Trends and updates, Global Construction Equipment Rental Market

The practise of renting construction equipment for a set period of time by signing contracts outlining the terms and conditions of use of the equipment are known as renting construction equipment. Renting heavy machinery and construction equipment rather than purchasing it has proven to be beneficial to businesses of all sizes all over the world. As a result, the construction equipment rental market has expanded rapidly. Because many industries require such equipment on a seasonal basis, it is prohibitively expensive. Businesses prefer rental equipment because of its flexibility and ability to meet specific needs without the need for maintenance or insurance. Renting is becoming more popular among contractors because rental agreements now include provisions for on-site maintenance, repair, and replacement, which helps businesses reduce expenditures, maintenance expenses, and repair costs. Equipment rental companies are capitalising on potential business opportunities by broadening their global reach through acquisitions or partnerships and strategically incorporating technological upgrades into their fleet. Furthermore, the requirements for transportation, operation, and maintenance are greatly reduced. Both of these factors will drive future construction equipment rental demand.

According to the research report, "Global Construction Equipment Rental Market Outlook, 2028," published by Bonafide Research, the market is projected to reach a size of USD 111.70 billion by 2028, up from USD 82.43 billion in 2022. Furthermore, the market is expected to grow at a CAGR of 5.30% between 2023 and 2028. The increase in government spending on public infrastructure development has accelerated construction and mining activity in the world's emerging economies. This factor has resulted in high market demand for construction equipment. Rising construction machine prices are encouraging construction companies and contractors to shift their focus to renting construction equipment. Furthermore, the emergence of advanced technologies and an increasing level of automation are expected to drive market growth. During the forecast period, advancements such as equipment service tracking and mapping and digital service for automated service improvements are expected to drive market growth. The global construction equipment rental market is expected to grow in the coming years due to an increase in mining and construction activity, particularly in developing countries. The global construction equipment rental market is expected to expand significantly in the coming years as new technologies such as mapping features, equipment service tracking, and automated service improvement become available.

According to the report, the global market is divided into five major regions: North America, Europe, Asia-Pacific, South America, and the Middle East and Africa. North America leads the market with a roughly 30% share in 2022. Industry participants are expected to concentrate on expanding their footprint in North America, with Canada expected to see increased demand for construction equipment rental services, prompting the government to increase investments in the region. However, the Asia-Pacific region is expected to gain traction in the global construction equipment rental market in the near future. Because of the increasing emphasis by governments on developing infrastructure for a sustainable economy, Asia-Pacific is one of the largest markets that has seen a boom in infrastructure and construction development. This region saw an increase in the number of Special Economic Zones (SEZs), hydroelectric projects, dams, highway constructions, metro constructions, airports, and other infrastructure projects to support high-level industrial activities, rising energy demand, and improved connectivity.

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