Heavy Construction Equipment Rental is the fastest growing segment fueling the growth of Construction Equipment Rental Market
Construction Equipment Rental Market Construction equipment such as excavators, cranes, forklifts, loaders and other heavy machinery are used extensively in commercial and residential construction. Renting such equipment on need basis provides flexibility and reduces capital cost for construction companies. The global Construction Equipment Rental Market is estimated to be valued at US$ 237.8 Bn in 2023 and is expected to exhibit a CAGR of 5.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: One of the key trends in the construction equipment rental market is the growing preference for rental over ownership of heavy machinery due to low maintenance costs and capital expenditures. Renting equipment eliminates repairs and replacement costs and provides flexibility to change equipment type based on project needs. This has encouraged several construction companies to opt for renting equipment rather than buy...