Summary

Colombia's rise in the rankings is due to recent developments in its institutional growth, institutional stability, and infrastructure. Colombia's infrastructure is still in need of construction and project improvements. Compact equipment, larger capacity machines, and models with further reaches are in high demand as a result of urbanization. Despite growing raw material costs, supply chain problems persist. Manufacturers, as well as everyone else involved in the rental sector ecosystem, are up against formidable obstacles. The tools and other components are still difficult to obtain on time. Despite these problems, equipment rental companies nevertheless make an attempt to keep up with technological advancements that will benefit their business models. Aerial and material handling equipment demand has quickly recovered in the post-pandemic climate, which is undoubtedly attributed to the rise in residential construction. Because the construction industry is cyclical and the economy is unstable, renting construction equipment has a number of benefits.

According to the research report "Colombia Construction Equipment Rental Market Overview, 2028," published by Bonafide Research, the Colombia Construction Equipment Rental market is expected to add USD 0.12 Billion by 2028. Colombia's market for construction equipment rental is gradually expanding. And there are projects that boost the rental equipment market. By linking industrial districts with the ports' areas, 4G infrastructure projects seek to improve the nation's connectivity and foster economic growth. They include 29 road projects that will build 141 tunnels, repair 4.349 miles of roads, and build 4,970 km of dual carriageways. With projects and infrastructure development, the construction equipment market has a bright future in Colombia.

Colombia is a key market for the creation of new business prospects in building, architecture, and engineering because of its extensive portfolio of infrastructure projects. The U.S. Commercial Service and Colombia's Chamber of Commerce in Construction (CAMACOL) have collaborated on a number of possibilities to link American businesses with regional construction firms for the development of infrastructure projects in Colombia. The first opportunity will concentrate on the light rail expansion in Medellin. With 17 stations and 3 road bridges, the project will connect 32 neighbourhoods across an 8-mile distance.

The market for renting construction equipment is divided into three categories based on the type of equipment used: earth movement, material handling, and road building and concrete.Earth movement equipment refers to mobile, motorised vehicles that are used to spread, haul, dig, or move earth or other materials. These tools, such as excavators, loaders, dozers, and motor graders, are frequently used to move or remove substantial amounts of soil as well as to lay foundations and design landscapes. The selection of earthmoving equipment is heavily influenced by the volume of material to be moved, the type of soil already present, and compaction issues. Due to the increasing infrastructure investments being made to upgrade public and private infrastructures, businesses that hire earthmoving equipment now have a chance. Earthmoving equipment is expensive and requires significant capital commitments for installation.

COVID-19 impact:
During the COVID period, the Colombian construction rental equipment market is unaffected; in 2019 and 2020, the market is stagnant; there is no change in the market; it operates as usual for the construction rental equipment market. Following the pandemic, the construction rental equipment market has grown.

Considered in this report
• Geography: Colombia
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Colombia Construction Rental market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By equipment Type:
• Earthmoving
• Material handling
• Concrete and road construction

By Application Type:
• Residential
• Non residential
• Others

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Construction Rental industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.