US Equipment Rental Market Expands with Construction Boom, Supporting 7.5M Jobs and 4.3% of GDP

CALIFORNIA CITY, Calif. - Oct. 15, 2024 - PRLog -- The US Equipment Rental Market is witnessing significant growth, bolstered by the strength of the construction industry. Contributing around 4.3% to the US GDP, the construction sector employed over 7.5 million individuals as of January 2022, representing 4.8% of the total workforce. The demand for rental equipment is rising as contractors and developers increasingly prefer renting over purchasing due to cost-efficiency and flexibility.

According to Makreo Research, the US Equipment Rental Market expanded at a CAGR of 3% between 2018 and 2022, with demand surging in 2021 and early 2022. This growth is fueled by infrastructure projects and housing demand, driving equipment rental as a solution for both heavy machinery and specialized tools.

Key Drivers of US Equipment Rental Market Market Growth:
Infrastructure Investments: The USD 1.2 trillion Infrastructure Investment and Jobs Act (IIJA) has been a catalyst for construction activity, leading to a 15% year-over-year increase in equipment rental demand for infrastructure projects. Roads, bridges, and energy systems continue to drive demand for heavy equipment rentals.

Cost Efficiency: More construction companies are opting for rental solutions to reduce capital expenditure. Over 55% of US construction firms now rely on rental services for equipment, a 20% increase over the past decade.

Housing Demand: The residential construction market grew by 7% in 2023, fueling demand for equipment such as earthmoving machinery and concrete mixers. Residential construction alone accounts for 35% of the rental market's revenue.

US Equipment Rental Market Outlook:
The equipment rental market is expected to continue its upward trajectory, with a projected CAGR of 4% from 2023 to 2028. This growth is supported by increasing construction activities, government infrastructure investments, and rising maintenance and refurbishing activities of both commercial and residential buildings. Urbanization is also driving demand for compact rental equipment suited for city projects.

Technological and Sustainability Trends:
Sustainability is reshaping the equipment rental landscape, with companies increasingly adopting electric and hybrid machinery to meet environmental standards. Additionally, innovations in telematics and data-driven solutions are improving equipment efficiency and minimizing downtime, further enhancing the appeal of rental services.

As the US construction and infrastructure sectors continue to expand, the US Equipment Rental Market is well-positioned for sustained growth, offering flexible, cost-effective solutions to meet the country's evolving demands.

Makreo Research has published a comprehensive study titled "United States Equipment Rental Market Outlook 2028" This report provides an in-depth analysis of the US Equipment Rental Market, assessing both the pre-and post-COVID scenarios, and highlights opportunities for growth in the construction, industrial, and other sectors.

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