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Exorbitant Construction Equipment Costs Have Boosted the Emphasis on Equipment Rental Services: Fact.MR Study

As per a recent report published by Fact.MR, the global construction equipment rental market is poised to grow at a CAGR of 4.3% from 2022 to 2032. During the said forecast period, the industry is likely to yield a dollar opportunity worth US$ 121 Billion in 2022, expected to close at a valuation of US$ 184.3 Billion. The earthmoving machinery rental has witnessed huge traction in the oil and gas industry owing to their reduced cost of maintenance and affordable rental charges. 

From 2015 to 2021, the market for Construction Equipment Rental grew at a CAGR of 4.3%, closing at a value of US$ 115 Billion. As of 2022, the industry is likely to reach US$ 121 Billion. Manufacturers are capitalizing on slashing down the operational costs of construction equipment and additional investments in the residential segment across key developing nations including India and China.

Excessive construction equipment costs, combined with the high cost of equipment maintenance services are expected to boost demand for construction equipment rental services.

Key Takeaways from the Market Study  

“With the economic downswing, the cost of construction equipment and materials has increased incessantly, thereby the industry has witnessed an upward trend of equipment rental in the construction sector to cut down the budget,” comments a Fact.MR analyst.  

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Competitive Landscape

The global market for construction equipment rental is characterized by the presence of multiple vendors, aiming to offer extensive consulting and integration services to clients. Additionally, enterprises are seeking out, specialized service providers, offering solutions tailor-made to suit their business objectives. In addition, the vendors are likely to leverage up-gradation and product differentiation to gain an edge over other competitors in the market.

More Valuable Insights 

Fact.MR, in its new offering, presents an unbiased analysis of the global Construction Equipment Rental market, presenting a historical analysis from 2015 to 2021 and forecast statistics for the period 2022-2032.

The study reveals essential insights on the basis of product type (earth moving machinery rental, material handling machinery, construction equipment rental, concrete & road construction machinery rental) across six major regions (North America, Latin America, East Asia, Europe, South Asia & Oceania and the Middle East & Africa).

About the Industrial Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the industrial industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

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