Machinery Rental And Leasing Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 129.43 Billion |
| Market Size (2029) | USD 166.54 Billion |
| CAGR (2024 - 2029) | 5.17 % |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Machinery Rental And Leasing Market Analysis
The Machinery Rental And Leasing Market size is estimated at USD 129.43 billion in 2024, and is expected to reach USD 166.54 billion by 2029, growing at a CAGR of 5.17% during the forecast period (2024-2029).
The market is primarily driven by several key factors. The escalating focus on infrastructure development globally, coupled with the increasing integration of automation within construction and manufacturing processes, significantly propels market growth. In regions like the Asia-Pacific, government-led road development initiatives contribute substantially to the expansion of the road construction machinery rental sector.
Moreover, there's a growing demand for environmentally friendly machinery due to regulatory pressures for reduced emissions, prompting manufacturers to explore electric and hybrid alternatives over traditional equipment. This shift towards greener solutions presents opportunities for innovation and development within the market.
Additionally, the movement towards equipment rental or leasing is gaining momentum, propelled by factors like initial cost reductions and more efficient maintenance procedures. Rental companies providing machinery along with professional operators and drivers further enhance operational efficiency for clients, presenting opportunities for service expansion and improved customer satisfaction.
Furthermore, as the construction industry embraces digitalization, connectivity, and automation, rental companies are poised to invest in advanced technologies to upgrade their fleets. This investment not only meets the growing demand for modern construction.
Machinery Rental And Leasing Market Trends
Rising Growth of Heavy Construction Equipment Rental Market
Heavy Equipment Rental refers to a location where huge pieces of machinery or large vehicles, typically related to construction, can be stored and retrieved for public use and may also feature extra and related retail activities. The heavy construction equipment rental market is classified into equipment, end users, and applications. By equipment, the market is classified into earthmoving equipment, material handling equipment, heavy construction vehicles, and others. Based on equipment, earthmoving equipment dominated the market in terms of revenue, whereas the others are expected to witness growth in the forecasted period. As per the end user, the construction segment led the heavy construction equipment rental market. However, other segments are expected to exhibit the highest growth.
Furthermore, large construction projects worldwide are expected to drive the crane and construction machinery rental market. Europe is planning various construction projects. Due to the construction projects, Germany, France, and Italy witnessed the highest growth rates.
Asia-Pacific is Expected to Dominate The Machinery Rental And Leasing Market
Asia-Pacific is one of the largest markets that has perceived a boom in infrastructural and construction development because of the increasing emphasis by governments on developing infrastructure for a sustainable economy. This region experienced growth in Special Economic Zones (SEZs), hydroelectric projects, dams, highway construction, metro construction, airports, etc., to sustain high-level industrial activities, growing energy demand, and better connectivity.
As a result, several international players have started to invest. They are setting up regional distribution centers and manufacturing facilities to meet the mounting demand and capture the regional market. Construction machinery manufacturers, such as Sumitomo Corporation, Hitachi, Caterpillar, and Liebherr, offer rental services that face powerful competition from several regional and domestic players due to their competitive pricing and technologically advanced equipment availability.
Machinery rental and leasing companies offer a diverse range of equipment, including construction equipment (e.g., excavators, bulldozers, cranes), industrial machinery (e.g., manufacturing equipment, generators), agricultural machinery (e.g., tractors, harvesters), and specialized equipment for various industries. Customers of machinery rental and leasing services include construction companies, manufacturing firms, agriculture businesses, contractors, event organizers, municipalities, and individuals requiring equipment for short-term or long-term projects. Renting or leasing machinery provides flexibility to businesses, allowing them to access equipment as needed without the upfront capital investment required for purchasing.
Machinery Rental And Leasing Industry Overview
The machinery rental and leasing market is characterized by numerous international and regional players, resulting in a highly competitive market environment. Apart from the top players, small-scale or domestic players account for a significant market share. Some of the major companies that dominated the market studied are General Electric Company, United Rentals Inc., Tokyo Century Corporation, Berkshire Hathaway Inc., Ashtead Group plc, AerCap Holdings N.V., Fuyo General Lease Co., Ltd., NetJets, Nissan Motor Co., Ltd., and Air Lease Corporation, which captured a major share of the market.
Machinery Rental And Leasing Market Leaders
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General Electric Company
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United Rentals Inc.
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Berkshire Hathaway Inc.
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Ashtead Group PLC
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Tokyo Century Corporation.
*Disclaimer: Major Players sorted in no particular order
Machinery Rental And Leasing Market News
- In May 2023, I Squared Capital, a prominent global infrastructure investment manager, announced the signing of a definitive agreement. Through its ISQ Global Infrastructure Fund III, the company is set to acquire Rentco, a top transport equipment leasing company in Australia. Rentco specializes in providing flexible equipment rental options.
- In February 2023, McGrath has acquired Vesta Modular while concurrently divesting Adler Tank Rentals. This transaction aims to expand geographic coverage to support new customers and enhance density to better serve existing customers.
Machinery Rental And Leasing Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Surge in Awareness About the Benefits of Leasing
4.2.2 Shift in Trends Towards Rental
4.3 Market Restraints
4.3.1 Labor Shortage may obstruct the market growth
4.3.2 The economic downturn in the equipment leasing sector will impede market expansion
4.4 Market Opportunities
4.4.1 Low Rental Penetration in Emerging Nations
4.4.2 Rise in the adoption of management software, and innovations in mobility technologies act as an opportunity for the market investments.
