as the U.S. and Germany are increasing machine costs. Manufacturers are raising prices to maintain profits. New technologies in construction machines, such as automated handling, driving assistance, telematics, and navigation, make one-time investments in advanced machinery unaffordable for private construction firms. As a result, these firms prefer renting machines to save money and allocate funds to other essential tasks. In the U.S., average construction labor wages have increased by 3.3% annually in recent years, adding to the overall cost of machinery ownership. Manufacturers are responding by raising prices to maintain profitability, further pushing contractors to consider rental options.