Global Construction Equipment Rental Market is projected to be valued at USD 162.23 Billion by 2025, growing at a CAGR of 4.75%

Brandessence Market Research

LONDON, March 27, 2023 /PRNewswire/ -- The Global Construction Equipment Rental Market was worth USD 117.24 billion in 2018 and is expected to reach a valuation of USD 162.23 billion by 2025, registering a CAGR of 4.75% over the assessment timeline of 2022-2029.

Construction equipment rental is referred to as a type of service in which businesses catering to the construction industry can rent useful construction equipment from third party sources for a certain period of time. This reduces the overall operation costs of these businesses while also generating high revenue scope for the third party equipment providers. The end users need to ink an agreement deal with the third party sources to ensure that the rented equipment would be returned on time and in a good condition.

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Global Construction Equipment Rental Market Outlook (2022-2029)

The booming construction and mining sectors, increase in the rate of construction machineries, along with the growing focus of the related businesses to reduce their operational costs are primarily augmenting the outlook of this business vertical.

Furthermore, technological advancements in the field, widespread industrialization, and robust population expansion are creating lucrative opportunities for this marketplace to prosper.

Alongside, rapid urbanization, increasing number of equipment renting companies, and growing government investments on infrastructural projects are adding momentum to the progression of the Global Construction Equipment Market.

On the contrary, lack of skilled labours along with the saturation in the end use industries across developed nations are hindering the remuneration scope of this industry sphere.

Moreover, the COVID-19 pandemic brough about a halt in construction and mining activities. Mobility restrictions resulting from lockdown impositions took a massive toll on commercial activities. Even when lockdown restrictions were eased, the construction and mining industries were still dealing with supply chain disruptions, lack of adequate labour force, economic constrains, and fluctuations in the price of raw materials. This reduced the demand for rented construction equipment during the pandemic era.