GITNUX MARKETDATA REPORT 2024

Equipment Rental Industry Statistics [Fresh Research]

With sources from: erarental.org, grandviewresearch.com, khl.com, businesswire.com and many more

In this post, we present a comprehensive overview of the latest statistics shaping the equipment rental industry. From the soaring global market size projections to key regional revenue figures and workforce insights, these statistics offer a data-driven glimpse into the dynamic landscape of equipment rental services worldwide. Let’s dive into the numbers that illuminate the present and future trends in this thriving sector.

Statistic 1

"The global equipment rental market size is expected to reach USD 120.7 billion by 2027."

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Statistic 2

"The equipment rental industry in the US has an annual growth rate of 1.5% between 2016 and 2021."

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Statistic 3

"The construction equipment rental market accounted for 50% of the total equipment rental market in 2019."

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Statistic 4

"In 2019, the equipment rental industry in the European Union generated revenue of around €31 billion."

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Statistic 5

"Market revenue from the equipment rental sector in the United States is forecasted to surpass $49 billion in 2021."

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Statistic 6

"The heavy construction equipment rental industry in the US employs over 84,000 people."

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Statistic 7

"In 2020, United Rentals Inc. was the leading equipment rental company in the world, with revenue of $8.5 billion."

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Statistic 8

"North America held the largest share of the equipment rental market in 2019, accounting for over 50% of the global market revenue."

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Statistic 9

"The equipment rental penetration rate in the US was approximately 56.5% in 2019."

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Statistic 10

"Road and Highway Construction Equipment Rental generated revenue of over $1 billion in the US in 2019."

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Statistic 11

"There are over 34,000 equipment rental and leasing businesses in the United States."

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Statistic 12

"The average hourly rate for renting an excavator, a common construction equipment, ranges from $40 to $200."

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Statistic 13

"The global rental market for aerial work platforms (AWP) is expected to be valued at $24.7 billion by 2024."

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Statistic 14

"The power rental market, a segment of equipment rental, is poised to grow to $28 billion by 2026."

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Statistic 15

"The Canadian construction equipment rental market size is expected to reach $536 million by 2026."

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Statistic 16

"The rental penetration rate for heavy equipment in Europe is expected to see around 4% growth this year."

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Statistic 17

"By 2025, the digitalization of equipment rental services is anticipated to propel market growth by a CAGR of 5.0%."

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Interpretation

The equipment rental industry is experiencing significant growth and diversification on a global scale, with key markets such as the US and EU playing prominent roles in driving revenue and employment opportunities. The construction sector remains a dominant force within the industry, accounting for a substantial portion of market share. North America emerges as a dominant player in the equipment rental market, with the US leading in revenue generation and penetration rates. The upcoming years are poised to witness further expansion and technological advancements in the sector, with digitalization expected to be a key driver for market growth.

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