Summary

The US construction equipment market is high, Due to the rise of the construction sector, the market for equipment rentals in the United States is expanding. The number of people using rental services is significantly increasing as contractors and dealers choose to rent instead of buy in order to reduce the size of their fleets and the complexity of their organizations, which could otherwise affect activities like asset disposal, logistics, maintenance, and procurement. The acceptance rate of rental services is increasing along with the number of infrastructure projects, which is boosting the growth of the equipment rental industry in the United States.

According to the research report "US Construction Equipment Rental Market Overview, 2028," published by Bonafide Research, the US Construction Equipment Rental market is expected to add USD 4.42 Billion by 2028. In recent years, the construction equipment rental market has expanded rapidly.While technology is becoming more important as businesses get more inventive to meet demand due to manpower shortages, Strong demand for industrial and construction services, along with stimulus programs, appear to be the driving forces behind the US rental market's significant comeback. The earthmoving equipment, which is all JCBs, is growing the construction equipment rental market. Heavy machinery, such as heavy-duty vehicles developed specifically for construction activities including earthworks, is known as earthmoving equipment. They are used to move a lot of earth, dig landscape foundations, and other things. Heavy equipment operators who operate cranes and backhoes typically earn the most money.

A favourable operating environment has been created by the limited supply of new equipment and the consistent demand from several important markets. The Home Depot's continuing investment in the industry, most recently adding online rentals to the services it is providing, mostly targeted at its "Pro" clients, further emphasises the allure of the US rental market. With its ES 1330 and ES 1530 scissors, JLG has entered the micro-scissor category. Urbanization is pushing demand for compact equipment, larger capacity machines, and higher-reaching models. Raw material prices are rising while supply chain restrictions remain a problem. Manufacturers and everyone else involved in the ecosystem of the rental sector are going through extraordinary circumstances as a result of US inflation. It is still challenging to get the equipment and necessary parts on schedule. However, despite these problems, equipment rental companies continue to strive to keep up with new developments that will support their business models. In this post-pandemic environment, the rapid recovery in demand for aerial and material handling equipment is undoubtedly aided by the boom in residential development.

Utilizing a company's rental equipment is simple in the US. In terms of marketing and transactional support, the company partnered with a business called Quipli, which has created an online marketplace for the US where clients can go and "book their rental schedule, arrange delivery, make the payment, and sign the contract." It is entirely within its website at any time of day without contacting a rental coordinator on the back end.United Rentals is the largest equipment rental company. They rent out all equipment for earthmoving, material handling, and road and construction work.For JLG, this demand spans all product categories, even though specific category development in important areas is driven by elements like urbanisation and the rise of warehouse construction as a result of the pandemic's impact on online shopping. Another factor driving expansion is the construction of data centres. There are some concerns that are similar across the categories, but there are also big variances in how they approach addressing client demand, hiring staff, and supply chain issues. To have a better understanding of the health of the market, we spoke with a number of business executives about how they are adapting to and overcoming the new problems they will face in the coming year.

COVID-19 IMPACT:
The American Rental Association (ARA) predicted a record year for equipment rental revenue in 2022 even before accounting for the possible benefit of infrastructure development. Event rental businesses anticipate ongoing revenue growth despite suffering significantly in 2020 as a result of the coronavirus (COVID-19) outbreak. Although revenues are probably going to grow faster than they did in 2019, each segment's business has changed. Technology is becoming more important as businesses get more inventive to meet demand due to labour shortages.

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

Aspects covered in this report
• US 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.