The construction equipment rental market is expected to grow at a 4.3% CAGR between 2022 and 2032, according to Fact.MR. By 2032, the global market for these products is expected to reach US$ 185 Billion. Increased government investment in public infrastructure projects has boosted construction and mining activities in the world’s developing nations. As a result of this factor, there is a huge market need for construction equipment. Construction businesses and contractors are shifting their attention to leasing construction equipment as construction machine prices rise.
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Furthermore, the introduction of new technologies and an increase in automation are expected to boost market development. Developments such as equipment service tracking and mapping, as well as digitized service for automated service innovations, are likely to drive market expansion throughout the forecast period. However, several factors are driving the growth of the construction equipment rental industry, and the pandemic has posed a huge danger to its market.
In addition to this cost factor, cyclical and financial fluctuations in the construction industry make it difficult for enterprises to improve the use of the equipment they buy, especially when the equipment is inactive during a slow economic time. Leasing is an intriguing option in this case, especially when some organizations are bracing for the impact of an economic downturn and reduced operations. Such reasons are to account for the increase in demand throughout the anticipated period. However, the construction business is vulnerable to economic downturns and depressions. The construction machinery rental industry is impacted by a market’s business cycle and economic growth, which has gone through multiple economic cycles throughout its life cycle and displays strong or low economic growth. As a result, such downturns might hinder market expansion.
Key Takeaways from the Market Study
- In 2022, the global construction equipment rental market is estimated to have a global market size of US$ 121 Bn.
- The earthmoving machinery rental category is expected to have a 60% market share in 2022.
- The concrete and road construction machinery industry is predicted to increase at a CAGR of 5.5% between 2022 and 2032.
- S is predicted to grow with a 4.5% CAGR during 2022-2032.
- China is forecast to have a CAGR of 3.8% over the projection period of 2022- 2032.
“Increasing construction machine prices are driving construction businesses and contractors to shift their focus to renting construction equipment. Furthermore, the advent of new technologies and a rising level of automation are likely to drive market expansion,” comments a Fact.MR analyst.
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- United Rentals is an online industrial and construction equipment rental marketplace. Users may look for and buy industrial tools and equipment. The company offers iOS and Android mobile apps. The company also offers fleet and equipment management rental services. In 2021, the company’s annual sales was $9.72 billion, with a net profit of $1.39 billion.
- Herc Holdings Inc., a significant North American equipment rental company doing business as Herc Rentals Inc., announced in August 2021 that it had completed the acquisition of virtually all of CBS Rentals’ assets (CBS). With the purchase of CBS, Herc Rentals expands its presence in Texas, one of North America’s key equipment rental markets, to 38 physical locations that provide general and specialty equipment rental solutions as well as services related.
- In April 2021, United Rentals and General Finance Corp. struck a written agreement for United Rentals to purchase General Finance for $996 million. United Rentals will purchase General Finance for US $19 per cash share and absorb $400 million in net debt as part of the acquisition.
|Anticipated Base Year Value (2021)||US$ 115 Billion|
|Expected Market Value (2022)||US$ 121 Billion|
|Projected Forecast Value (2032)||US$ 184.3 Billion|
|Global Growth Rate (2022-2032)||4.3% CAGR|
|Growth Rate of the U.S Market (2022-2032)||4.5% CAGR|
|Expected Market Value of China (2032)||US$ 90 Billion|
|U.K Market Expansion Rate (2022-2032)||~4% CAGR|
|Key Companies Profiled||
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