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Material Lift Rental Market is Poised to Grow at a CAGR of 5.1% by 2033

06-29-2024 06:39 AM CET | Industry, Real Estate & Construction

Press release from: Fact.MR

Material Lift Rental Market

Material Lift Rental Market

According to a detailed research report by Fact.MR, a market research and competitive intelligence provider, the Material Lift Rental Market is projected to grow from US$ 28.9 billion in 2023 to US$ 47.5 billion by 2033, reflecting a compound annual growth rate (CAGR) of 5.1%.

This growth is driven by the increasing end-use applications of material lifts across various industries, including construction, aerospace, defense, and more. Many businesses in these sectors are opting to rent material lifts rather than purchasing them, primarily due to the high costs associated with buying, the need for operational flexibility, and the convenience of readily available rental services.

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Purchasing heavy equipment like material lifts can be prohibitively expensive, particularly for small to medium-sized construction companies. Renting material lifts provides these companies with access to high-quality equipment without requiring substantial capital investment. This allows them to allocate financial resources to other critical areas of their projects, such as hiring skilled labor or investing in additional machinery, thus creating growth opportunities for the material lift rental market.

Key Takeaways from the Market Study:

The material lift rental services market is expected to grow at a CAGR of 5.1% during the forecast period, creating an absolute opportunity of US$ 20.0 billion.
The U.S. market for material lift rentals is highly lucrative, growing at a CAGR of 5.3% during the forecast period to reach a valuation of US$ 8.0 billion by 2033.
The construction industry, by end-use, is anticipated to create an absolute opportunity of US$ 7.6 billion in the coming years.
The forklift material lift segment, by type, is growing at a CAGR of 4.7% and is expected to reach a valuation of US$ 16.3 billion by 2033, up from US$ 10.3 billion in 2023.
Japan's market is projected to grow from US$ 2.0 billion in 2023 to US$ 2.9 billion by 2033, creating an absolute opportunity of US$ 1.3 billion.

"Flexibility, Cost-Effectiveness, And Technological Advancements Are Driving Material Lift Rental Market Growth" says a Fact.MR analyst.

๐‘๐ž๐š๐ ๐Œ๐จ๐ซ๐ž: https://www.factmr.com/report/material-lift-rental-market

Market Growth Stratagems

Providing excellent customer service is a crucial strategy for material lift market players. This includes offering flexible rental terms, timely equipment delivery and pickup, responsive technical support, and comprehensive training programs for operators. Market players that prioritize customer satisfaction and build long-term relationships gain a competitive advantage in a highly competitive market.

Material lift rental companies focus on expanding and modernizing their fleets to provide customers with the latest and most advanced equipment. By offering well-maintained and up-to-date lifts, market players are likely to attract customers who prioritize reliability, safety, and efficiency.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the material lift rental market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.

The study reveals essential insights on the basis of the type (scissor lifts, boom lifts, forklifts, pallet jacks, vertical mast lifts, material hoists, mobile lift tables, and others), functionality (lifting only, lifting and reach, lifting and carrying), operational features (manual lifts, electric lifts, hydraulic lifts, pneumatic lifts, and self-propelled lifts), lift height (less than 50 feet, 50-100 feet, 100-150 feet, and above 150 feet), end use (construction and infrastructure, aerospace and defence, entertainment, and events, facilities and maintenance, industrial and manufacturing, telecommunication and utilities, transportation and logistics, and others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).

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