The forklift rental market would reach US$ 10.3 billion in 2023 and expand at a CAGR of 4.7% from 2023 to 2033. Operations in industries including manufacturing, construction, shipping, and warehousing depend on forklifts. You can rent specific forklift models, such as those built for rocky terrain or small aisles.
Forklifts are essential to many industries’ daily operations, including manufacturing, construction, shipping, and warehousing. Businesses in these industries can acquire specialised forklift models, such as narrow-aisle forklifts or rough-terrain forklifts, by renting them.
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“Forklift Rental services are a Key Component for the Expanding Logistics Sector” says a Fact.MR analyst.
Key Companies Profiled In This Report
- BigRentz
- BlueLine Rental
- Sunbelt Rentals
- The Home Depot Rental
- United Rentals
Key Statistics Supporting the Surge
- The global forklift rental market is projected to expand at a CAGR of 4.7% and be valued at US$ 16.3 billion by 2033
- The market witnessed a CAGR of 4.9% for the period of 2018-2022
- Under the power source segment, electric forklifts dominate the market with a 69.1% market share in 2023
- United States dominated the market with a 24.7% market share in 2023
- Based on country, the United States and China forklift rental market is expected to increase at CAGRs of 4.9% and 5.0%
Market Development
- Growing Demand for Rental Services: The forklift rental market was experiencing growth due to various factors, including the need for flexible solutions in material handling, seasonal demands, and cost-effectiveness.
- Shift towards Just-in-Time Practices: Many industries were moving towards just-in-time manufacturing and inventory practices. This trend was contributing to increased demand for short-term forklift rentals to meet varying production needs.
- Increased Adoption of Electric Forklifts: As sustainability and environmental concerns gained prominence, the adoption of electric forklifts was on the rise. Electric forklifts are quieter, emit no emissions, and require less maintenance compared to traditional internal combustion engine forklifts.
- Advancements in Technology: Forklifts were becoming more advanced with the integration of technology such as telematics, sensors, and IoT devices. These technologies allowed for better monitoring of forklift usage, maintenance needs, and overall efficiency, driving the demand for newer models in the rental market.
- Rise of Online Platforms: Online platforms and marketplaces were emerging as a convenient way for businesses to find and rent forklifts. These platforms were making it easier for both renters and rental providers to connect, compare options, and streamline the rental process.
- Safety and Training Focus: As safety regulations and concerns became more stringent, rental companies were offering comprehensive training programs to ensure proper usage and minimize accidents. This focus on safety was influencing the rental market by promoting responsible usage of equipment.
- Customization and Flexible Contracts: Rental providers were offering more customization options and flexible rental contracts to cater to the unique needs of different industries. This flexibility was attractive to businesses with varying workloads and operational requirements.
- Rise of E-commerce: The growth of e-commerce was impacting various industries, including logistics and warehousing, which in turn influenced the demand for forklift rentals to manage increased storage and distribution needs.
- Global Economic Factors: Economic conditions such as industrial growth, construction activities, and manufacturing output directly influenced the demand for forklift rentals.
Rental service providers are entering into strategic partnerships or acquiring other companies to strengthen their market position and expand their customer base. These partnerships include collaborations with manufacturers to gain exclusive access to new forklift models or strategic alliances with logistics companies to provide integrated material handling solutions. Acquisitions allow rental providers to quickly gain market share and access new regions or market segments.
Segment Analysis
The research report includes specific segments by region (country), by manufacturers, by Type and by Application. Each type provides information about the production during the forecast period of 2016 to 2028. by Application segment also provides consumption during the forecast period of 2016 to 2028. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
By the product type
- 13.5 Tons
- 3.510 Tons
- Above 10 Tons
By the end users/application
- Construction
- Automotive
- Aerospace and Defense
- Food and Beverages
- Chemical Industry
- Other
This Report lets you identify the opportunities in Forklift Rental Market by means of a region:
- North America (the United States, Canada and Mexico)
- Europe (Germany, UK, France, Italy, Russia and Turkey, etc.)
- Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia (Indonesia, Thailand, Philippines, Malaysia, and Vietnam))
- South America (Brazil etc.)
- The Middle East and Africa (North Africa and GCC Countries)
Predominant Questions Answered in This Report Are:
- Which segments will perform well in the products and services market over the forecasted years?
- In which markets companies should authorize their presence.
- What are the forecasted growth rates for the products and services market?
- What are the long-lasting defects of the industry?
- How share market changes their values by different manufacturing brands?
- What are the qualities and shortcomings of the key players?
- What are the major end results and effects of the five strengths study of industry?
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