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The compact power equipment rental market size is forecast to increase by USD 2.09 billion at a CAGR of 6.3% between 2023 and 2028.
The compact power equipment rental industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market has experienced significant growth due to the increasing focus on environmental sustainability and the reduction of carbon emissions. Electric power tools, a key segment of this market, offer lower emissions and reduced noise levels compared to engine-driven alternatives. This makes them an attractive option for urban and noise-sensitive environments, driving demand, particularly in residential and commercial settings. Electric power tools are also lighter, easier to handle, and require less maintenance, making them suitable for a wide range of users, including DIY enthusiasts, contractors, and professionals. Rental services provide an accessible solution for end-users to utilize eco-friendly equipment without the long-term commitment of ownership.
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The electric power tools rental segment was valued at USD 2.24 billion in 2018 and showed a gradual increase during the forecast period.
Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The North American market is driven by the growth In the construction industry, particularly In the US. Despite federal spending cuts, the industry is projected to expand due to low housing loan interest rates and a pipeline of infrastructure projects. In Canada and Mexico, similar positive trends are anticipated. Infrastructure development is a significant growth factor, with numerous projects planned in the US during the forecast period. Compact power equipment, including generators, compressors, pumps, and various power tools, is essential for these projects. Equipment types include engine-driven, electric, pneumatic, and specialized tools for drilling, polishing, woodwork routing, screw driving, and more.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growth of global construction industry is the key driver of the market.
Integration of advanced technologies in compact power equipment is the upcoming market trend.
Operational challenges associated with compact power equipment rentals is a key challenge affecting the industry growth.
The compact power equipment rental market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the compact power equipment rental market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, compact power equipment rental market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market encompasses a diverse range of machinery and tools that cater to various industries and applications. This market includes engine-driven power tools such as drills, polishers, woodwork routing machines, and screw drivers, as well as electric power tools and pneumatic power tools. The demand for compact power equipment is driven by infrastructure development projects and infrastructure maintenance, among others. One significant trend In the market is the shift towards lightweight and fuel-efficient equipment. Contractors and rental companies are increasingly seeking equipment that offers improved productivity and reduced operating costs. This has led to the development of low-emission electric equipment and specialized equipment designed for specific applications.
Moreover, another trend In the market is the integration of technology into rental services. Online platforms and mobile applications have made it easier for customers to search for and rent equipment, while telematics systems enable real-time equipment tracking and monitoring. Equipment rental companies are also investing in emission control systems and fuel-efficient engines to meet environmental regulations and reduce operating costs. The market is segmented based on equipment type, including generators, compressors, pumps, and various types of machinery and tools. The rental duration is another segmentation criterion, with short-term, mid-term, and long-term rentals available to cater to different customer needs.
In addition, the rental demand for compact power equipment is influenced by various factors, including the nature of the project, the location, and the availability of power sources. Diesel, gasoline, electric, hydraulic, and other power sources are used to operate the equipment, depending on the specific application. Equipment wear and maintenance are critical considerations In the market. Rental companies must ensure that their equipment is well-maintained to maintain customer satisfaction and prevent downtime. This involves regular inspections, repairs, and replacement of worn-out parts. The trend towards lightweight, fuel-efficient, and technologically advanced equipment is driving innovation and growth In the market. Rental companies must stay abreast of these trends and invest In the latest technology to remain competitive and meet the evolving needs of their customers.
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Market Scope |
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Report Coverage |
Details |
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Page number |
159 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.3% |
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Market growth 2024-2028 |
USD 2.09 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.93 |
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Key countries |
US, China, Japan, Germany, and France |
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Competitive landscape |
Leading Companies, market growth and forecasting Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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