According to the Graphical Research new growth forecast report titled “North America Construction Equipment Rental Market Size By Product (Earthmoving & Road Building Equipment [Backhoes, Excavators, Loaders, Compaction Equipment], Material Handling & Cranes [Storage & Handling Equipment, Engineered Systems, Industrial Trucks, Bulk Material Handling Equipment], Concrete Equipment [Concrete Pumps, Crushers, Transit Mixers, Asphalt Pavers, Batching Plants])”, Estimated To Be Around USD 55 Billion by 2026
High initial cost required for the purchase of new machinery is encouraging contractors and construction companies to opt for equipment rental services. Factors, such as high cost associated with equipment maintenance and insurance, heavy taxes involved in the new machines, are also contributing toward the growth of the construction equipment rental market.
The increasing focus of government authorities in the U.S. and Canada on forming regulatory bodies to track and regulate norms on vehicular emissions will generate lucrative growth opportunities for the construction equipment rental market in the region. Rental companies are increasingly focusing on enhancing their fleet with low-emission excavators, loaders, and other equipment required for earthmoving, roadbuilding, and paving. This will augment the construction equipment rental market size.
The outbreak of COVID-19 has impacted the North America construction equipment rental market as countries in the region faced massive economic disruption during the first two quarters of 2019. The pandemic has also adversely impacted the manufacturing sector and international trade. The manufacturing units have witnessed a sluggish growth owing to a steady decline in the availability of raw materials and skilled labors. The unprecedented times have resulted in employee and workforce layoffs due to cash crunch and financial instability. Disruption in the supply chain and demand losses have decreased the product demand. However, the market is expected to grow significantly with gradual economic revival and containment of the spread of the virus by 2021.
On the basis of product, the North America construction equipment rental market is segregated into material handling & cranes, concrete equipment, and earthmoving & road building equipment. The material handling & cranes segment will witness a significant growth during the forecast timeline. This segment is further categorized into storage & handling equipment, industrial trucks, engineered systems, and bulk material handling equipment. The industrial truck segment will propel owing to its ability to mitigate human efforts and enhance productivity. This will augment the industry size of the construction equipment rental market.
Prominent players in the North America construction equipment rental market are H&E Equipment Services, Ahern Rentals Inc., Caterpillar Inc., Briggs Equipment Inc., United Rentals, Inc., Herc Rentals, Inc, and Hinkel Equipment Rental Associates. These companies are majorly focusing on collaborations and strategic partnerships in order to enhance their business reach and expand the customer base by offering end-to-end services to end users. For instance, in June 2020, Ahern Companies announced Trackunit as its telematics platform partner. This aided the company to enhance its market share in the domestic market.
North America construction equipment rental market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026 for the following segments:
North America Construction Equipment Rental Market, By Product
- Earthmoving & Road Building Equipment
- Compaction Equipment
- Material Handling & Cranes
- Storage & Handling Equipment
- Engineered Systems
- Industrial Trucks
- Bulk Material Handling Equipment
- Concrete equipment
- Concrete Pump
- Transit Mixer
- Asphalt paver
- Batching plant
The above information is provided on country basis for the following: