Rockville , Sept. 18, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the Mini Skid Steer Rental Market is projected to grow at a rate of 4.5% during the forecast period, reaching a valuation of US$ 353.6 million by 2033.
Mini skid steers have become indispensable tools in construction projects that require manoeuvrability and versatility. These compact utility loaders assist in various tasks such as demolition, debris removal, concrete and asphalt preparation, and site clean-up. The booming construction industry serves as a key driver for the mini skid steer rental market.
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|Forecast Period||2023 – 2033|
|Value Projection (2033)||US$ 353.6 Million|
|Growth Rate (2023-2033)||4.5% CAGR|
|No. of Pages||170 pages|
|No. of Tables||56 Tables|
|No. of Figures||94 Figures|
Renting mini skid steers provides businesses with the flexibility to meet fluctuating demands or occasional specialized needs. It allows them to scale their equipment fleet according to project requirements without the constraints of ownership and the burden of maintaining a large inventory.
Renting mini skid steers proves cost-effective for businesses that do not require continuous or long-term use of the equipment. It allows them to access necessary machinery without incurring the full expenses of ownership, including maintenance, storage, and depreciation costs.
Key Takeaways from Market Study
- The US market for mini skid steer rental is highly lucrative growing at a CAGR of 4.3% during the forecast period
- In 2018, the mini skid steer rental market had a valuation of US$ 204.2 million
- Historic growth of the German mini skid steer rental market was 5.3% between 2018 to 2022
- By end use, the construction industry is estimated to account for a market share of 33.2% in 2023
- Vertical lift type is likely to grow at a CAGR of 4% during the forecast period creating an absolute $ opportunity of US$ 70 million
“Combination of High Productivity and Compact Size Is Contributing to the Growth of the Mini Skid Steer Rental Market” says a Fact.MR analyst.
Key Segments of Mini Skid Steer Rental Industry Research Report
|By Lift Type||By Operating Capacity||By End Use|
| || || |
Market Growth Stratagems
Prominent market players include BigRentz, BlueLine Rental, Compact Power Equipment Rental, Herc Rentals, Sunbelt Rentals, The Home Depot Rental, and United Rentals.
Mini skid rental companies maintain a fleet of high quality and well-maintained fleet to fulfill the demand of businesses and contractors. In the competitive market, rental companies are ensuring the maintenance and time-to-time inspection of the machine to guarantee customer satisfaction.
In the era of digitalization, rental companies are increasing their online presence so that they can offer door-to-door delivery and pick-up of equipment. Along with easy accessibility of machines, rental companies are providing proper training on how to use the machine with safety measures. Also, the companies are investing in the innovation and development of advanced technology to gain a competitive edge over other market players.
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The flourishing construction industry is fueling a heightened need for construction equipment, notably mini skid steers. Diverse construction ventures such as residential complexes, commercial edifices, infrastructure undertakings, and renovation projects necessitate the use of versatile machinery like mini skid steers to execute tasks with utmost efficiency. This surge in construction ventures consequently amplifies the demand for mini skid steer rentals.
Mini skid steers stand as incredibly adaptable machines, serving a broad spectrum of construction responsibilities. Their capabilities encompass excavation, material handling, grading, trenching, concrete and asphalt removal, landscaping, and more. Given their adeptness in handling multiple tasks, mini skid steers have become indispensable in construction endeavors, where diverse activities require seamless execution. Rental agencies offer mini skid steers equipped with a variety of attachments, empowering contractors to address an array of construction duties utilizing a single, multifaceted machine.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the mini skid steer rental market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of the lift type (radial and vertical), operating capacity (up to 2,000 lbs, 2,000-2,200 lbs, and 2,200-3,000 lbs), end use (construction, landscaping & maintenance, agriculture & forestry, mining, and others), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
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Trench Digger Rental Market: The trench digger rental market is likely to grow at a CAGR of 4.8% during the forecast period and create an absolute $ opportunity of the US$ 132.7 million from 2023 to 2033.
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