Projected growth in equipment rental industry remains strong
The growth rate is expected to exceed 7 percent through at least 2018, with the U.S. industry also on track to reach record revenue of $38.3 billion in 2015. Overall, total equipment rental revenue in 2015 for the U.S. is expected to grow 7.3 percent with growth of 7.8 percent in 2016, 7.3 percent in 2017, 7.4 percent in 2018 and 6.5 percent in 2019 to reach $50.6 billion.
In Canada, equipment rental revenue is forecast to increase 2.6 percent in 2015 to reach $4.04 billion. The growth rate is projected to increase 3.1 percent in 2016, 3.9 percent in 2017, 6.4 percent in 2018 and 4.5 percent in 2019 to reach $4.83 billion.
For North America, with the U.S. and Canada combined, total equipment rental revenue is forecast to be $43.3 billion in 2015, up 6.8 percent, reaching $56.6 billion in 2019.
“The equipment rental industry continues on an upward trajectory and is expected to show significantly strong growth through 2019,” ARA’s Executive Vice President and CEO Christine Wehrman said. "Some specific market conditions may change, but rental companies are agile and can adapt their inventory and fleet to fit what the market demands."