The Advancement of Construction Equipment Rental Business

The growth trajectory for the construction equipment rental business has seen an upward trend of more than 50% in the last few years and is expected to rise faster than this in the coming decade. The cost of construction materials going high, global supply chain getting disrupted and also the economic instability in the nations due to numerous factors have contributed to the rise in the construction equipment rental business. 

How vast is the construction equipment rental business?

As we already mentioned, the last few years has seen an enormous growth in the scale of the business and if combined with the various other factors that have been happening around the globe they have acted as a catalyst for the proliferation of the same. Talking about the statistics, the construction equipment rental business surpassed USD 110 Billion in 2020 and is even projected to grow at a CAGR of 4.5% from 2021-2027.   

Aspects Driving the Growth

The growth trajectory when seen without the factors beneath the layer and that are actually driving the change may appear to be a bewildering situation. Let’s have a look at the various aspects that are driving the growth of the construction equipment rental business.

Fluctuations in the Market

Fluctuations in the market have been a major influential factor that is amplifying the need to opt for construction equipment on rent. Apart from this the high taxes, increased maintenance cost, high depreciation costs and also the equipment insurance of the new construction equipment have been a major factor that is vitalizing the contractors and the construction companies to move their focus towards construction equipment rental. 

Fluctuating Demand Patterns

Moreover the financial downturn that if happens can lead to huge amounts of distress and instability and then the new purchases may prove to be the liability. With the increasing labor costs and fluctuating demand patterns across the countries including US, UK, China and India are paving a new way for the immense growth opportunities. The evolution of new market trends will ultimately help the construction equipment rental business to pick up the pace. 

Increasing Urbanization 

The increased influx of the people into the urban areas is also creating huge velocity for the construction business. People across the countryside are increasingly moving towards the city for a better economic lifestyle. To accommodate the high end population on the same turf requires more and more construction facilities. 

To cater this huge demand, many companies are providing construction equipment rental services and managing the upscale demand. DAYIM Equipment Rental is amongst one such company that provides extremely great and efficient services. One can contact the team at DAYIM Equipment Rental for articulated boom lift rental, compact crawler boom lift rental as well as for the other construction equipment. They provide boom lifts for rent at extremely budget friendly cost. From the last many years they have been providing the construction equipment on rent and have created a significant presence across the globe.