Construction Equipment Rental Market Size, Share, Growth Analysis, By Product(Earthmoving machinery, material handling machinery, and concrete & road construction machinery), By Application(Real estate, transport, energy infrastructure, and others), By Region - Industry Forecast 2024-2031

Construction Equipment Rental Market Drivers

Increasing the use of rental equipment in a variety of industries

• Given the cyclical nature of the construction industry and the current state of the economy, renting construction equipment has a number of advantages. More and more sectors, building companies, and contractors are looking into rental solutions. Contractors and builders have reportedly made a significant switch from purchasing new equipment to renting it, according to the equipment rental platform BigRentz. While many business executives and economists anticipate a recession, this could result in a surge in the demand for equipment rentals, driving enterprises away from ownership and leasing. Construction firms are wary of these expenses. Companies must make the most of the equipment they buy to achieve the most value because of economic unpredictability and cost considerations. This makes renting equipment a tempting substitute and is helping to the construction equipment rental market growth.

Construction Equipment Rental Market Restraints

The economic downturn in the construction equipment rental market

• Recessions and slumps can affect the building business. The market for leasing construction equipment has several business cycles throughout the course of its existence and is affected by those in countries with both high and low levels of economic activity. Due to decreasing final production as a result of declining consumer demand, the construction industry may experience a recession. As a result, a decline in building activity is expected to have an impact on the equipment rental market.