DUBLIN , Sept. 22, 2020 /PRNewswire/ — The “The US Equipment Rental Market: Size and Forecasts with Impact Analysis of COVID-19 (2020-2024)”^[1] report has been added to ResearchAndMarkets.com’s offering.

The US Equipment Rental Market: Size and Forecasts with Impact Analysis of Covid-19 (2020-2024) provides an in-depth analysis of the US equipment rental market including a detailed description of the impact of COVID-19 followed by an analysis of the market in terms of value and segments.

The equipment rental market can be segmented on the basis of type (Party and Event Equipment, General Tools & Construction and Industrial Equipment) and industry (Oil & Gas Industry, Construction Industry, Mining Industry & Power Industry). The construction and Industrial Equipment Rental market can be further segmented on the basis of type (Earthmoving Machinery, Material Handling Machinery and Concrete Road Construction).

The US equipment rental market has increased significantly during the years 2016-2019 and projections are made that the market would rise in the next four years i.e. 2020-2024 tremendously. The growth of the equipment rental market through the historic period was supported by growing construction spending, escalating oil and natural gas production, rising employment, soaring investment in equipment rental, increasing labor cost, etc. Yet the market faces some challenges such as complex business and use of Equipment Rental by unqualified operators, etc.

The COVID-19 pandemic is a headwind to the equipment rental market as a restriction on construction activities and bans on social gatherings/parties has dampened demand for equipment like an earthmoving machine, road and bridge construction equipment, light and sound system etc. However, it is expected that as the impact of COVID-19 subsides and lockdowns are relaxed, economic activities would restart throughout the US. This, in turn, would reinvigorate the demand for various equipment. Thus, helping the equipment rental market in the country to recover gradually from the impact of the pandemic.