4.5 Insights on impact of technology in the Market
4.6 Industry Value Chain Analysis
4.7 Industry Attractiveness - Porters's Five Forces Analysis
4.7.1 Bargaining Power of Buyers/Consumers
4.7.2 Bargaining Power of Suppliers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes
4.7.5 Intensity of Competitive Rivalry
5. THE IMPACT OF COVID-19 ON THE MARKET
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 Mining
6.1.2 Oil and Gas
6.1.3 Forestry Machinery and Equipment Rental
6.1.4 Commercial Air
6.1.5 Rail
6.1.6 Water Transportation Equipment Rental
6.1.7 Heavy Construction Machinery Rental
6.1.8 Office Machinery and Equipment Rental
6.1.9 Other Commercial and Industrial Machinery and Equipment Rental
6.2 By Mode
6.2.1 Online
6.2.2 Offline
6.3 By Region
6.3.1 North America
6.3.1.1 United States
6.3.1.2 Canada
6.3.1.3 Mexico
6.3.1.4 Rest of North America
6.3.2 Europe
6.3.2.1 Germany
6.3.2.2 United Kingdom
6.3.2.3 France
6.3.2.4 Russia
6.3.2.5 Spain
6.3.2.6 Rest of Europe
6.3.3 Asia-Pacific
6.3.3.1 India
6.3.3.2 China
6.3.3.3 Japan
6.3.3.4 South Korea
6.3.3.5 Rest of Asia-Pacific
6.3.4 South America
6.3.4.1 Brazil
6.3.4.2 Argentina
6.3.5 Middle East
6.3.5.1 United Arab Emirates
6.3.5.2 Saudi Arabia
6.3.5.3 Rest of Middle East
7. COMPETITIVE LANDSCAPE
7.1 Market Concentration Overview
7.2 Company Profiles
7.2.1 General Electric Company
7.2.2 United Rentals Inc.
7.2.3 Berkshire Hathaway Inc.
7.2.4 Ashtead Group PLC
7.2.5 Tokyo Century Corporation.
7.2.6 AerCap Holdings N.V.
7.2.7 Fuyo General Lease Co., Ltd.
7.2.8 NetJets
7.2.9 Nissan Motor Co Ltd.
7.2.10 Loxam Group
7.2.11 Case Construction Equipment
7.2.12 Air Lease Corporation*
- *List Not Exhaustive
8. MARKET OPPORTUNITIES AND FUTURE TRENDS
9. DISCLAIMER AND ABOUT US
Machinery Rental And Leasing Industry Segmentation
The machinery rental and leasing market covers the latest equipment rental and leasing demand trends, technological development, government policies, manufacturer developments, etc. The report covers a complete background analysis of the market. it includes an assessment of the market overview, market size estimation for key segments, emerging trends in the market, market dynamics, and key company profiles.
Machinery rental and leasing markets are segmented by type, mode, and region. By type, the market is sub-segmented into mining, oil and gas, forestry machinery and equipment rentals, commercial air, rail, and water transportation equipment rentals, heavy construction machinery rentals, office machinery and equipment rentals, and other commercial and industrial machinery and equipment rentals. By mode, the market is sub-segmented into offline and online. By region, the market is sub-segmented into North America, Europe, Asia-pacific, South America, the Middle East, and Africa. The report offers market size and forecasts for the machinery rental and leasing market in value (USD) for all the above segments.
| By Type | |
| Mining | |
| Oil and Gas | |
| Forestry Machinery and Equipment Rental | |
| Commercial Air | |
| Rail | |
| Water Transportation Equipment Rental | |
| Heavy Construction Machinery Rental | |
| Office Machinery and Equipment Rental | |
| Other Commercial and Industrial Machinery and Equipment Rental |
| By Mode | |
| Online | |
| Offline |
| By Region | ||||||||
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Machinery Rental And Leasing Market Research Faqs
How big is the Machinery Rental And Leasing Market?
The Machinery Rental And Leasing Market size is expected to reach USD 129.43 billion in 2024 and grow at a CAGR of 5.17% to reach USD 166.54 billion by 2029.
What is the current Machinery Rental And Leasing Market size?
In 2024, the Machinery Rental And Leasing Market size is expected to reach USD 129.43 billion.
Who are the key players in Machinery Rental And Leasing Market?
General Electric Company, United Rentals Inc., Berkshire Hathaway Inc., Ashtead Group PLC and Tokyo Century Corporation. are the major companies operating in the Machinery Rental And Leasing Market.
Which region has the biggest share in Machinery Rental And Leasing Market?
In 2024, the Asia-Pacific accounts for the largest market share in Machinery Rental And Leasing Market.
What years does this Machinery Rental And Leasing Market cover, and what was the market size in 2023?
In 2023, the Machinery Rental And Leasing Market size was estimated at USD 122.74 billion. The report covers the Machinery Rental And Leasing Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Machinery Rental And Leasing Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Machinery Rental And Leasing Industry Report
Statistics for the 2024 Machinery Rental And Leasing market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Machinery Rental And Leasing analysis includes a market forecast outlook to for 2024 to 2029) and historical overview. Get a sample of this industry analysis as a free report PDF download.
Machinery Rental And Leasing Market Report Snapshots
