Market Size of North America Crane Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 3.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Crane Rental Market Analysis
The North America Crane Rental Market was valued at USD 4.42 million in 2021 and is expected to surpass a net valuation of USD 5.53 million by 2027, registering a CAGR growth of 3.80% during the forecast period.
The COVID-19 pandemic had a slight impact on the construction industry across North America. However, the construction equipment industry witnessed a hit due to a shortage of raw materials, which further continued for the year 2021, due to the global chip shortage. This provided a growth opportunity for the crane rental market.
Over the longer term, growing construction and infrastructure activities across the region and the presence of medium construction company contractors are expected to drive demand in the market. The North American region is accommodating several construction projects which require the usage of construction machinery including cranes, thus demand for the same is expected to remain on the higher side during the long-term forecast period.
However, lack of skilled and qualified crane operators is one of the primary problems limiting Cranes Rental Market share. One of the industry's major issues is providing sufficient training to crane operators. so, leading crane rental companies are focusing on providing regular training programmes for operators to overcome this difficulty. such initiatives to restrict the loss attained through these restraining factors.
Besides these, favorable government initiatives are encouraging several rental fleet operators to expand their offerings in the country. For example, In January 2022, the US passed its infrastructure bill which is poised to provide USD 1.2 trillion to cities and states. This budget plans to stand as strong incentive focusing on building America's infrastructure in the public-private partnership. In wake of such developments, construction company contractors are also looking to access new and updated technology for their projects and save as compared to using owning any older cranes by opting rental equipment over buying new equipment to be cost effective.
