Construction Equipment Rental forecast to grow by 11% to 2023

The Construction Equipment Rental Market is estimated to be worth approximately close to £5,000m for it’s hire market prices during 2018. It also experienced good growth between 2014 and 2017, benefitting from a positive performance in most end-use sectors ranging from construction and civil engineering contractors, local authorities, industrial, agricultural as well as homeowners & DIYers.

Looking towards the medium term and the prospects for the construction equipment rental market, we postulate to observe them remain moderately optimistic, with the market forecast to grow by around 11% to 2023.

Earth moving equipment being the likes of excavators, dump trucks and loading shovels, represent the largest equipment sector, accounting for around 22% of all hire value. Other key sectors include lifting and access equipment, such as cranes and forklifts, whilst also including the powered access market as well as scaffolding and ladders.

The level of hire demand will be dependent on individual end-use sector performance. With the current climate expected to remain challenging, while sectors such as retails and health forecast a fall in output, moderate levels of growth in construction output is expected to stimulate overall hire demand and growth to 2023.