DUBLIN–(BUSINESS WIRE)–The “U.S. Construction Equipment Rental Market – Strategic Assessment & Forecast 2023-2029” report has been added to ResearchAndMarkets.com’s offering.
U.S. construction equipment rental market is expected to reach a value of $54.1 billion by 2029 from $39.2 billion in 2022, growing at a CAGR of approximately 4.73% from 2022 to 2029
In 2021, the Biden-Harris government signed the Bipartisan Infrastructure Law (BIL), which focused on promoting the nation’s infrastructure and competitiveness by rebuilding roads, bridges, ports, and airports.
It also included the upgradation of rail systems and providing cleaner and cheaper energy. Investment in the construction industry during November 2022 was recorded at USD 1,807.5. Private construction received worth USD 1,426.4 billion in investment during the same period. The launch of BIL is focused on upgrading and renovating the nation’s aging infrastructure and is expected to propel the U.S. construction equipment rental market during the forecast period.
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 the U.S. construction equipment rental market growth.
VENDOR LANDSCAPE
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 are introducing 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 diverse 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.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 119 |
| Forecast Period | 2022 – 2029 |
| Estimated Market Value (USD) in 2022 | $39.2 Billion |
| Forecasted Market Value (USD) by 2029 | $54.1 Billion |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | United States |
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
For more information about this report visit https://www.researchandmarkets.com/r/yg61aj
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Contacts
ResearchAndMarkets.com
Laura Wood, Senior Press Manager
[email protected]
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
