ASEAN Construction Equipment Rental Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The ASEAN construction equipment rental market is segmented by vehicle type (Earth Moving Equipment, Material Handling), by Propulsion (IC Engine, Hybrid Drive), and by Country

Market Snapshot

ASEAN Construction Equipment Rental Market_Overview
Study Period: 2018-2027
Base Year: 2021
CAGR: >7 %

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Market Overview

The ASEAN construction equipment rental market is poised to register a CAGR of over 7.00% over the forecast period (2020-2025).

  • The construction activities in South Asian countries has increased significantly over the last couple of years owing to the rising government spending for upgrading existing infrastructure combined with new projects especially in countries such as Indonesia and Malaysia, and budding utility projects (Hydropower & Thermal Power) in Laos, Cambodia, and Thailand have resulted into the growing demand for construction equipment in South-East Asia region.
  • The growing construction industry, especially in the developing economies, along with the numerous cost benefits, such as reduced maintenance cost of the construction equipment, is driving the demand for rental construction equipment.
  • The trend of leasing instead of purchasing heavy machinery has proven to be beneficial for companies of all sizes across numerous industries, less administrative overhead along with reduced expense and maintenance anticipated to drive construction equipment rental market. Other trends positively impacting revenue include growing technological advancements ranging from multifunctional machinery to apps for monitoring fuel consumption

Scope of the Report

The ASEAN construction equipment rental market covers the latest construction equipment rental demand trends, technological development, latest government policies, manufacturer's development, etc. The study also covers the market share of major construction equipment rental providers across ASEAN countries.

By Vehicle Type
Earth Moving Equipment
Material Handling
By Propulsion
IC Engine
Hybrid Drive
By Country
Rest of ASEAN

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Key Market Trends

Increasing Investments Towards Construction Industry

The ASEAN region holds opportunities for growth for the rental market. With the prospects of large infrastructure projects and shifting labor dynamics, the rental market is expected to witness growth during the forecast period.

In the ASEAN countries, the construction sector is expected to grow at a rate of more than 6% over the forecast period. It is estimated that over the next five years, the combined value of all the construction products in the ASEAN region is about USD 2.9 trillion. Of this value, about USD 1.5 trillion is invested in the planning/pre-planning phase. In addition, the investments in infrastructure, both public and private, such as Indonesia National Medium-Term Development Plan (USD 460 billion), Vietnam Socio-Economic Development Plan (US$61.5 billion), and Philippine Development Plan "Build, Build, Build" (USD 71.8 billion) are expected to offer an opportunity for the sales of new construction equipment, as well as the rental industry.

The construction industry is highly dynamic and numerous things, such as overall economy, budgets, and global economic scenario influence the market. Volatility in these aspects affects the businesses of construction equipment OEMs, which in turn, leads to price fluctuations of new equipment. Thus, renting construction equipment in these scenarios prove to be the preferable and effective choices for the construction companies to reduce or minimize the impact of unexpected financial downturns that may arise.

Asean construction machinery rental market trend 1

Thailand Is Expected To Lead The ASEAN Construction Equipment Rental Market

The ASEAN construction equipment rental market is anticipated to lead by Thailand followed by Vietnam and Indonesia. Thailand is the ASEAN’s largest rental market and holds more than 20.0% construction equipment rental market share. Vietnam, the Philippines, and Indonesia are witnessing significant infrastructure development activities, owing to which the demand for construction equipment is increasing.

Vietnam imports huge volumes of construction equipment of which nearly 95% of them are used machinery. The country’s government has passed a regulation banning the import of used machinery that is more than 10 years old, with effect from July 15th, 2019.

This move is expected to witness localization of production, with a few major construction equipment manufacturers expected to start their own production plants in the country. This, in turn, is expected to provide opportunities to some of the local rental companies to procure new units in the first few years. Subsequently, it is expected that the consumers would be able to rent a new fleet, that too locally. This factor is expected to help in the growth of the market.

ASEAN Geography

Competitive Landscape

The ASEAN construction equipment rental market is led by Sin Heng Heavy Machinery Limited, Aktio Co., Kanamoto Co. Ltd, Tat Hong Holdings Ltd, Nishio Rent All Co. Ltd, Rent (Thailand) Co. Ltd, Shanghai Pangyuan Machinery Rental Co. Ltd and among others.

The companies are venturing into the South East Asian countries by forming subsidiaries through joint ventures and collaborations. This factor has helped the companies expand their presence considerably, and also helped in increasing revenue on a year-on-year basis. For Instance, In November 2018, Kanamoto & JP Nelson, the Singapore based subsidiary of the parent Kanamoto Co. Ltd entered an agreement with Sinoboom to enter the Malaysian market with aerial work platforms.

Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porters Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry


    1. 5.1 By Vehicle Type

      1. 5.1.1 Earth Moving Equipment

      2. 5.1.2 Material Handling

    2. 5.2 By Propulsion

      1. 5.2.1 IC Engine

      2. 5.2.2 Hybrid Drive

    3. 5.3 By Country

      1. 5.3.1 Indonesia

      2. 5.3.2 Thailand

      3. 5.3.3 Vietnam

      4. 5.3.4 Singapore

      5. 5.3.5 Malaysia

      6. 5.3.6 Philippines

      7. 5.3.7 Rest of ASEAN


    1. 6.1 Vendor Market Share**

    2. 6.2 Company Profiles

      1. 6.2.1 Kanamoto Co. Ltd

      2. 6.2.2 Aktio Co. Ltd

      3. 6.2.3 Sin Heng Heavy Machinery Limited

      4. 6.2.4 Nishio Rent All Co. Ltd

      5. 6.2.5 Tat Hong Holdings Ltd

      6. 6.2.6 Guzent

      7. 6.2.7 Superkrane Mitra Utama

      8. 6.2.8 Rent (Thailand) Co. Ltd

      9. 6.2.9 Asia Machinery Solutions Vietnam Co. Ltd

      10. 6.2.10 Shanghai Pangyuan Machinery Rental Co. Ltd


**Subject to Availability

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Frequently Asked Questions

The undefined market is studied from 2018 - 2026.

The undefined is growing at a CAGR of >7% over the next 5 years.

Kanamoto Co. Ltd, Aktio Co. Ltd, Sin Heng Heavy Machinery Limited, Rent (Thailand) Co. Ltd, Shanghai Pangyuan Machinery Rental Co. Ltd are the major companies operating in undefined.

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