Based on the analysis by Fact.MR, the global skid steer rental market is estimated to be valued at US$ 811.8 million in 2023 and it is expected to grow at a CAGR of 3.2% to reach US$ 1,112.3 million by the end of 2033.The skid steer rental market has experienced significant and consistent growth over the past decade. Skid steers have become a staple in the construction and landscaping industries due to their versatility, compact size, maneuverability, and ability to perform a wide range of tasks.
The expansion of the construction industry, particularly in the residential and commercial sectors, is a key driver behind the increasing demand for skid steer rentals. These machines are extensively used for earthmoving, grading, excavation, and material handling tasks at construction sites. The offer in this portion accompanies many open doors including fabricating items, appropriation, retail, and showcasing administrations. Broad rounds of essential and far reaching optional exploration have been utilized by the examiners at Fact.MR to show up at different assessments and projections for Demand of Skid Steer Rental Market both at worldwide and provincial levels.
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Market Players: –
- BigRentz
- BlueLine Rental
- Compact Power Equipment Rental
- Herc Rentals
- The Home Depot Rental
- United Rentals
Market Drivers:
- Construction and Landscaping Boom: The construction and landscaping industries have experienced significant growth, with numerous infrastructure and real estate projects driving the demand for skid steers. These machines are essential for tasks like excavation, grading, material handling, and site preparation.
- Versatility and Efficiency: Skid steers are known for their versatility and efficiency. They can be equipped with various attachments, such as buckets, forks, and augers, making them suitable for a wide range of tasks, from snow removal to demolition.
- Compact Size: Skid steers are favored for their compact size and maneuverability, allowing them to operate in tight and confined spaces, a valuable feature in urban construction and landscaping projects.
- Rental Cost Benefits: Renting skid steers is an economical choice for many businesses, as it eliminates the need for significant capital investment, maintenance costs, and storage expenses. This factor has made renting a preferred option for a variety of companies.
Eminent Player’s Key Stratagems
Eminent skid steer rental service providers are BigRentz, BlueLine Rental, Compact Power Equipment Rental, Herc Rentals, Sunbelt Rentals, The Home Depot Rental, and United Rentals.
Leading players in the skid steer rental market prioritize having a diverse and well-maintained equipment fleet. They invest in a wide range of skid steer models and attachments to cater to different customer needs and project requirements.
Regular maintenance and inspection programs are implemented to ensure that their equipment is in optimal condition, minimizing downtime and enhancing customer satisfaction. Also, companies are investing in strategic marketing and branding efforts to position themselves as trusted and reputable providers in the skid steer rental market.
- In September 2022, With the acquisition of rental company GSV, French rental company Kiloutou entered the Denmark market.
- In January 2022, Boels Rental finalized the acquisition of the rental company Eekels Pompen. It was the most recent addition to Boels Rentals’ speciality rental company, which was founded ten years ago.
Fact.MR has provided detailed information about the key rental service providers of skid steer rental, their total fleet, service portfolio, and revenue growth, in the recently published report.
Trends in the Skid Steer Rental Market:
- Technology Integration: The integration of technology, such as telematics and GPS systems, is becoming increasingly common. These features help rental companies track equipment usage, monitor maintenance needs, and enhance the overall efficiency of their fleets.
- Emissions Reduction: In response to environmental concerns, some rental companies are adding more environmentally friendly options to their fleets, such as electric skid steers or those powered by alternative fuels. This helps reduce carbon emissions and align with sustainability goals.
- Attachment Variety: Rental companies are expanding their attachment offerings, giving customers access to a broader range of tools, including specialty attachments for tasks like trenching, drilling, and tree removal.
- Safety and Training Initiatives: Many rental companies are offering training programs and safety resources to their customers to ensure the correct and safe use of skid steer equipment. This trend aims to reduce accidents and equipment damage.
- Customized Rental Solutions: Rental companies are increasingly offering customized rental solutions, allowing them to tailor contracts to the specific needs and duration of their customers’ projects. This flexibility has been well-received by clients.
Segmentation of Skid Steer Rental Industry Research
- By Lift Type :
- Radial
- Vertical
- By Engine Power :
- Upto 60 HPC
- 60-80 HP
- Above 80 HP
- By Operation Capacity :
- Upto 2,000 lbs
- 2,000-2,200 lbs
- 2,200-3,000 lbs
- 3,000-4,000 lbs
- Above 4000 lbs
- By End Use :
- Construction
- Landscaping & Maintenance
- Agriculture & Forestry
- Mining
- Others
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
- EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
- CIS & Russia
- Japan
- Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)
Recent Industry News:
- Economic Recovery Driving Demand: the skid steer rental market continued to benefit from the global economic recovery following the COVID-19 pandemic. Increased construction and landscaping projects across various industries fueled the demand for skid steer rentals.
- Eco-Friendly Additions: Many rental companies added electric and hybrid skid steers to their fleets in response to customer demand for more sustainable options. These additions demonstrate a commitment to environmental responsibility and align with industry trends.
- Telematics and Remote Monitoring: Rental companies have increasingly integrated telematics and remote monitoring systems into their skid steers. This technology allows for real-time tracking of equipment usage and performance, helping to improve fleet management and reduce downtime.
- Partnerships and Acquisitions: Some rental companies engaged in partnerships and acquisitions to expand their market reach and diversify their service offerings. These moves allowed them to tap into new customer bases and geographical regions.
- Safety Initiatives: Several rental companies have focused on safety initiatives, offering training programs, guides, and resources to ensure that customers use skid steer equipment correctly and safely. These efforts contribute to a reduction in accidents and equipment damage.
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