Executive Summary
The United States Equipment Rental Market is growing due to the expansion of the construction and Industrial sector. There has been a significant increase in the number of people using rental services as contractors and dealers choose to do so in order to reduce the size of their fleets and the complexity of their organisations, which could otherwise affect activities like asset disposals, logistics, maintenance, and procurement. The acceptance rate of rental services is increasing as there are more infrastructure projects underway, which is propelling the expansion of the equipment rental market in the United States.
Due to the COVID-19 pandemic breakout and the subsequent lockdown, which limited industrial operations and halted significant economic activities, the market experienced a downturn in 2020. The lifting of the restrictions did, however, relieve market circumstances and steady market growth.
Moreover, the growing acceptance and popularity of RTA furniture in the US is what fuels the DIY movement. In the US, ready-to-assemble (RTA) furniture with cutting-edge designs is becoming more and more popular. Key vendors have been forced to produce custom-designed RTA furniture for individualized interiors due to the growing trend of customization. As a result, they have been able to draw in more DIY customers, which has increased sales. People are strongly demanding rented equipment as a result of the variety of options offered by the market.
However, by the end of 2022, the rental business began to face challenges related to a lack of new equipment and a labour shortage; these problems are anticipated to worsen in 2023. Since OEM backlogs are anticipated to extend until mid-2023, rental companies are holding onto older equipment that they would have likely sold when new equipment wasn't so hard to come by.
The rental market is currently predicted to stay stable, with increased sales and rental prices translating into more revenue when combined with stable utilisation rates. Rental firms may boost their income by having larger fleets, but they might not be able to raise rental rates as much, and utilisation would also decline.
Contribution by Construction Equipment Rental
The US Equipment Rental Market by construction equipment rental was dominated by road building, including earth moving in 2021, with a revenue share of over 60%. The mining, agricultural, and construction industries' expanding use of earthmoving excavators considerably contributes to segment growth. Backhoe loaders, crawler excavators, skid-steer loaders, and micro excavators are examples of various earthmoving machinery that have higher load capacities and superior engine performance. These characteristics of earthmoving machinery make them suited for use in challenging working conditions.
Contribution by Sectors
Construction or Industrial Market accounts for the major market share of more than 40% in 2021. The growth of the construction and Industrial sectors in the US is driving the equipment rental business. The number of people using rental services is significantly increasing as contractors and dealers choose rentals to condense their fleets and reduce organisational complexity, which could otherwise have an impact on activities like asset disposals, logistics, maintenance, and procurement.
Makreo Research has published a study on the equipment rental market titled “United States Equipment Rental Market Outlook 2028: Analysis of Construction, Industrial and Other Equipment by Market Share, Size, Growth Opportunities, and Competition”. Market assessment has been carried out using qualitative and quantitative methods and has combined the impact of macroeconomic and microeconomic scenarios. The market has witnessed many shifts in the recent past after the COVID-19 outburst, which has given the market a suggestive push; therefore, we have studied the impact of the pre-COVID and post-COVID scenario. The future outlook has been assessed, taking various influencing factors into consideration and also to assess the expected opportunities in the market.
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Segmentation Covered:
Company’s Assessed
Key Questions Answered
Table of Content
Report Synopsis
Industry Overview
1. Research Methodology
1.1 Objective of the Study
1.2 Research Process
1.3 Data Collection Methods
2. US Equipment Rental Market – EPTD Analysis
2.1 EPTD Analysis
2.2 EPTD Analysis – Economic Overview
2.3 EPTD Analysis – Political Overview
2.4 EPTD Analysis – Technological Overview
2.5 EPTD Analysis – Demographic Overview
3. United States Equipment Rental Market-Past and Present Analysis
3.1 United States (The US) Equipment Rental Market Structure
3.2 The US Equipment Rental Market – An Overview
3.3 US Equipment Rental Market Snapshot
3.4 The US Equipment Rental Market Analysis By Revenue - Past and Present Performance
3.5 The US Equipment Rental Market - By Sectors
4. United States Construction & Industrial Equipment Rental Market
4.1 The US Construction & Industrial Equipment Rental Market – An Overview
4.2 The US Construction & Industrial Equipment Rental – Market Revenue (Past & Present Analysis)
4.3 The US Construction Industry Performance
4.4 The US Equipment Rental Market - By Construction Equipment Rental (Road Building, Concrete Mixing, Material Handling, Others)
4.5 Oilfield Equipment Market – An Overview
5. United States Equipment Rental Market – Other Tools
5.1 Equipment Rental Market Performance – Other Tools
5.2 Pharmaceutical & Medical Equipment Market - An Overview
5.3 Farm Equipment Market – An Overview
6. The United States Equipment Rental Market - Future Outlook
6.1 The US Equipment Rental Market - Future Outlook
6.2 Major Upcoming Construction Projects in the US
6.3 US Construction & Industrial Equipment Rental Market - Future Outlook
6.4 Other tools Equipment Rental Market - Future Outlook
6.5 Factors Driving Future Growth of US Equipment Rental Market
7. United States Equipment Rental Market – Competitive Landscape
7.1 The US Equipment Rental Market – Competitive Landscape
7.2 United States Equipment Rental Market – Mergers & Acquisition
7.3 United States Equipment Rental Market – Funding Timeline
7.4 United States Equipment Rental Market – Company Profile
7.4.1 Company Profile – The Home Depot
7.4.2 Company Profile – United Rentals
7.4.3 Company Profile – Ashtead Group
7.4.4 Company Profile – Herc Rentals
7.4.5 Company Profile – H&E Equipment Service
8. United States Equipment Rental – Market Dynamics
8.1 Recent Trends and Developments
8.2 Market Driving Factors
8.3 Market Challenges
9. United States Equipment Rental Market – Macroeconomic Factors
9.1 Limitations of the Study