Concrete Mixer Rental Market
Concrete Mixer Rental Market Analysis by External Powered and Truck Engine Powered for Standard Transit Concrete Trucks and Rough Terrain Concrete Trucks from 2023 to 2033
Analysis of Concrete Mixer Rental Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Concrete Mixer Rental Market Growth Outlook (2023 to 2033)
The global concrete mixer rental market is estimated to be valued at US$ 3.2 billion in 2023 and further expand at a CAGR of 6.1% to reach US$ 5.7 billion by the end of 2033.
With the increasing spending on infrastructure development by the government is driving the growth of concrete mixer rental market. Increase in the number of construction projects such as residential and commercial buildings and other urban structures is growing the demand for concrete mixers.
Due to the high investment for having ownership of the concrete mixers, businesses prefer to opt for leasing the equipment for the required duration of the project fuels the market growth.
Report Attributes | Details |
---|---|
Concrete Mixer Rental Market Size (2022A) |
US$ 3.0 Billion |
Estimated Market Value (2023E) |
US$ 3.2 Billion |
Forecasted Market Value (2033F) |
US$ 5.7 Billion |
Global Market Growth Rate (2023-2033) |
6.1% CAGR |
United States Market Share (2023) |
25.7% |
China Market Growth Rate (2023-2033) |
6.4% CAGR |
United States Market Growth Rate (2023-2033) |
7.1% CAGR |
Market Share of Top 3 Countries |
59.3% |
Key Companies Profiled |
|
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Historic to Future Growth Analysis of the Concrete Mixer Rental Market
The market has witnessed a progression by growing from US$ 2.3 billion in 2018 to US$ 3.0 billion in 2022.
There has been a rapid increase in the construction activities such as residential buildings, commercial complexes, bridges, and other urban structures due to the surge in infrastructure projects. Businesses have started to prefer rental services as the companies got the option to choose from a wide variety of the latest technology to suit the need of the project. Apart from this, companies could opt for short-term or long term commitment instead of high investment to gain ownership of the equipment.
Owing to the aforementioned market dynamics, the global market is expected to witness of 5.5% CAGR, projected to create an absolute dollar opportunity of US$ 3.3 billion during the forecast period.
- Short Term (2023-2026): Increase in construction projects due to increased government spending on infrastructure development. Construction of high rise buildings and other urban structures.
- Medium Term (2026-2029): Rise in the population will create an opportunity for concrete mixer rental services as there will be a requirement for the construction of buildings in confined areas.
- Long Term (2029-2033): Continuous growth in population and urbanization will result in the development of residential buildings. An advanced tool with optimum efficiency and standardized quality will be a key factor that will establish an opportunity for market expansion in the near future.
Over the 2018-2022 historical period, the global concrete mixer rental market registered a CAGR of 6.4%, and according to Fact.MR, a market research and competitive intelligence provider, the market is projected to exhibit growth at 6.1% CAGR between 2023 and 2033.
Market share analysis of concrete mixer rental based on mixer type and region is illustrated briefly in the above image. Under the mixer type segment, batch mixing truck sub-segment will dominate with 69.1% market share in 2023.
Market Dynamics Outlook
“Growing Construction Industry Drives Market Growth”
The development of the rental market for concrete mixers is significantly impacted by rising urbanization growth rates. The need for concrete mixers to make construction projects easier is growing as metropolitan areas grow and construction activity picks up. Concrete mixers are crucial pieces of equipment for the construction industry because they make it possible to transport and mix concrete, which is a crucial part of most building projects, effectively.
Concrete mixer rentals are in greater demand due to the fact that urbanization is growing at an increasing rate and there are more construction projects as a result. Due to financial constraints and the transitory nature of many projects, construction firms and contractors frequently choose to rent concrete mixers rather than buy them. Because they can meet the rising demand by offering flexible rental alternatives, this generates a favorable market climate for businesses that rent concrete mixers.
In addition, urbanization creates a demand for infrastructure upkeep and rehabilitation initiatives in already developed metropolitan regions. Concrete mixers are needed for these projects, including the repairs, additions, and improvements, to ensure that construction operations proceed without a hitch.
“Factors Affecting Market Growth”
Although the market for renting concrete mixers has enormous growth potential, a number of constraints limit its development. Fewer rental options are available due to rental firms' reluctance to invest in growing their fleet due to the high initial cost of purchasing concrete mixers. In addition, concrete mixer maintenance and repair fees raise the total cost of operations, making it difficult for rental companies to remain profitable.
Concrete mixer rental companies may also face difficulties due to regulatory complexity and strict environmental regulations governing emissions and noise pollution, which would need an investment in newer, more ecologically friendly machinery. It may be challenging for new entrants to reach the market due to the existence of existing competitors in the market and limited market differentiation alternatives. The market for renting concrete mixers is generally constrained by these characteristics.
