US Equipment Rental Market Continues to Show Growth Despite Challenges and Driven by Construction and Industrial Sectors

US Equipment Rental Market Shows Steady Growth Despite Challenges

The US equipment rental market is a sizable and expanding industry that offers businesses and individuals the ability to hire machinery and equipment for short- or long-term periods of time. According to a report by Makreo Research, the US equipment rental market size was valued at USD 46.95 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 4.02% from 2023 to 2028.

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Despite challenges faced by the rental industry in 2022, including new equipment shortages and availability of labor force, the industry has shown a steady single-digit growth in the past and is expected to continue showcasing a positive growth outlook in the coming years.

The growth of the construction and industrial sectors in the US is driving the equipment rental business, particularly in road building and earth moving. The acceptance rate of rental services is increasing as more infrastructure projects are being undertaken, which is speeding up the expansion of the equipment rental market in the US.

The medical equipment rental market is also on a growth trajectory as healthcare providers adopt cost-cutting measures by renting rather than buying equipment. This trend is expected to continue as many healthcare organizations choose to rent rather than buy medical gear subject to quick technological development.

The market for renting construction and industrial equipment saw a substantial increase in 2021 after a large drop in sales the year before due to the COVID-19 pandemic. The market's revenue rose, rising from USD 36.06 billion in 2018 to USD 38.68 billion in 2021. The building and mining industries have proliferated across the country as a result of the increase in government expenditure on the development of public infrastructure.

Some of the major players in the equipment rental industry include Hill-Rom Holdings Inc., Medline Industries Inc., Getinge AB, Agiliti Inc., and Universal Hospital Services Inc.

Overall, the US equipment rental market is expected to continue showing growth in the coming years, driven by the construction and industrial sectors, and with increasing acceptance rates for rental services.

Find out more: - 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

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Makreo is a Market research and consulting firm working closely with business conglomerates worldwide to help them in many aspects of driving their business growth and assist in making wise decisions with the help of our qualitative & quantitative market insights.

This release was published on openPR.