Market Size of Europe Construction Machinery Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 33.60 Billion |
| Market Size (2029) | USD 43.19 Billion |
| CAGR (2024 - 2029) | 5.15 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Construction Machinery Rental Market Analysis
The Europe Construction Machinery Rental Market size is estimated at USD 33.60 billion in 2024, and is expected to reach USD 43.19 billion by 2029, growing at a CAGR of 5.15% during the forecast period (2024-2029).
The rapid spread of COVID-19 hurt the European construction equipment rental industry, causing massive economic disruption and strict lockdowns across the continent in the first two quarters of 2020. The pandemic also hurt ongoing construction projects, resulting in a drop in rental equipment demand. However, the construction industry will be supported over the forecast period by a shift in construction businesses' inclination toward renting equipment to lower operational costs, and the ongoing recovery of Europe's construction industry is expected to drive the target market positively in the coming years.
Over the long term, the market demand is fuelled by the constant demand for new infrastructure, increased business in the construction and real estate sectors, and the rapid construction of substantial road infrastructure and smart cities in Europe. The expansion of the industry is also aided by government and construction company initiatives aimed at infrastructural development.
The expansion of the European construction market can be attributed to rising demand for housing in urban areas, increased infrastructure development activities, and increased modernization and renovation of buildings to improve their energy efficiency. With the region's robust economic growth, commercial infrastructure construction, such as offices, schools, hotels, restaurants, and leisure facilities, is on the rise.
Additionally, the introduction of various favorable initiatives and investments by governments to improve housing infrastructure and provide housing for the vulnerable section is supporting the growth of the European construction machinery rental market. For Infrastructure, the Dutch government announced a EUR 253 million investment in December 2021 to build 44,277 new houses, 64% of which would be affordable housing.
To address major issues such as traffic congestion, population growth, high manufacturing costs, and aging transportation infrastructure, developing economies are investing heavily in infrastructure development. To improve their current infrastructure, developed economies are investing in technologies such as earthquake-proof buildings, hyperloop, and so on. These factors are driving up sales in the construction machinery rental market.
