The global compact power equipment rental market size reached a valuation of US$ 107,234.1 Million in 2022. The expanding market value and wide range of applications are projected to be the market’s primary growth drivers. The overall market for compact power equipment rental are projected to grow at a robust CAGR of 6.7% between 2022 and 2032, totaling around US$ 204,453.2 Million by the end of 2032.
Compact power equipment comes equipped with all the tools needed for simpler construction projects. The equipment is portable and is used to produce goods more quickly and conveniently. Engine-driven, electric, and pneumatic power tools are just a few examples of the various types of compact power tools. They can be used for many different things, such as drilling, polishing, routing, and screw driving.
Projects involving construction typically require small tools. On construction sites, these tools are used for activities like drilling, hammering, cutting, grinding, washing, and blowing machinery. Compact power tools are portable, lightweight, and easy to use and transport. However, they require skilled labour, are more difficult to use than standard hand tools, and need ongoing maintenance.
As per Future Market Insights, the global demand for compact power equipment rental is poised to expand at a CAGR of 5.7% during the forecast period between 2022 and 2032, in comparison to the 5.3% CAGR registered from 2016 to 2021. The global compact power tools rental market is anticipated to expand steadily as demand for electric tools soars in developing countries.
North America is accounting for a market share of 23.7% of the global compact power equipment rental market. Companies in North America have widely chosen to rent compact equipment over the years. This shift is prompted by the high maintenance and purchase costs of this equipment.
In addition, the expanding number of construction projects in Canada has elevated the opportunity for expansion in the rental compact equipment sector. This is primarily due to the country’s increased immigration. Furthermore, the regional government is investing heavily in infrastructure development activities that can satisfy the requirements of both citizens and immigrants.
- Makita Corporation
- Stanley Black & Decker
- Techtronic Industries
- Hilti Group
- Panasonic Corporation
- Emerson Electric Company
- Snap-on Inc.
- SPX Corporation
- Compact Power Rents