Cranes Rental Market Size

Cranes Rental Market Size

Cranes Rental Market size was valued at USD 14.9 billion in 2023 and is estimated to register a CAGR of over 9% between 2024 and 2032. As construction and infrastructure continue to expand worldwide, the need for cranes and other heavy-lifting equipment is growing. Companies are forming partnerships and alliances to better meet this demand. These cooperatives enable crane rental companies to access a wider range of equipment and services, expanding what they offer to customers.

For instance, in March 2024, Kobelco, America’s leading crane rental company in Colorado and Utah, partnered with Bigge, which has the nation’s broadest selection of crawler cranes. Acting as an authorized Kobelco dealer in Colorado and Utah regions, Bigge reaffirmed its dedication to providing state-of-the-art crane technology and superior equipment for construction and lifting heavy objects to the company.

By pooling resources and expertise, companies can improve productivity, increase fleet availability, and offer competitive pricing. In addition, the partnership facilitates knowledge exchange and technological innovation, which leads to the development of advanced crane solutions to suit specific business needs, alongside creating market connectivity, empowerment, and industry growth. The growing number of partnerships and alliances between leading companies in the crane rental industry demonstrates a proactive approach to the increasing demand for internal supply solutions worldwide.
 

While the crane rental market is growing, several restrictions hinder its growth. High initial investment costs prevent some businesses from entering the market, limiting competition. In addition, stricter safety regulations require companies to invest in training and equipment maintenance, which increases operating costs. Market abundance in some areas also presents challenges, putting pressure on prices. In addition, the economic crisis and fluctuations in construction activity can significantly affect the demand for crane rentals, creating uncertainty for industry players. It is pivotal to overcome these limitations to sustain growth and profitability in the market.