From 2013 to 2023, the employment in the Transport Equipment Rental sector in New Zealand displayed a mixed trend. Initially, there was a modest increase from 4.02 to 4.13 in 2015, followed by stabilization, then a noticeable growth until 2018 hitting a peak of 4.5. From 2019, the sector experienced a slight decline, dipping by 2020. Post-2020, there was a significant drop in employment, reaching 3.67 by 2023, reflecting a year-on-year decline of -2.24% and an average 5-year CAGR of -4.02% by 2023.
Looking ahead from 2024 to 2028, forecasts suggest a continuing downward trend, with employment expected to fall to 3.26 by 2028. This represents an annual decrease with a forecasted 5-year CAGR of -1.87%, cumulatively leading to an -8.98% decline over the period.
Future trends to watch for include technological advancements potentially reducing the need for manual labor, economic shifts impacting rental demand, and possible regulatory changes affecting business operations within the sector.
