According to Cognitive Market Research, the global Heavy Equipment Rental market size was USD 127154.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.20% from 2024 to 2031.
North America held the major market share for more than 40% of the global revenue with a market size of USD 50861.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 38146.26 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 29245.47 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 6357.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.6% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 2543.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
The construction application category is currently the fastest-growing segment within the heavy equipment rental market. This rapid growth can be attributed to the global surge in infrastructure development
