A market analysis report by Emergen Research forecasts the construction equipment rental market to reach a value of $137.7 billion by 2027.
The report attributes the market growth to the availability of numerous construction equipment rental options available to the industry, which can help fill the void during outages and supports logistic and financing goals.
Construction companies can reduce their cost by using rental equipment for numerous projects, the report states, and companies do not need to make upfront investments in various heavy equipment. Renting equipment can save on depreciation, labor and maintenance costs over the long term. Rental companies take care of these expenses.
The construction equipment rental market report focuses on the economic developments and consumer spending trends across different countries for the forecast period 2020 to 2027. The research shows which countries and regions will have a better standing in the years to come.
Apart from this, the study talks about the growth rate, market share, as well as the recent developments in the construction equipment rental industry worldwide.
The market in Asia Pacific is expected to expand at the highest CAGR of 4.5% from 2020-2027. The region is likely to continue its dominance in the global construction equipment rental market in terms of both usage and manufacturing throughout the forecast period, the report states. This region has witnessed growth in the number of metro projects, highways, airports, hydroelectric projects and dams, as well as heavy industrial activities over the last few years.
The U.S. Infrastructure Investment & Jobs Act will likely also play a large role in the growth of the construction equipment rental market.
