CONSTRUCTION EQUIPMENT RENTAL MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 The high cost of purchasing equipment, increasing economic uncertainty, a lack of capital, technology advancement, unpredictable construction and infrastructure growth, depreciation woes, costly breakdowns, and a lack of available space are all factors driving the demand for rental construction equipment.

Owing to the high cost of purchasing motor graders, many smaller businesses prefer to rent them. Excavators are highly versatile and come with a variety of attachments, resulting in increased productivity, which is the primary reason for the industry's growth. Third-party e-commerce websites offer low-quality machines at low prices, enticing customers to purchase the products. This low-quality equipment may encounter difficulties in a short period, increasing the demand for the construction equipment rental market.

Many companies in the market are providing buying and selling services for construction equipment and also renting them. For instance,

December, 2022: UMT (United Mobility Technology AG), a German technology company, has launched Smart Rental, an online rental marketplace based on a mobile phone App. Customers will be able to rent excavators, vibratory plates, loaders, and other construction equipment using the 'Car-2-Go' concept, which means close to their sites, at any time, and without contact, according to the company.

Major developed countries are focusing on port extension, railway tunnels, and underwater tunnels and are seeing more significant demand for cranes, thus driving the construction equipment rental market.

Moreover, the growing construction industry and several factors, like the global economic scenario, budgets, and overall economy, are promoting the market’s growth. Unpredictability in these aspects affects the businesses of construction equipment OEMs, as well as construction rental equipment. This, in turn, is leading to price fluctuations of rental, used, and new equipment.

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