United States Equipment Rental Market Revenue to Grow by more than $60 Billion by 2028: Makreo Research

The rising requirement for routine maintenance to make commercial and residential structures in the United States safe to occupy for living and working purposes is expanding along with the country's building stock. As a result, building owners and contractors spend a lot of money maintaining buildings and upgrading outdated, underused spaces in order to capitalize on them. As a result, demand for construction and industrial equipment is rising, driving up market expansion overall.

However, by the end of 2022, the rental industry started to experience difficulties in terms of new equipment shortage and availability of labour force these issues are expected to exacerbate in 2023. Rental companies are retaining older equipment that they would have probably sold when new machinery wasn't so hard to come by since OEM backlogs are expected to last until mid of 2023.

🢂 Get The Sample Report- https://bit.ly/US_Equipment_Rental_Market_Forecast_2028

🢂 Impact of COVID-19 on United States Construction Equipment Market
The construction equipment industry in the United States was one of the hardest hit following the COVID-19 pandemic epidemic. All construction activities were stopped completely as a result of the increasing weight of COVID-19-affected rates and the adoption of social distancing norms. In addition, the lockdown hindered the production of construction equipment, which cost the makers a lot of money. On the other hand, as the country's lockdown was lifted, the market steadily increased.

🢂 Increasing Do It Yourself (DIY) Activities
The growing acceptance and popularity of RTA furniture in the US is what fuels the DIY movement. In the US, ready-to-assemble (RTA) furniture with cutting-edge designs is becoming more and more popular. Key vendors have been forced to produce custom-designed RTA furniture for individualized interiors due to the growing trend of customization. As a result, they have been able to draw in more DIY customers, which has increased sales. People are strongly demanding rented equipment as a result of the variety of options offered by market.

🢂 Key Development
Sunbelt Rentals and Britishvolt announced their agreement in June 2022 in order to facilitate the construction of Britishvolt's first full-scale cambois-based battery gigaplant. In order to assist decarbonize the construction and equipment rental industry, the firms will collaborate closely over the long term to develop battery solutions for power plants and heavy machinery.

🢂 Further Key Findings:-
➢Government Investments:- According to recent sources, the US Department of Transportation would provide USD 906 million for the Infrastructure for Rebuilding America (INFRA) discretionary award programme. Twenty projects in twenty states will get funding for improvements to the main roadways, bridges, ports, and trains in the country.

➢Increasing Construction Expenditure:- Construction is one of the key industry driving the economy. even though the construction market witnessed negative growth due to outbreak of the virus and lockdown, gradually after easing down restrictions industry started witnessing positive growth due to constantly growing demand. After the outbreak of virus industry players started preferring rented equipment instead of buying new one as market is very unpredictable and due to lockdown, many companies witnessed losses as heavy equipment's need large amount for maintenance.

➢Farm Equipment Rental Demand Rising:- The number of farms in the US is currently declining, and as a result, farmers are choosing to rent equipment. The potential for market expansion is being aided by the use of technology, including the use of flying drones, AI-based equipment, GPS-enabled equipment, and mechanized IoT deployment. Modern farming gear is influencing manufacturers to make products that could satisfy consumer needs. The mechanized equipment is managed by remote devices thanks to the integration of IoT, which reduces operating expenses and corresponding operational times.

➢Tax Benefits:- Payments for renting equipment are regarded as external expenses under common law, and as such, are deducted from the business's taxable earnings. The portion of earnings that are subject to income tax or corporation tax is determined by this taxable profit. In other words, monthly equipment rental payments lower the company's taxable profit and hence its corporation tax or income tax liability. Consequently, businesses favor renting equipment over buying new.

Makreo Research has published a study titled "United States Equipment Rental Market Outlook 2028: Analysis of Construction, Industrial, and Other Equipment by Market Share, Size, Growth Opportunities, and Competition." This is a detailed evaluation of the equipment rental market's performance in the United States that discusses the past, present, and future outlook of the industry. In the recent past, industry has experienced many fluctuations due to the external environment thus, this study offers analysis of the industry during the pre-COVID-19 period and post COVID-19 scenario. Macro-economic analysis has also been carried out to review the impact of changes in external factors on the industry's performance. The report sheds light on the recent trends prevailing in the US equipment rental industry and also assesses the future outlook of the industry.

🢂 The report examines the US equipment rental market on the following parameters:

Period of Study-
➼2018-2021: Past and Present Scenario
➼2022-2028 : Future Outlook of the industry

Market Assessment-
➼The report examines the United States Equipment Rental Market Revenue on various parameters covering performance of the industry in terms of revenue and forecast

Logistics Industry-
➼By Sectors (Construction or Industrial, Construction, mining, and forestry equipment, Transportation Equipment and Others)
➼By Construction Equipment Rental (Road Building, Concrete Mixing, Material Handling, Others)

Companies Covered-
➼The Home Depot, United Rentals, Ashtead Group (Sunbelt Rentals), Herc Holdings, H&E Equipment Services

🢂 For More Information Click Here:- https://www.makreo.com/report/united-states-equipment-rental-market-outlook-2028-analysis-of-construction-industrial-and-other-equipment-by-market-share-size-growth-opportunities-and-competition

🢂 Press Release-
Equipment Rental Companies in the US Experience Surge in Demand as Construction Sector Booms, but Brace for Challenges Ahead in 2023.
https://www.prlog.org/12948427-equipment-rental-demand-soars-with-construction-boom-in-us-challenges-ahead-in-2023.html

🢂 Examine Similar Related:-
➼ https://www.makreo.com/report/global-demolition-equipment-market-report-size-and-future-forecast
➼ https://www.makreo.com/report/global-elevator-escalator-and-moving-walkways-market-performance

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This release was published on openPR.