A new forecast is predicting the global construction equipment rental market size to expand at 6% compound annual growth rate by 2035, with a projected revenue upswing from $195 billion in 2022 to $280 billion by the end of 2035.
Research Nester’s forecast pointed to India as a major growth market due to the government’s plans to invest approximately $1 trillion in infrastructure by 2030 to meet its need for urban housing and commercial buildings. The North American construction equipment rental market is estimated to garner the largest revenue by the end of 2035, with much of its growth coming from Canada as the nation seeks to accommodate the more than 400,000 new immigrants who arrive each year.
The report added that commercial real estate construction segment will record the largest revenue by the end of 2035, mostly because of the growth of the hotel market around the world.
“For instance, in 2022, more than 1,840 hotels in total opened their doors worldwide and it was predicted that more hotels would open around the world in the upcoming years, with a peak of around 2,705 in 2024,” the report said. “Additionally, in 2022, the United States accounted for the largest number of ongoing hotel development projects. Moreover, the number of travelers worldwide has increased yearly, particularly as more countries have developed there is a strong need for hotel services. This has led to an increasing number of new construction projects that will require equipment.”
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