Canada Construction Equipment Rental Market Overview, 2028

Canada Construction Equipment Rental Market Overview, 2028

Canada has a highly developed mixed market economy. Along with a big real estate market, the nation also boasts a sizable banking sector with numerous banks and other financial organizations. Operators in the Canadian Heavy Equipment Rental sector rent or lease equipment to a number of industries, including earthmovers, road and construction equipment, drills, mining, forestry, and heavy construction. As a result, demand for industry products is greatly influenced by activity in downstream industries, including transportation and logistics, utilities, heavy construction, and resource extraction. The industry is expected to grow throughout the years leading up to 2022 as a result of growth in the Canadian residential construction market and rising demand from several downstream industries, such as the air and rail transportation sectors.

According to the research report Canada Construction Equipment Rental Market Overview, 2028, published by Bonafide Research, the Canada Construction Equipment Rental market is expected to add USD 0.85 Billion by 2028. Rental equipment is gradually increasing in the Canadian construction equipment market. The market for renting construction equipment is expanding thanks to the earthmoving machines, which are all JCBs. Earthmoving equipment includes large machinery like heavy-duty vehicles designed primarily for use in construction tasks like earthworks. In addition to other things, they are used to move a lot of earth and excavate landscape foundations. The highest salaries are often earned by heavy equipment operators who operate cranes and backhoes.

There are numerous suppliers of construction equipment rental in Canada, which serves and assembles the entertainment, warehousing, and manufacturing industries. By integrating their own technological systems, the key players in the equipment industry hope to boost machine intelligence. Telematics technologies make it easy to locate and track the performance of construction vehicles and equipment. Among the information sent through the system are the GPS location, the quantity of fuel used, and the length of idle time. However, the cost of setting up this system prevents many small builders and contractors from using it. The issue has been resolved by the equipment rental company, which eliminated the overall cost and offered rental options. Due to the aforementioned factors, the market for construction equipment is growing even more across the nation.

Renting has many advantages, including lower maintenance and repair costs, the capacity to swiftly expand a fleet to meet rising demand, and the ability to match machines with particular job site uses. The fleet management procedures at thousands of locations have improved thanks to the heavy equipment leasing business. In Canada, this business is gradually increasing in the rental market. Builders and contractors are renting more equipment than they are purchasing it, according to the equipment rental portal. A recession, which would push businesses to rent equipment rather than buy or lease it, is something that many business leaders and economists are preparing for. Construction firms are wary of expenses like these. Businesses must make the most of their purchases due to the unpredictability of the economy and the high cost of equipment. This makes renting equipment a practical option, which is encouraging the growth of the construction equipment rental market.

Canada Construction Equipment Market Size To Reach A Revenue Of USD 4.85 Billion and a Volume Of 39,484 Units By 2027, Growing at a Compound Annual Growth Rate (CAGR) Of 4.45% By Volume During 2021-2027. Canada's construction equipment market was valued at USD 3.8 billion and is forecasted will reach USD 4.85 billion by 2027, growing at a CAGR of 4.45% during 2021-2027. Canada's earthmoving equipment market is projected to witness robust growth during the forecasted period. Similarly, the construction and industrial equipment rental sector will grow by 8.5 per cent this year, reaching $4.1 billion. Factors behind this growth include improved industrial production, rising oil sands investments and improvement in the construction sector. An anticipated further 6 per cent growth next year will drive the sector above.

COVID-19 impact:
The construction equipment rental market in Canada is unaffected by the COVID-19 pandemic, which is expected to have little impact on the market in 2020 due to the country's lockdown period. and bounce back again in the year 2021.

Considered in this report
• Geography: Canada
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Canada Construction Rental market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By equipment Type:
• Earthmoving
• Material handling
• Concrete and road construction

By Application Type:
• Residential
• Non residential
• Others

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Construction Rental industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.