North America Crane Rental Market Size (2024 - 2029)

The North America Crane Rental Market is poised for growth, driven by increasing construction and infrastructure activities in the region. Despite challenges such as a shortage of skilled crane operators, which limits market share, the demand for crane rentals remains high due to the ongoing need for construction machinery. Government initiatives, like the infrastructure bill, are further incentivizing the expansion of rental services. These factors collectively contribute to the anticipated growth in market size over the forecast period.

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Market Size of North America Crane Rental Industry

Market_Overview
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 3.80 %
Market Concentration Medium

Major Players

North America Crane Rental Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Crane Rental Market Analysis

The North America Crane Rental Market was valued at USD 4.42 million in 2021 and is expected to surpass a net valuation of USD 5.53 million by 2027, registering a CAGR growth of 3.80% during the forecast period.

The COVID-19 pandemic had a slight impact on the construction industry across North America. However, the construction equipment industry witnessed a hit due to a shortage of raw materials, which further continued for the year 2021, due to the global chip shortage. This provided a growth opportunity for the crane rental market.

Over the longer term, growing construction and infrastructure activities across the region and the presence of medium construction company contractors are expected to drive demand in the market. The North American region is accommodating several construction projects which require the usage of construction machinery including cranes, thus demand for the same is expected to remain on the higher side during the long-term forecast period.

However, lack of skilled and qualified crane operators is one of the primary problems limiting Cranes Rental Market share. One of the industry's major issues is providing sufficient training to crane operators. so, leading crane rental companies are focusing on providing regular training programmes for operators to overcome this difficulty. such initiatives to restrict the loss attained through these restraining factors.

Besides these, favorable government initiatives are encouraging several rental fleet operators to expand their offerings in the country. For example, In January 2022, the US passed its infrastructure bill which is poised to provide USD 1.2 trillion to cities and states. This budget plans to stand as strong incentive focusing on building America's infrastructure in the public-private partnership. In wake of such developments, construction company contractors are also looking to access new and updated technology for their projects and save as compared to using owning any older cranes by opting rental equipment over buying new equipment to be cost effective.

North America Crane Rental Industry Segmentation

Crane is a wheeled, and self-propelled vehicle that is operated with either cable or controlled with a hydraulic-powered telescopic boom crane. With crane rental service the service providers are providing cranes to utility partners on a rental basis during a shorter term and longer-term time span.

The North American crane rental market is segmented by crane type, application type, and country. By crane type, the market has been segmented into Wheel-mounted Mobile Crane, Commercial Truck-mounted Crane, Side Boom, Straddle Crane, Railroad Crane, and Others.

By Application type, the market has been segmented into Construction, Mining & Excavation, Marine & Offshore, and Industrial Applications By County type, the market has been segmented into the United States, Canada, and the Rest of North America. For each segment, the market sizing and forecasting are based on value (USD million).

By Crane Type
Wheel-mounted Mobile Crane
Commercial Truck-mounted Crane
Side Boom
Straddle Crane
Railroad Crane
Others
By Application Type
Construction
Mining & Excavation
Marine & Offshore
Industrial Applications
By Country
United States
Canada
Rest of North America
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North America Crane Rental Market Size Summary

The North America crane rental market is poised for steady growth, driven by increasing construction and infrastructure activities across the region. The market is experiencing a shift towards rental services as companies seek cost-effective solutions for their construction needs. This trend is further supported by favorable government initiatives and infrastructure investments, which are encouraging rental fleet operators to expand their offerings. The demand for crane rental services is expected to remain robust, fueled by the need for advanced construction machinery in various projects, including residential, industrial, and commercial developments. However, challenges such as a shortage of skilled crane operators and the need for regular training programs continue to pose constraints on market expansion.

In the United States, the crane rental market is particularly strong due to the country's extensive urban development projects and the high demand for cranes capable of handling complex infrastructure tasks. The market is characterized by a moderate level of fragmentation, with several key players like United Rentals, Inc., Maxim Crane Works, L.P., and Caterpillar Inc. actively expanding their fleets and enhancing their service offerings. These companies are investing in new technologies and forming strategic collaborations to maintain a competitive edge. The integration of IoT and AI in construction machinery is also gaining traction, although it requires significant initial investment. Overall, the North America crane rental market is expected to witness continued growth, supported by ongoing construction activities and strategic industry developments.

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North America Crane Rental Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Drivers

    2. 1.2 Market Restraints

    3. 1.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.3.1 Threat of New Entrants

      2. 1.3.2 Bargaining Power of Buyers/Consumers

      3. 1.3.3 Bargaining Power of Suppliers

      4. 1.3.4 Threat of Substitute Products

      5. 1.3.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size in Value USD Million)

    1. 2.1 By Crane Type

      1. 2.1.1 Wheel-mounted Mobile Crane

      2. 2.1.2 Commercial Truck-mounted Crane

      3. 2.1.3 Side Boom

      4. 2.1.4 Straddle Crane

      5. 2.1.5 Railroad Crane

      6. 2.1.6 Others

    2. 2.2 By Application Type

      1. 2.2.1 Construction

      2. 2.2.2 Mining & Excavation

      3. 2.2.3 Marine & Offshore

      4. 2.2.4 Industrial Applications

    3. 2.3 By Country

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Rest of North America

North America Crane Rental Market Size FAQs

The North America Crane Rental Market is projected to register a CAGR of greater than 3.80% during the forecast period (2024-2029)

United Rentals, Inc. , Maxim Crane Works, L.P., Caterpillar Inc. , All Erection & Crane Rental Corp. and Lampson International LLC are the major companies operating in the North America Crane Rental Market.

North America Crane Rental Market Report Snapshots

North America Crane Rental Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)