US Equipment Rental Industry Exhibits Steady Growth, Driven by Multiple Factors

SAN JOSE, Calif. - April 25, 2023 - PRLog -- Introduction: The equipment rental industry in the United States has been expanding at a compound annual growth rate (CAGR) of 3% from 2018 to 2022, despite displaying erratic tendencies year-on-year. The industry witnessed a prosperous year in 2021, and the demand in Q1 2022 was even higher than the previous year.

Demand for Construction Equipment Rental Services:
The demand for construction equipment rental in the US has been increasing steadily in recent years. The growth of the construction industry and other industries requiring heavy equipment has been a significant driver of this demand. Moreover, the increasing popularity of equipment rental among contractors and construction companies has also contributed to the growth of the sector. Renting equipment enables companies to access a broader range of machinery without incurring the full cost of ownership, which can be beneficial for smaller companies or those needing specific types of equipment for certain projects. Additionally, the rise in infrastructure projects and large-scale construction projects that require specialized equipment has made rental a more attractive option.

The Impact of COVID-19 on the Demand for Construction Equipment Rental:
The COVID-19 pandemic initially slowed down the construction industry; however, the subsequent recovery has led to an increase in demand for rental equipment as companies attempt to catch up on delayed projects and take advantage of new opportunities. Overall, the demand for construction equipment rental in the US is expected to continue growing due to factors such as cost-effectiveness, the growth of the construction industry, and the increasing popularity of rental services among contractors and construction companies.

Trend of Lean Manufacturing to Spur Demand for Industry Equipment Rental:

Many manufacturing companies are seeking to streamline their operations and reduce waste, leading to an increasing trend towards lean manufacturing practices. This trend is driving the growth of the industrial equipment rental market in the US, as manufacturing companies outsource certain processes or equipment rental to specialized rental companies. The growth of the industrial equipment rental market is also driven by the expansion of the oil and gas industry and rising industrialization, as well as the increased demand for natural gas and crude oil for energy and electricity needs across the US.

Scope of the Study:
Makreo's study on the US equipment rental market evaluates demand, supply gap, and impact of COVID-19. It covers macroeconomic and industry factors.

Find out More:-
United States Equipment Rental Market Outlook 2028- Analysis of Construction, Industrial and Other Equipment by Market Share, Size, Growth Opportunities, and Competition (https://www.makreo.com/report/united-states-equipment-ren...)