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Country-wise Insights
How Does the US Contribute to the High Demand for Concrete Mixer Rental?
The rising demand for concrete mixer rental services is largely due to the United States. One important aspect is the country's thriving construction sector, which is constantly expanding and necessitates efficient equipment for a variety of projects. Significant infrastructure development projects, such as the building and repair of roads, bridges, airports, and commercial buildings, have been taking place throughout the US.
Concrete mixers are required for these projects in order to ensure the timely and economical mixing and delivery of concrete. Additionally, the US's drive towards urbanization has increased construction work, which has raised the demand for concrete mixer rentals. Additionally, building firms rely on rental services rather than buying equipment due to their choice of adaptable and affordable solutions. Because of this, the US market offers concrete mixer rental businesses a prosperous potential to meet the rising demand and aid the nation's building projects.
With respect to the aforementioned dynamics, the U.S. concrete mixer rental market would nurture at a compound annual growth rate of 7.1% over the forecast years 2023-2033.
What Are the Trends That Have Impelled the Use of Concrete Mixer Rental in China?
Concrete mixer rental services have become more popular in China as a result of many factors. The nation's growing urbanization, which has resulted in an increase in construction activities, is one notable trend. The need for concrete mixers has grown significantly as new cities and infrastructure projects are built.
Concrete mixer rentals are now required as a result of China's Belt and Road Initiative (BRI), which has sparked infrastructure growth both domestically and internationally. Additionally, rental services' flexibility and cost-effectiveness fit the market's preference for effective resource use. Construction companies in China are increasingly turning to concrete mixer rentals to complete their projects due to a focus on sustainability and lower capital expenditure.
Owing to rising government spending on infrastructure and growing urbanization, the concrete mixer rental market in China is predicted to grow with a compound annual growth rate of 6.4% by the end of 2033. Thereby, considered a lucrative region for market participants to focus on and expand their geographical reach.
Category-wise Insights
Which Mixer Type has Prominent Share in the Concrete Mixer Rental Market?
Under the mixer type segment, the batch mixing truck sub-segment is anticipated to hold the dominating market share. The segment is attributed to holding an approximate share of 69.1% in the year 2023.
Owing to the flexibility of batch size and quality, batch mixing trucks provide more control over the desired size and quality of the batch. Also, compared to continuous mixing, batch mixing cost less. These factors tend to favor the demand for batch mixing trucks by the end users.
Know thy Competitors
Competitive landscape highlights only certain players
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Competitive Landscape
Prominent concrete mixer rental service providers are A-1 Rentals, A-Plant, Coates Hire, Herc Rentals, HSS Hire, Kennards Hire, Speedy Hire, Sunbelt Rentals, The Home Depot, and United Rentals.
Some concrete mixer rental companies forge partnerships or collaborations with other businesses in the construction industry. This can include contractors, construction equipment dealers, or suppliers. These partnerships can help expand the customer base, generate referrals, and provide additional value-added services or discounts to customers.
Rental market players understand the significance of competitive pricing to attract customers. They analyze the market rates and set rental prices that are competitive while still allowing them to cover costs and generate profits. Offering flexible rental periods, package deals, or discounts for long-term rentals are some ways they make their pricing more attractive.
Fact.MR has provided detailed information about the key rental service providers of concrete mixers, their total fleet, service portfolio, and revenue growth, in the recently published report.
Segmentation of Concrete Mixer Rental Industry Research
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By Mixer Type :
- Batch Mixing Truck
- Up to 6 m3
- 6-8 m3
- 8-10 m3
- 10-12 m3
- Above 12 m3
- Continuous (Volumetric) Mixing Truck
- Batch Mixing Truck
-
By Discharge Type :
- Front Discharge
- Rear Discharge
-
By Mixer Power :
- External Powered
- Truck Engine Powered
-
By Truck Drive Type :
- Two Wheel Drive Truck
- Four Wheel Drive Truck
- Six Wheel Drive Truck
-
By Mobility :
- Standard Transit Concrete Truck
- Rough Terrain Concrete Trucks
-
By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
- FAQs -
What Is the Global Concrete Mixer Rental Market Size?
The global concrete mixer rental market is expected to be valued at US$ 3.2 billion in 2023.
How Is the Market for Concrete Mixer Rental Expected to Fare Going Forward?
Worldwide demand for concrete mixer rental is expected to reach US$ 5.7 billion by 2033-end.
How Did the Market Perform Over the Last Few Years?
During 2018-2022, demand for concrete mixer rental increased at 6.4% CAGR.
Which Country Concrete Mixer Rental Market Accounts for A Leading Market Share?
United States tops the global concrete mixer rental market, which accounts for 25.7% market share in 2023.
Which Mixer Type Holds the Highest Market Share?
Batch mixing truck is predicted to account for a 69.1% share of the global market in 2023.