Sales are projected to grow at a healthy CAGR of 6.7% from 2022 to 2032, leading to a valuation of US$ 204,453.2 Million for the global compact power equipment rental market. The extensive use of compact power equipment in the expanding construction sector is expected to drive the compact power equipment rental market to an estimated US$ 107,234.1 Million in 2022.
Basically, tools required for smaller-scale construction projects are compact power equipment. They are portable, lightweight, and convenient to use. These tools are used for a variety of related tasks, including drilling, hammering, cutting, grinding, and washing. Over the coming years, the market growth of compact power equipment rental is likely to be supported by the rising number of construction, building and infrastructure projects. The growing demand for electric tools, particularly in developing nations, is fueling the market even more.
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Accelerated demand for rapid execution of projects and surging infrastructure activities will bolster the market opportunities for compact power equipment rental market. In developing regions like Asia there is enormous demand and scope for growth of the target market in the construction and infrastructure sector. The companies operating in these sectors often rent machinery from power tool companies as they are unable to invest in power equipment. Consequently, there’s a plethora of opportunities for compact power equipment rental market in these regions over the projected period.
Apart from the positive market prospects, the compact power equipment rental market will likely face certain challenges. Factors that might hinder the target market’s growth are constant maintenance requirements and high equipment costs. Additionally, consumers who rent equipment from companies often damage the tools, which is a significant issue for the power tool rental market.
“Rising demand for electric tools in developing countries coupled with increasing construction activities all over the world are likely to augment the global growth of compact power equipment rental market over the forecast period,” says an FMI analyst.
Key Takeaways:
- A surging demand for swift project completion is expected to boost market growth.
- High equipment costs and constant maintenance may hinder market prospects.
- Asia Pacific is expected to present multiple lucrative opportunities for the market.
- In 2022, the Europe compact power equipment rental market is predicted to account for 27.2% of the global market share.
- North America compact power equipment rental market is projected to account for 23.7% of the global market share.
Competitive Landscape
Makita Corporation, Bosch, Stanley Black & Decker, Hilti Group, Panasonic Corporation, Emerson Electric Company, Snap-on Inc., and Techtronic Industries among others are some of the principal players in the compact power equipment rental market that are profiled in the full version of the report.
Major market players are focusing on product development and new product launches. These organizations are also engaged in collaborations, partnerships, mergers, and acquisitions so as to improve their sales and maintain a competitive advantage.
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More Insights into the Compact Power Equipment Rental Market Report
In its latest report, FMI offers an unbiased analysis of the global compact power equipment rental market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented based on product type (compact electric power tools rental, compact engine-driven power tools rental, compact pneumatic power tools rental), and region.
According to the latest FMI reports, based on region, the Asia Pacific region is likely to present impressive growth over the forecast period. India, Japan, and China are countries that propel the growth of compact power equipment rental market in this region. Escalating building, construction and infrastructure activities in the Asia Pacific region are accountable for the regional growth over the period of observation.
In Europe, the compact power equipment rental market is predicted to undergo substantial growth from 2022 to 2032. In 2022, the region is anticipated to acquire a 27.2% market share of the global compact power equipment rental market. Ongoing development activities in countries like Spain, Italy, Switzerland, the Netherlands, the U.K., and many others is driving the market growth in this region.
North America will likely account for 23.7% of the global compact power equipment rental market share. Shifting preference of multiple organizations for renting compact equipment is expected to propel the market growth in this region. Increasing construction projects in Canada also support this growth over the forecast period.
Key Segments Profiled In The Compact Power Equipment Rental Market Report
Compact Power Equipment Rental by Type:
Compact Electric Power Tools Rental
Compact Engine-driven Power Tools Rental
Compact Pneumatic Power Tools Rental
Compact Power Equipment Rental by Region:
Compact Power Equipment Rental in North America
Compact Power Equipment Rental in Latin America
Compact Power Equipment Rental in Europe
Compact Power Equipment Rental in Asia Pacific
Compact Power Equipment Rental in Middle East and Africa
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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