According to the latest research report titled ‘North America Construction Equipment Rental Market Size By Product, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report, North America construction equipment rental market is projected to reach USD 55 billion by the end of the forecast period 2020-2026.
 

As per the report findings, high initial investment requisite in new machinery, along with associated maintenance & insurance costs, and heavy taxes are compelling contractors and construction companies to opt for equipment rental services. Moreover, increasing government regulations regarding carbon emissions is positively impacting North America construction equipment rental market outlook.
 

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Further, increasing efforts of rental companies towards expanding their fleet with loaders, low-emission excavators, and other equipment necessary for roadbuilding, earthmoving, and paving is positively impacting the business landscape.
 

Elaborating on the impact of Covid-19 pandemic on North America construction equipment rental industry, several countries in the region are facing a plethora of economic consequences as the crisis has severely impacting manufacturing sector and international trade. Decline in availability of raw materials and skilled labors, financial instability, and a big hole in the income statement of employee and workforce are the major challenges amid this grueling time. Moreover, supply-demand shocks have withheld the overall industry remuneration. However, gradual economic recovery and containment of the virus in 2021 is likely to breathe new life into the industry.
 

Based on product type, North America construction equipment rental market is categorized into concrete equipment, material handling & cranes, and earthmoving & road building equipment. Among these, material handling & cranes segment will record strong gains in the upcoming years. The segment is further split into industrial trucks, storage & handling equipment, bulk material handling equipment, and engineered systems. The industrial truck segment is set to witness an increased demand owing to its capability of mitigating human efforts and enhancing productivity.
 

Key players influencing North America construction equipment rental industry dynamics are Hinkel Equipment Rental Associates, Kanamoto Co., Ltd., Herc Holdings, Inc., Fortrent Group, H&E Equipment Services, Inc., Cramo Finland Oy, Briggs Equipment, Inc., Caterpillar, Inc., Boels Rental, Aktio Corp., Ashtead Group plc, Ahern Rentals, Inc., and AJ Networks Co., Ltd. among others.