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Construction Equipment Rental Market size surpassed USD 130 billion in 2022 and is anticipated to register 4% CAGR from 2023 to 2032, resulting from the high purchasing cost of new construction equipment.
Renting is gaining popularity among contractors since on-site maintenance, repair, and replacement provisions are now included in rental agreements, which helps businesses reduce expenditures, maintenance expenses, and repair costs. Equipment rental firms are leveraging potential business opportunities by expanding their firms through acquisitions or partnerships to broaden their global reach and by strategically incorporating technical upgrades into their fleet.
Report Attribute | Details |
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Base Year: | 2022 |
Construction Equipment Rental Market Size in 2022: | USD 130 billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 4% |
2032 Value Projection: | USD 225 billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 250 |
Tables, Charts & Figures: | 255 |
Segments covered: | Product and Region |
Growth Drivers: |
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Pitfalls & Challenges: |
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Additionally, the emerging trend of mass migration of people from rural to urban areas in the Middle East region has accelerated the improvement of infrastructure amenities. The GCC's urbanization rate is set to rise from 85% in 2022 to 90% by 2050. Furthermore, renting equipment is found to lower carbon emissions by 30 to 60% during the life of the equipment compared to ownership. The advent of electrified and miniaturized machinery emphasizes the trend of sustainability, which is likely to boost market revenue by 2032.
The boom in the construction sector is resulting in an immediate surge in the demand for highly trained labor, which may slow down the construction equipment rental market expansion. However, businesses are increasingly investing in advanced technologies, including AI and industrial robotics and are also implementing strategies to train their staff in order to promote productivity, which is likely to raise the number of skilled personnel in the business scenario.