Construction Equipment Rental Market Size Worth $75bn by 2024

Construction Equipment Rental Market size is expected to reach USD 75.18 billion by 2024; according to a new research report by Global Market Insights, Inc.

The practice of leasing instead of purchasing heavy machinery has proven to be beneficial for companies of all sizes across numerous industries. Lower administrative overhead coupled with reduces expense and maintenance will drive construction equipment rental market size. Since industry vendors need to comply with the pervasive regulatory landscape, buyers benefit from elimination of replacement costs and associated expenditure. Other trends positively impacting revenue include growing technological advancements ranging from multifunctional machinery to apps for monitoring fuel consumption.

Key product development and innovation features include remote monitoring, ergonomic controls, quick-change attachment couplers, etc. GPS-equipped machines that can be tracked with ease on site have significantly improved fleet management. The presence of the leasing channel has also helped enhance overall customer service by ensuring high product quality, improved response time, on-time delivery, scheduled pick-ups, etc.

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The industry is characterized by increasing natural gas drilling activities coupled with augmentation of the highway network and formation of smart cities. This will lead to a corresponding demand in the construction equipment market, and also give impetus to the rental sector.

The real estate industry that comprises commercial and residential real estate has also driven construction equipment rental market size. Developing technology with greater efficiency and accuracy in material handling has placed high emphasis on safety and productivity at the workplace; for instance, the development of automatic height-adjusting carts which has enabled the operators to work at optimal heights...