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Need to Supplant Outdated Equipment within Limited Budget Drives Impressive Growth in US Rental Equipment Market

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Published on : Jan 30, 2018

ALBANY, New York, Jan 30, 2018: ResearchMoz.us has added a market study, titled, “The US Rental Equipment Market: Size, Trends & Forecasts (2017-2021),” to its database. The report studies the market carefully and forecasts it at the local and global level. It uncovers the different headwinds and tailwinds molding the trajectory of the market. Banking upon historical and current data, it estimates the current and future size and the competitive dynamics of the market.

Electrical devices used for particular tasks and services are broadly termed as equipment. Such equipment help to improve the quality of work and thus up productivity. They are also easy to maintain. The equipment can be broadly divided into manual equipment, mechanical equipment, and powered equipment.

Typically, heavy equipment are rented. So much so an entire industry has spawned around it called rental equipment market. Various equipment are offered on rent for a stipulated period of time in the rental equipment market. In fact, depending upon the duration for which the equipment is rented, the market can be categorized into short term rental for a month, unplanned or emergency rentals for same day delivery of equipment, and long-term rental for over a month.

Depending upon the type of equipment again, the market can be divided into general tools in which normal regular equipment are provided, construction and industrial equipment in which big and heavy equipment mainly for construction or manufacturing are supplied, and tools related to party or events in which staging and lighting are provided.

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Some of the key end users in the U.S. rental equipment market are facilities and municipalities, data centers, entertainment and special events, and construction and emergency. The U.S. market for rental equipment is expected to clock an impressive compound annual growth rate (CAGR) over the course of the forecast period between 2017 and 2021. This is because of the myriad benefits of rental equipment market. First, they have a flexible contract period, which means one does not have to bother about how long they need it for. Second, organizations wanting to avail latest models of equipment built on cutting-edge technology do not need to spend hefty amounts on acquiring them. Instead they can simply rent those to see for themselves how useful they could prove for day to day operations. Third they bring about tax savings. Fourth, they save entities storage and transportation costs.

Apart from the above advantages, other important factors too are serving to drive the market for rental equipment in the U.S. Some of them are the increasing concerns about cost saving among end users, the wide array of equipment available in the market, and a diverse consumer base. However, the U.S. market for rental equipment is also faced with certain headwinds posing a challenge to its growth trajectory. Uncertain global economic outlook and limited reach of services which makes it difficult for end users in remote regions to avail them are two of them. 

Despite such headwinds, the U.S. market for rental equipment will make impressive strides in the near future on the back of joint ventures between players, growing need to supplant outdated equipment within one’s budget, and introduction of fleet management software services by prominent original equipment manufacturers (OEMs).

Some of the prominent participants operating in the U.S. market for rental equipment are Rentals, Ashtead Group (Sunbelt), Home Depot, and Herc Rentals. The report examines their product offerings, USPs, client base, revenues, strategies, and prospects in the future.

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