Construction equipment rental market projected to grow
Global market is expected to reach US$135.7B by 2027.
Analysis by Emergen Research suggests that the global construction equipment rental market will reach US$135.7 billion by 2027. For context, in 2019, the market was US$97.7 billion, representing an expected compound annual growth rate of 4.1 per cent.
The projected growth is attributed to the availability of numerous rental options companies have to fill needs during outages and provide flexibility to support logistics and financial issues.
The report, entitled Global Construction Equipment Rental Market – Forecast to 2027, offers a comprehensive review of the market’s current and future trends. It states that among the market drivers is the effort of big firms to develop new and more modern technology and product advancements.
Among the key findings in the report was the March 2019 acquisition of Alberta-based Prime Rentals by Cooper Equipment Rentals, a move that allowed Cooper to gain a bigger foothold in South Alberta. Cooper has been quite active with its acquisition strategy recently.