Authored By: Sarah
09 Oct 2024

Latest News:- Compact Power Equipment Rental Market: Electric power tools rental is expected to lead the Product segment during 2024-2028

Compact Power Equipment Rental Market to grow at a CAGR of 6.3% during 2024-2028

The Compact Power Equipment Rental Market is expected to grow at a CAGR of 6.3% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 2.09 billion. Incorporating telematics and IoT devices in compact power equipment rental fleets offers significant business advantages. Real-time tracking and remote monitoring enable proactive maintenance, reducing downtime and enhancing equipment utilization, leading to cost savings and operational efficiency. Advanced technologies facilitate predictive maintenance by collecting and analyzing data on equipment health and performance, allowing rental companies to anticipate potential issues, schedule timely maintenance, and extend equipment lifespan. Additionally, smart technologies enhance safety standards with features such as collision avoidance systems, operator monitoring, and real-time safety alerts, reducing on-site risks and improving customer satisfaction. 

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The Electric power tools rental subsegment is expected to dominate the Product segment during the forecast period 

Technavio analysts predict that the Electric power tools rental subsegment will lead the Product segment during 2024 and 2028 The global shift towards environmental sustainability and the reduction of carbon emissions has significantly increased the demand for electric power tool rentals. These rental services offer businesses and individuals an economical and eco-friendly alternative to purchasing and maintaining gas-powered equipment. Compact electric power tools, which are renowned for their lower emissions and reduced noise levels, are particularly popular in urban and noise-sensitive environments. Their lighter weight, ease of handling, and minimal maintenance requirements make them an attractive option for a diverse range of users, including DIY enthusiasts, contractors, and professionals. This growing trend is driving the demand for compact electric power tool rental services, as more consumers seek sustainable and cost-effective solutions for their power tool needs.

Here are the various ways based on which the market is segmented: 

  • Product
    • Electric power tools rental
    • Engine-driven power tools rental
    • Pneumatic power tools
  • Type
    • Period rental
    • Rent to own
    • On-demand rental
  • Geography
    • North America
    • Europe
    • APAC
    • Middle East and Africa
    • South America

Reasons to Purchase the Global Compact Power Equipment Rental Market Market Research Report by Technavio. What is in it for you?

  • Wealth of Experience: Technavio is an established name in the world of market research. It holds an expertise of more than 20 years in the field, has published 21,000+ reports thereby extensively covering the area in various industries and range of regions
  • Insight into Current Market Trends: Our research reports provide our readers insights into the latest market intelligence, competitor strategies, market trends, changes taking place in the industry and customer preferences, forecasted market opportunities that influence them to make better business decisions
  • High ROI with Extensive Hands-on Research: Technavio is renowned for offering personalized market research reports as per unique business needs, delving deep into specific markets, product segments and demographics. Additionally, it is also well-known for providing high return on investments through its wide collection of data at pocket-friendly rates

There are several factors that are causing the market to flourish growth of global construction industry

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Compact Power Equipment Rental Market encompasses a wide range of equipment used in various industries for infrastructure development and maintenance. This market includes transformers, electric motors, compressors, generators, fuel-powered tools, batteries, and a diverse range of electric, pneumatic, and engine-driven power tools. From screw driving and woodwork routing to drilling and polishing, these tools and machinery are essential for construction projects and infrastructure development. Rental services for compact power equipment have evolved with the times, offering mobile applications and online platforms for easy booking and equipment tracking. Specialized equipment, such as low-emission and electric equipment, are increasingly popular due to their environmental benefits. Infrastructure maintenance is a significant market for compact power equipment rental, with the need for reliable and efficient tools to keep critical systems running smoothly. The compact power equipment rental market is expected to grow significantly due to the increasing demand for infrastructure development and maintenance. With advancements in technology, the market is shifting towards more efficient, lightweight, and versatile equipment, making it an exciting space to watch.

Market Research Overview

According to Technavio, the global compact power equipment rental market is a segment of the expansive construction machinery market. This market encompasses a range of product categories, such as heavy-duty trucks, compact earthmoving equipment, road construction and compaction machinery, crushing and screening equipment, concrete machinery, civil engineering equipment, lifting equipment, and related apparatus. The expansion of the global construction machinery market is anticipated to be fueled by several key factors, including the rapid urbanization leading to heightened investments in construction projects. This trend is driven by the increasing demand for residential properties, including single-family homes and multi-family dwellings, as well as the growing need for condominiums, hospitals, hotels, and commercial offices. The burgeoning population and urbanization are primary catalysts for this growth.

The Compact Power Equipment Rental Market is experiencing significant growth, fueled by the growth of global construction industry. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

 

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