Have you ever tried building something on your own, even if it was the garage, but realized at the half way that you don’t own the appropriate equipment? Of course, buying some expensive equipment for only one use would be wasting time and money, which is why you either gave up, hired a construction worker and paid the double than you expected, or did everything manually, which required more time than initially expected. But what if I told you that there are 5 biggest companies in the construction equipment rental industry that will allow you to use their expensive equipment for the lowest fee you could ever think of?
Each year the population and business growth are recorded. Since there are more people living on Earth and the time changed, so, instead of having 3 or more generation under one roof, more young people tend to start their own families in their new homes. On the other hand, there are more business ideas born each day, which means that all of them need at least one new office, which brings me to the next question? How much money is construction industry worth with all these demands? According to Statista, the value of the US construction industry as a percentage of GDP is around $78.4 billion.
But besides the construction industry individually, that includes building houses, residential buildings, bridges, roads, painting, renovating, and even demolishing, there is one more industry related to construction that doesn’t always get enough credit but is involved in the economy increase and that’s the construction equipment rental industry. These companies offer a variety of tools, machinery, vehicles, and equipment of all sizes and assignment, and there are many reasons why so many industrial users, DIY customers, and construction contractors use these services. First of all, renting some equipment that you will use once in 3 to 5 years is cheaper than buying it in every sense. There is also saving money on storage and maintenance that has to be done every year, reduced downtime, controlled expenses, and the capital conservation.
While construction companies and individuals save money on this equipment, the construction equipment rental industry gains profit. According to the 4-Trades that revealed the HIS Markit forecasting CAGR, it is estimated that the construction equipment rental industry will rise by 4.3% each year and the total revenue would jump from $48.9 billion that were counted down this year, to $56 billion by 2020.
And what 5 companies bring the most to the industry’s revenue? Click on 5 biggest companies in the construction equipment rental industry to find out.