US Equipment Rental Market 2028: Growth Prospects, Market Share, and Competition

SAN FRANCISCO - Aug. 5, 2023 - PRLog -- Overview of the Equipment Rental Market in the United States
The equipment rental industry in the United States plays a crucial role in serving various sectors, including construction, industrial, transportation, and agriculture. Renting heavy machinery, tools, and equipment on a temporary basis provides businesses and individuals with a cost-effective and flexible solution, avoiding the high costs of purchasing and maintaining these assets.

Market Fluctuations and Recovery
Between 2020 and 2023, the US Equipment Rental Market experienced fluctuations due to the impact of the COVID-19 pandemic, leading to a decline in demand initially. However, as economic activities gradually resumed, the market witnessed a robust recovery, resulting in increased demand for rental equipment. Despite facing challenges like equipment and labor shortages, rental companies demonstrated resilience and maintained a steady market position. By the end of 2022, the US Equipment rental market size surpassed USD 50 Billion, underscoring its substantial contribution to the US economy.

Market Segmentation and Key Sectors
The US equipment rental market is divided into various sectors, with the Construction or Industrial sector holding the largest market share, accounting for over 40% of the total market. The construction and industrial sectors' growth has been a key driver of the US equipment rental business, leading to a significant increase in rental service demand.

US Equipment Rental Market Forecast
The United States equipment rental market is expected to experience substantial growth from 2023 to 2028, driven by factors like increased demand for construction projects, rising demolition activities, and government initiatives. The market is projected to reach a value of over USD 65 Billion by 2028, with key trends such as expansion in the construction industry and adoption of advanced machines in healthcare driving the increased need for rental services.

Market Opportunities
Opportunities for growth in the US equipment rental market include the expansion of the construction industry, the focus on renewable energy and infrastructure in the energy sector, and embracing e-commerce and digital platforms for equipment rental. Additionally, collaboration between rental companies and businesses in the energy sector can lead to specialized equipment opportunities.

Challenges
Rental companies face challenges in complying with safety and environmental regulations related to equipment usage and emissions, which can add operational complexities to the market.

Conclusion
The comprehensive analysis conducted by Makreo Research in the "United States Equipment Rental Market Outlook 2028" provides valuable insights into the US Equipment Rental Market.

To Know More:
United States Equipment Rental Market Outlook 2028 (https://www.makreo.com/report/united-states-equipment-ren...)