United States Construction Equipment Rental Market was valued at USD 45 Billion in 2022 and is projected to reach USD 70 Billion by 2030, growing at a CAGR of 6.8% from 2024 to 2030.
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The U.S. Construction Equipment Rental Market Has Experienced Significant Growth, Reaching A Valuation Of Approximately $28.71 Billion In 2023. This Upward Trend Is Projected To Continue, With Expectations Of The Market Reaching $45.69 Billion By 2032, Reflecting A Compound Annual Growth Rate (Cagr) Of 4.90% During The Forecast Period.
Several Factors Contribute To This Robust Expansion. High Taxes, Maintenance Expenses, Depreciation Costs, And Insurance Premiums Associated With Owning New Machinery Have Made Equipment Rental An Attractive Alternative For Many Businesses. Additionally, The Construction Industry'S Susceptibility To Market Fluctuations Encourages Companies To Opt For Rentals, Mitigating Financial Risks During Economic Downturns. The Availability Of Technologically Advanced Rental Equipment Further Drives Market Revenue, Offering Businesses Access To The Latest Machinery Without The Burdens Of Ownership.
In Terms Of Equipment Types, The Rental Market Encompasses A Diverse Range Of Machinery To Meet Various Industry Needs:
Earthmoving Equipment: This Category Includes Backhoe Loaders, Excavators, And Other Machinery Essential For Tasks Such As Digging, Grading, And Earthmoving Operations.
Material Handling Equipment: Cranes And Dump Trucks Fall Under This Segment, Facilitating The Movement, Storage, And Control Of Materials On Construction Sites.
Industries Across The Board Are Increasingly Turning To Equipment Rental Services To Enhance Operational Efficiency And Cost-Effectiveness. The Construction Sector, In Particular, Benefits From The Flexibility And Reduced Financial Commitment That Rentals Offer, Allowing Companies To Allocate Resources More Strategically. Moreover, The Trend Towards Specialized Equipment Rentals Is Gaining Traction, Catering To Diverse Construction Projects And Further Fueling Market Growth.
In My Personal Experience Working Within The Construction Industry, The Shift Towards Equipment Rental Has Been Palpable. Companies I Have Collaborated With Often Prefer Renting Over Purchasing, Primarily Due To The Financial Flexibility It Provides. This Approach Allows Them To Adapt To Project-Specific Requirements Without The Long-Term Commitment And Substantial Upfront Costs Associated With Equipment Ownership.
Furthermore, The Equipment Rental Industry Has Demonstrated Resilience Amidst Economic Challenges. For Instance, Equipment Rental Revenue, Encompassing Both Construction/Industrial And General Tool Segments, Is Anticipated To Grow By 7.1% In 2024, Reaching A Record High. This Resilience Underscores The Industry'S Capacity To Adapt And Thrive, Even In Fluctuating Economic Conditions.
In Conclusion, The U.S. Construction Equipment Rental Market Is On A Trajectory Of Sustained Growth, Driven By Economic Advantages, Technological Advancements, And The Evolving Needs Of Industries. As Businesses Continue To Seek Cost-Effective And Flexible Solutions, The Preference For Renting Over Owning Equipment Is Likely To Strengthen, Solidifying The Market'S Expansion In The Coming Years.
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Ahern Equipment Rental
Caterpillar Inc
Finning
Gemin Equipment and Rentals (GEAR)
Hertz Equipment
John Deere
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the US Construction Equipment Rental Market
Earthmoving Equipment
Material Handling Equipment
Construction Trucks
Concrete Equipment
Road Construction Equipment
Others
Residential
Non-Residential
Infrastructure
Industrial
Excavation
Lifting and Material Handling
Transportation
Concreting
Road Construction
Others
Short-Term Rental
Long-Term Rental
On-Demand Rental
Contract-Based Rental
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the US Construction Equipment Rental Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. US Construction Equipment Rental Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. US Construction Equipment Rental Market, By Type
6. US Construction Equipment Rental Market, By Application
7. US Construction Equipment Rental Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. US Construction Equipment Rental Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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