US Equipment Rental Market 2028: Growth, Share, Size, and Competitive Analysis

The equipment rental industry in the United States is a significant sector that serves various industries, including construction, industrial, transportation, and agriculture. It involves the renting of heavy machinery, tools, and equipment to businesses and individuals on a temporary basis. Renting equipment can be a cost-effective and flexible solution for companies that do not want to bear the high costs of purchasing and maintaining these assets.

► Overview of the Equipment Rental Market:
The US Equipment Rental Market experienced notable fluctuations during the period spanning from 2020 to 2023. Initially, the market faced a decline in demand due to the impact of the COVID-19 pandemic, which led to widespread lockdowns until mid-2020. However, as economic activities gradually resumed, the market witnessed a robust recovery, resulting in increased demand for rental equipment.

The United States Equipment Rental Market underwent fluctuations during the years 2020 to 2023, experiencing a downturn initially but subsequently recovering strongly as economic activities resumed. Nonetheless, by the end of 2022 and heading into 2023, the industry faced obstacles such as equipment and labor shortages. Despite these difficulties, rental companies showed resilience and were projected to hold a steady market position. By the end of 2022, the US Equipment rental market had surpassed USD 50 Billion, underscoring its substantial contribution to the US economy.

The United States equipment rental market share by sector is divided into several sectors, including Construction or Industrial, Construction, mining, and forestry equipment, Transportation Equipment, and Others. Among these, the Construction or Industrial sector holds the largest market share, accounting for more than 40% of the total market. The strong growth observed in the construction and industrial sectors in the United States has been a key driver of the US equipment rental business. As these industries continue to expand, the demand for rental services has witnessed a significant increase.

Request the Free Sample Report: 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

► US equipment rental market forecast
The equipment rental market in the United States is expected to experience substantial growth in the coming years, driven by various factors. With the increasing demand for construction projects, a rise in demolition activities, and initiatives from the government, the demand for rental equipment is projected to rise at a CAGR of 4% from 2023 to 2028. This growth trajectory is anticipated to propel the market to reach a value of more than USD 65 Billion by 2028. Several key trends and drivers are expected to fuel the increased need for rented equipment in the future. The expansion in the construction industry and the adoption of advanced machines in the healthcare sector are two significant factors contributing to the rising demand for rental services.

► Equipment rental market segmentation in the United States
■ Construction & Industrial Rental Market: The Construction & Industrial Equipment Rental Market in the United States experienced growth in 2021 after facing challenges during the pandemic in 2020. The demand for construction equipment increased due to infrastructure development and maintenance activities. The impact of the COVID-19 pandemic on the industry was significant, but the market showed signs of recovery as restrictions were lifted. The acquisition of a sales and service area by Nikola Corporation was a noteworthy recent development in the industry.

■ Other Tools Equipment Rental Market: The Other Tools Equipment Rental Market in the United States is witnessing growth driven by the shift towards leasing technologies in healthcare and other industries. Despite potential challenges in the medical equipment rental sector due to insurance coverage, the overall trend of leasing is expected to continue. In agriculture, the market is driven by the growing demand for mechanization and the desire to ease financial burdens on farmers. The availability of advanced farm equipment through startups further fuels the expansion of the farm equipment rental market.

► Equipment rental market trends in the US
■ 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.

► Equipment Rental Market Opportunities in the US
■ Construction Industry Growth:
The construction industry in the US continues to expand, driven by factors such as population growth, urbanization, and the need for modernization. This growth fuels the demand for construction equipment rentals, as contractors and builders prefer renting equipment for specific projects rather than making large capital investments.
■ Energy Sector:
The growing focus on renewable energy and infrastructure in the energy sector creates a demand for specialized equipment used in projects such as wind farms, solar installations, and energy-efficient construction. Rental companies that specialize in providing equipment tailored to the energy industry can find significant opportunities.
■ E-commerce and Digital Platforms:
Embracing e-commerce and digital platforms for equipment rental can open up new market opportunities. Online platforms simplify the rental process, provide wider access to equipment, and offer greater convenience for customers.

► Key Findings
■ Convenience: The convenience of easy-to-manage storage, secure transmission, and the ability to quickly and easily share information among a variety of people are all provided by cloud-based solutions. As they increase the overall convenience of operations, factors like these aid in better service delivery to clients.

■ Easy to Install: One of the complaints people make about technology is the lengthy and complicated implementation procedure. Modern leasing options, on the other hand, provide the full range of capabilities and are simple to set up. It's not necessary to rely on third parties or be an excellent coder. Instead, setting up the system with your current IT resources is simple. You won't need to spend as much money on complex infrastructure thanks to cloud computing.

■ Collaboration: 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 decarbonize the construction and equipment rental industries, the firms will collaborate closely over the long term to develop battery solutions for power plants and heavy machinery.

■ Challenges: Rental companies must comply with safety and environmental regulations related to equipment usage and emissions. Meeting these requirements can add to operational complexities, which is hindering the market.

The study conducted by Makreo Research on the "United States Equipment Rental Market Outlook 2028: Analysis of Construction, Industrial and Other Equipment by Market Share, Size, Growth Opportunities, and Competition" provides a comprehensive analysis of the market, encompassing a wide range of factors. The report takes into account both qualitative and quantitative factors, indicating a well-rounded approach to analysis. The inclusion of both qualitative and quantitative factors in the study ensures that readers gain a more complete understanding of the US Equipment Rental Market. It goes beyond mere numbers and incorporates insights into consumer behaviour, market dynamics, macro-economic factors and industry trends. This holistic approach enhances the overall analysis and makes the study a valuable resource for individuals or organizations interested in exploring the Equipment rental market, construction rental market, and other tool market in United States. Moreover, the report's focus on past and present performance, as well as potential growth opportunities in the future, enables readers to identify key areas of interest and investment.

■ To Know More "United States Equipment Rental Market Outlook 2028":- 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

■ Similar Related Reports:
Global Demolition Equipment Market Report - Size, Analysis and Future Forecast
https://www.makreo.com/report/global-demolition-equipment-market-report-size-and-future-forecast

Period of Study
■ 2018-2022 : Past and Present Scenario
■ 2022: Base Year
■ 2023-2028 : Future Outlook of the industry

Market Assessment: The report examines opportunity for the US Equipment Rental market on various grounds including
■ Unted states equipment rental Market revenue and performance,
■ US Equipment Rental Market by Sectors
■ US Equipment Rental Market - By Construction Equipment Rental (Road Building, Concrete Mixing, Material Handling, Others)

Countries Assessed: United States

Competitive landscape
■ Competitive Landscape
■ Mergers/Acquisition/Investment
■ Funding Timeline
■ Company Profiles

Company's Covered:
The Home Depot, United Rentals, Ashtead Group (Sunbelt Rentals), Herc Holdings, H&E Equipment Services

Makreo Research and Consulting
801, Trishul Goldmine, Palm Beach, Sector 15, Belapur, Navi Mumbai, Maharashtra 400614

Contact us at:
Meetu Bhasin, Director of Research and Operations
Phone Number
+91-9619699069
Email Address
info@makreo.com

Makreo Research is a market research and consulting firm that works closely with business conglomerates worldwide to assist them in many aspects of driving their businesses.

This release was published on openPR.