(MENAFN- Market Press Release) January 24, 2023 1:35 am - The equipment rental industry in the United States is experiencing a surge in demand due to the booming construction sector
The equipment rental industry is being driven by the expansion of the construction industry in the United States. As contractors and dealers pick rentals to streamline their fleets and lessen organizational complexity, which could otherwise have an influence on operations like asset disposal, logistics, maintenance, and procurement, the number of people using rental services is dramatically rising. As more infrastructure projects are being performed, the acceptance of rental services is rising, which is accelerating the growth of the equipment rental market in the United States.
The United States equipment rental market has expanded at a CAGR of 3% from 2018 to 2022. Equipment rental businesses enjoyed a prosperous year in 2021, and Q1 2022 began with demand that was even higher than in the previous year.
A Difficult Period for Equipment Rental Businesses
By the end of 2022, the rental business began to face challenges related to a lack of new equipment and a labour shortage; these problems are anticipated to worsen in 2023. Since OEM backlogs are anticipated to extend until mid-2023, rental companies are holding onto older equipment that they would have likely sold when new equipment wasn't so hard to come by.
Increasing Building Maintenance and Renovation Activities
Along with the growth of the nation's building stock, routine maintenance is becoming increasingly necessary to keep both commercial and residential facilities in the United States safe to occupy for living and working reasons. Building owners and contractors thus spend a lot of money maintaining and updating antiquated, underutilized facilities in order to profit from them. Due to this increase in demand, the construction equipment market is expanding more broadly.
Key Industry Developments
. In November 2021, Toronto-based Rapid Equipment Rental Limited was purchased by Herc Holdings Inc.
. In June 2020, H&E Equipment Services Inc. announced that its Georgetown branch would relocate to a larger facility in Texas.
. A contractual contract was struck in April 2021 for General Finance Corp. to be bought by United Rentals. The deal included a transaction value of USD 996 million.
. Britishvolt and Sunbelt Rentals announced their partnership in June 2022 to make it easier to build Britishvolt's first large-scale cambois-based battery gig plant. The companies will work closely together over the long term to create battery solutions for power plants and heavy machinery, which will help decarbonize the construction and equipment rental industries.
Makreo research has published a study on Equipment rental market in the US titled,“United States Equipment Rental Market Outlook 2028: Analysis of Construction, Industrial and Other Equipment by Market Share, Size, Growth Opportunities, and Competition”. The study evaluates demand and supply gap of equipment rental market in the country and also gauge impact of economic disruption after the virus outburst. This study is the perfect blend of qualitative and quantitative assessment that has been carried out covering major macro-economic and industry factors. It is imperative to understand expected future performance of the industry on ground of present situation of the economy and associated industries thus we have assessed major contributing industries including construction, industrial, agriculture and others.
The report examines the United States Equipment Rental Market on below parameters:
Period of Study:-
? 2017-2020: Historical Period
? 2021: Base Period
? 2022-2028 : Future Outlook
? The report examines Construction industry, transportation sector and industrial equipment's. Competitive assessment has been carried out to apply bottom up approach and also study level of competition exists in the market.
? By Construction & Industrial Road Building, Concrete Mixing, Material Handling
? By Other Tools
. The Home Depot
. United Rentals
. Ashtead Group (Sunbelt Rentals)
. Herc Holdings
. H&E Equipment Services
Contact Us: –
Makreo Research and Consulting
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Phone No- +91-9619699069
For more information on the research report, refer to below link: