U.S. Construction Equipment Rental Market to reach $54.17 Billion by 2029. The analysts at Arizton are closely monitoring the market and are forecasting growth at a CAGR of 4.73% from 2022-2029
CHICAGO, Feb. 28, 2023 /PRNewswire/ — The integration of advanced technology in the rental fleet to support the U.S. goal of net-zero emission by 2050 and the growing prevalence of online rental platforms for smooth delivery of rental construction equipment are the key trends in the U.S. construction equipment rental market. Intel announced its plans to build two chip factories in Ohio in 2021, with an investment of over $20 billion. Phase 1 of the project is estimated to generate 3,000 and 7,000 construction jobs. The construction began in 2022 and is expected to complete in 2025. In addition, General Motors Co. plans to invest $7 billion in developing four manufacturing factories in Michigan. The investment will generate 4,000 new jobs. Developing several production facilities in the country is expected to boost the construction of warehouses across the region.
U.S. Construction Equipment Rental Market
DOWNLOAD THE FREE SAMPLE REPORT NOW: https://www.arizton.com/request-sample/3723
The Chicago Transit Authority (CTA) has announced the development of the Red Line Extension (RLE) with an estimated cost of $3.6 billion and included the extension of the Red Line from the existing southern terminal at 95th Street to 130th Street. The 5.6-mile extension would comprise four new stations at 103rd Street, 111th Street, Michigan Avenue, and 130th Street. Hence, the rise in road connectivity will likely increase the demand for other rental equipment, with significant investments in the upcoming years.
U.S. CONSTRUCTION EQUIPMENT RENTAL MARKET REPORT SCOPE
|
Report Attributes |
Details |
|
Market Size (2029) |
USD 54.17 Billion |
|
Market Size (2022) |
USD 39.2 Billion |
|
CAGR (2022-2029) |
4.73 % |
|
Historic Year |
2020-2021 |
|
Base Year |
2022 |
|
Forecast Year |
2023-2029 |
|
$Type |
Earthmoving Equipment, Road Construction Equipment, and Material Handling Equipment |
|
End-Users |
Construction, Logistics & Warehouse, Mining, and Others |
|
Key Vendors |
Key Vendors: Caterpillar, Komatsu, Hitachi Construction Machinery, Volvo Construction Equipment, Liebherr, Hyundai Construction Machinery, John Deere, Kobelco, and JCB Other Prominent Vendors: Terex Corporation, Liu Gong, CNH Industrial, and Tadano Rental Companies Profile: United Rentals, Inc., Sunbelt Rentals, Herc Rentals, The Home Depot Rental, Warren CAT, Sunstate Equipment, H&E Equipment Services, Maxim Crane Works, L.P., Briggs Equipment, Uperio Group, and Worldwide Machinery |
|
Page Number |
119 |
|
Market Dynamics |
· Investment through the Bipartisan Infrastructure law to rebuild public infrastructure is expected to support the demand for rental construction equipment · Rising inflation & supply restraints in the country is expected to propel the demand for rental machinery · Growth in the mining industry to propel the demand for renting earthmoving equipment |
DOWNLOAD THE FREE SAMPLE REPORT NOW: https://www.arizton.com/request-sample/3723
GOVERNMENT INVESTMENT IN PUBLIC INFRASTRUCTURE BOOSTING THE U.S. CONSTRUCTION EQUIPMENT RENTAL MARKET
The Federal Aviation Administration (FAA) announced an expenditure of USD 3 billion for 3,075 airports all over the U.S. to improve terminals. On the other hand, the U.S. Army Corps of Engineers (USACE) floated USD 3.9 billion to improve supply chains and strengthen ports and waterways. It includes over 16 construction projects across ten states.
Development of the high-speed rail system in California would include 800 miles of rail, with up to 24 stations. The project will connect San Francisco to Los Angeles, extending to Sacramento and San Diego. The rail would run along 1,287 km and is estimated to be completed in 2033. This project is the first high-speed train system implemented in the US. It is estimated to cost USD 68 billion, and the investment by the federal includes USD 2.6 billion in state bonds. Another investment of approximately USD 7 billion is by public-private partnership funding. The construction is being done in an environmentally friendly way, as it has promised to recycle 100% of all usable concrete and steel. The transportation system would include trains that accommodate 1,300 passengers at once and will be up to 1,300 feet long. The technology of the trains would be based on high-speed trains from Japan, Germany, and France.
Approximately USD 60 billion would be invested by the government to repair surface transportation nationwide. Development of the Glassboro-Camden rail line would cost approximately USD 1.6 to USD 1.8 billion and is expected to be completed in 2028. The train would stop at Glassboro, Pitman, Sewell, Mantua, Woodbury Heights, and Camden stations.
The U.S. logistics giant Prologis has planned to develop a massive warehouse on a 50,000 sqm area at Prologis Park Wroclaw III near the airport. The warehouse is designed to be 12 meters high, and the construction is scheduled to complete by Q2 2023. Additionally, over 600,000 square meters of modern warehouses are currently under construction in Lower Silesia.
The Portal Bridge Enhancement Project, with a total value of USD 1.65 billion, involves the construction of a 3.92 km, two-track, high-level, fixed-span railway bridge over the Hackensack River in New Jersey. Project construction commenced in 2021 and is estimated to be completed in quarter four of 2026. The project would replace the 111-year-old swing bridge, enabling marine traffic to sail underneath smoothly. The project will improve service throughout the northeast corridor and contribute to growth in the U.S. construction equipment rental market.
VENDOR INSIGHTS
Prominent vendors in the U.S. construction equipment rental market are Caterpillar, Volvo Construction Equipment, Liebherr, Hitachi Construction Machinery, Komatsu, John Deere, Hyundai Construction Equipment, JCB & Kobelco.
JCB, John Deere & Terex are emerging strong in the U.S. construction equipment rental market. These companies introduce innovative products to capture the construction equipment industry’s share. For instance, in 2022, John Deere launched its new large, wheeled loaders (744 P-tier, 824 P-tier, 844 P-tier, and the 904 P-tier) in the US.
Other prominent U.S. construction equipment rental market vendors are CNH Industrial, Liugong, Tadano & Terex.
Liebherr, Caterpillar, Volvo Construction Equipment, Komatsu & Hitachi Construction Machinery are the U.S. construction equipment rental market leaders. These companies have a strong industry share and offer various products.
Caterpillar operates over 60 locations in 25 states of the United States and is a leading US exporter. Finning CAT is one of the prime distributors in the United States.
CUSTOMIZE YOUR REPORT NOW
If our report does not include the information you are searching for, you may contact us to have a report tailored to your specific business needs https://www.arizton.com/customize-report/3723
Key Vendors
Caterpillar
Komatsu
Hitachi Construction Machinery
Volvo Construction Equipment
Liebherr
Hyundai Construction Machinery
John Deere
Kobelco
JCB
Other Prominent Vendors
Terex Corporation
Liu Gong
CNH Industrial
Tadano
Rental Companies Profile
United Rentals, Inc.
Sunbelt Rentals
Herc Rentals
The Home Depot Rental
Warren CAT
Sunstate Equipment
H&E Equipment Services
Maxim Crane Works, L.P.
Briggs Equipment
Uperio Group
Worldwide Machinery
KNOW MORE ABOUT THE US CONSTRUCTION EQUIPMENT RENTAL MARKET: https://www.arizton.com/market-reports/us-construction-equipment-rental-market
Market Segmentation
Type
Earthmoving Equipment:
Excavator
Backhoe Loaders
Wheeled Loaders
Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
Material Handling Equipment
Crane
Forklift & Telescopic Handlers
Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
Road Construction Equipment
Road Rollers
Asphalt Pavers
End Users
Construction
Logistics & Warehouse
Mining
Others
Download the Free Sample Report Now: https://www.arizton.com/request-sample/3723
CHECK OUT SOME OF THE TOP-SELLING RESEARCH REPORTS:
U.S. Used Construction Equipment Market- Strategic Assessment & Forecast 2022-2028: The U.S. used construction equipment market is projected to grow at a CAGR of over 5% from 2022 to 2027 and reach $2.8 billion by 2028 from $2 billion in 2021. The used construction equipment market in the US is expected to reach 45,766 units by 2028. The US government investment in the up gradation of infrastructure & renewable energy projects is expected to support the demand for used equipment in the US during the forecast period (2022-2028).
Canada Construction Equipment Market – Strategic Assessment & Forecast 2021-2027: Canada’s construction equipment market was valued at USD 3.8 billion and is forecasted will reach USD 4.85 billion by 2027, growing at a CAGR of 4.45% during 2021-2027. Canada’s earthmoving equipment market will witness robust growth during the forecasted period. According to the building & construction authority Canada, public sector projects will drive the demand for the construction equipment industry, which accounted for 64% of the total demand in 2021 due to the government’s affordable housing programs.
U.S. Construction Equipment Market – Strategic Assessment & Forecast 2021-2027: The U.S. construction equipment market size was valued at USD 22.6 billion in 2021 and is projected to reach USD 32.68 billion by 2027, growing at a CAGR of 6.34%. The market will witness the sale of 1,91,836 units by 2027. The demand for construction equipment is strong in the US primarily due to the government’s significant support for technologically advanced equipment in manufacturing, energy, power, transportation, hybrid vehicles, and other industries. The use of prefabricated units in the construction of buildings is likely to boost the construction equipment market. The construction equipment market is expected to fuel due to the high demand for electric vehicles. Growth in arms exports from the US is expected to boost the construction equipment market.
Canada Crane Market – Strategic Assessment & Forecast 2021-2027: Canada crane market size will be valued at USD 1.4 billion and reach a volume of 6,132 units by 2027, growing at a CAGR of 3.70%. In Canada, the demand for mobile cranes is rising substantially, and Canada’s mobile crane market accounts for 48% of the overall crane market.
TABLE OF CONTENT
Section1 – Introduction
Market Snapshot
Executive Summary
Section 2 – The Market Overview
Economic Scenario, Foreign Direct Investment, Major Infrastructure Projects
Section 3 – Market Landscape
3.1 US Construction Equipment Rental Market by Type (Value)
3.1.1. Earthmoving Equipment
Excavator
Backhoe Loader
Wheeled Loader
Other Earth Moving Equipment (Other Loaders, Bulldozer, Trencher, etc.)
3.1.2. Material Handling Equipment
Crane
Forklift and Telescopic Handler
Aerial Platform (Articulated Boom lifts, Telescopic Boom lifts, Scissor Lifts, etc)
3.1.3. Road Construction Equipment
Road Roller
Asphalt Paver
3.2 US Construction Equipment Rental Market by End-User (Value)
Construction
Mining
Logistics & Warehouse
Others (Waste Management, Agriculture, Oil & gas Extraction, Utilities & Energy, Power Generation, Disaster Management & Water Management)
Section 4: Market Dynamics
Market Drivers, Restraints, Trends, Advantages US, Key Economic Regions, Supply Chain Analysis, COVID-19 Impact
Section 5: Technology Development
Advent of New Technology
Section 6 – Competitive Landscape
Competitive Landscape Overview
Major Vendors (Caterpillar | Volvo Construction Equipment | Liebherr | Komatsu | Hitachi Construction Machinery | CNH Industrial | JCB | Hyundai Construction Equipment | John Deere | Liugong | Tadano| Terex | Kobelco
Other Prominent Vendors
Prominent Rental Vendors
Section 7-Quantitative Summary
Section 8 – Report Summary
Key Insights
Abbreviations
List of Graphs
List of Tables
Section 9 – Report Scope & Definition
Research Methodology
Research Objective
Market Definition, Inclusion & Exclusion
ABOUT US:
Arizton Advisory and Intelligence is an innovative and quality-driven firm that offers cutting-edge research solutions to clients worldwide. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on consumer goods & retail technology, automotive and mobility, smart tech, healthcare, life sciences, industrial machinery, chemicals, materials, I.T. and media, logistics, and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
CONTACT US
Call: +1-312-235-2040
+1 302 469 0707
Mail: enquiry@arizton.com
Contact Us: https://www.arizton.com/contact-us
Blog: https://www.arizton.com/blog
Website: https://www.arizton.com/
Photo: https://mma.prnewswire.com/media/2011635/U_S__Construction_Equipment_Rental_Market.jpg
Logo: https://mma.prnewswire.com/media/818553/Arizton_Logo.jpg
SOURCE Arizton Advisory & Intelligence