Construction rental market to reach $135 billion in generated revenue by 2028
February 1, 2023 By Don Horne
The Verified Market Research report, Construction Equipment Rental Market shows the global market is projected to reach $135.57 billion (US) in generated revenue by 2028, growing at a CAGR of 4.25 per cent from 2021 to 2028.
The Construction Equipment Rental Market has seen the rise of new technologies such as digital services for automated service upgrades, equipment service tracking, and mapping features. Because of the technical advancements given by the original equipment manufacturers, the adoption rates of construction equipment are increasing in rental services.
Many new features have been introduced to the Construction Equipment Rental Market as a result of technological breakthroughs in the automotive and heavy machinery industries.
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Construction equipment makers have been working on delivering technologies that improve operational efficiency and require less maintenance, as well as advanced safety features such as lift help, 360-degree camera vision, and additional work lights. These features, however, come at a significant cost that many small builders and contractors cannot afford.
As a result, many specialists opt to rent construction equipment.
These businesses are increasingly focusing on delivering onsite services and equipment support, which improves the customer experience even more. Caterpillar Inc., for example, provides quick response teams to assist customers in remote regions via mobile servicing vans.
The Global Construction Equipment Rental Market study report will provide valuable insight with an emphasis on the global market. The major players in the market cited in the report are: United Rentals, Inc., Herc Holdings Inc., Ashtead Group Plc, Aktio Corporation, Loxam Sas, Kanamoto Co. Ltd., Nishio Rent All Co., Ltd., H & E Equipment Services Inc., and Cramo Group.
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