It might be true that a lot of businesses were put to rest by Covid19 but the construction equipment rental market has been one of the sectors that experienced growth amid the lockdowns. Most developing countries, especially in Asia-Pacific, are industrially-inclined therefore construction of infrastructures in the residential and non-residential sectors continued. While developed countries experienced a scarcity of skilled workers therefore limiting the construction activities in the area. The lockdowns and closing of borders hindered many skilled workers from other countries to fly back to their construction sites abroad.
So, how is it going to look in 2021? Will the construction equipment rental industry continue to flourish to some and decline to others? It is evident that the construction equipment rental industry has been affected on different levels based on their location and economic positions. Market Watch recently published its forecast on the growth of the construction equipment rental market. Their analysis is based on many factors such as major key players, size, share, demand, and current trends analysis. They have included Porter’s Five Forces framework to ensure the comprehensiveness of the report.
MarketWatch recently shared the latest report on our industry. They write that “this report covers the present status and the future prospects of the global Construction Equipment Rental market for 2015-2025.”