The equipment rental industry is a rapidly growing sector, with the global market size expected to reach USD 120.7 billion by 2027 and the US market experiencing an annual growth rate of 1.5% between 2016 and 2021. The construction equipment rental segment accounted for 50% of total revenue in 2019, while North America held over half of the global share that same year. In 2020, United Rentals Inc., was leading company in terms of revenue at $8.5 billion worldwide; however, Asia-Pacific region is anticipated to experience highest growth with CAGR 6.9%. Additionally, oil & gas exploration activities are projected to contribute significantly towards future market expansion as well as digitalization which could propel it further by 2025 at 5%. This blog post will explore these statistics along with other key insights into this dynamic industry such as employment figures and average hourly rates for renting common pieces of machinery like excavators across different regions including Europe and Canada where respective markets have been estimated at €31 billion (2019) and $536 million (2026).
Equipment Rental Industry Statistics Overview
The construction equipment rental market accounted for 50% of the total equipment rental market in 2019.
This statistic is a testament to the immense size and scope of the construction equipment rental market. It highlights the fact that the industry is a major player in the equipment rental market, and that it is a sector that should not be overlooked. It also serves as a reminder of the importance of the construction industry in the overall economy, and the need for businesses to invest in the right equipment to ensure their success.
In 2019, the equipment rental industry in the European Union generated revenue of around €31 billion.
This statistic is a testament to the immense success of the equipment rental industry in the European Union. It highlights the fact that the industry is thriving and is a major contributor to the economy of the region. This statistic is a valuable insight into the current state of the industry and can be used to inform decisions about the future of the industry.
Market revenue from the equipment rental sector in the United States is forecasted to surpass $49 billion in 2021.
This statistic is a testament to the immense potential of the equipment rental sector in the United States. It highlights the fact that the sector is growing rapidly and is expected to reach a new milestone in 2021. This is an important indicator of the industry’s success and provides valuable insight into the future of the sector.
The heavy construction equipment rental industry in the US employs over 84,000 people.
This statistic is a testament to the importance of the heavy construction equipment rental industry in the US. It highlights the sheer number of people employed in the industry, demonstrating the impact it has on the US economy and job market. It is a powerful reminder of the significance of the industry and the need to ensure its continued success.
In 2020, United Rentals Inc. was the leading equipment rental company in the world, with revenue of $8.5 billion.
This statistic is a testament to the success of United Rentals Inc. in the equipment rental industry, demonstrating their dominance in the market with a staggering $8.5 billion in revenue. It serves as a reminder of the immense potential of the equipment rental industry and the opportunities it presents for businesses to capitalize on.
North America held the largest share of the equipment rental market in 2019, accounting for over 50% of the global market revenue.
This statistic is a testament to the immense potential of the equipment rental industry in North America. It highlights the fact that the region is a major player in the global market, and that it is a lucrative market for businesses to explore. Furthermore, it serves as a reminder that the equipment rental industry is a rapidly growing sector, and that it is worth investing in.
The oil and gas industry is expected to contribute significantly to the growth of the equipment rental market due to increased exploration activities.
This statistic is indicative of the potential for the equipment rental market to experience a surge in demand due to the oil and gas industry’s increased exploration activities. As the industry ramps up its activities, the need for rental equipment to support these activities will also increase, providing a lucrative opportunity for the equipment rental market.
The equipment rental penetration rate in the US was approximately 56.5% in 2019.
This statistic is a key indicator of the success of the equipment rental industry in the US. It shows that more than half of the population is taking advantage of the convenience and cost savings of renting equipment, rather than buying it outright. This statistic is a testament to the growing popularity of the equipment rental industry and its potential for continued growth in the future.
Road and Highway Construction Equipment Rental generated revenue of over $1 billion in the US in 2019.
This statistic is a testament to the immense success of the Equipment Rental Industry in the US in 2019. It shows that the industry was able to generate a staggering amount of revenue, indicating that it is a thriving and profitable sector. This statistic is a great indicator of the industry’s potential and serves as a reminder of the importance of investing in the Equipment Rental Industry.
There are over 34,000 equipment rental and leasing businesses in the United States.
This statistic is a testament to the size and scope of the equipment rental and leasing industry in the United States. It speaks to the sheer number of businesses that are involved in this sector, and the potential for growth and expansion within the industry. It also serves as a reminder of the importance of this industry to the US economy, and the potential for job creation and economic growth that it can bring.
The average hourly rate for renting an excavator, a common construction equipment, ranges from $40 to $200.
This statistic is a key indicator of the Equipment Rental Industry, as it provides insight into the cost of renting an excavator. It is important to understand the range of prices for renting an excavator, as it can help inform decisions about which equipment to rent and how much to budget for the rental. Additionally, this statistic can be used to compare the cost of renting an excavator to other construction equipment, allowing for more informed decisions about which equipment to rent.
The global rental market for aerial work platforms (AWP) is expected to be valued at $24.7 billion by 2024.
This statistic is a testament to the immense potential of the equipment rental industry. It shows that the global rental market for aerial work platforms is expected to grow significantly in the coming years, indicating that the industry is ripe for investment and expansion. This statistic is a valuable insight for anyone interested in the equipment rental industry, as it provides a glimpse into the future of the industry and the potential for growth.
The power rental market, a segment of equipment rental, is poised to grow to $28 billion by 2026.
This statistic is a testament to the potential of the equipment rental industry, indicating that it is a lucrative and growing market. It is a valuable piece of information for anyone interested in the industry, as it shows that the industry is expected to experience significant growth in the coming years. This statistic is a great starting point for anyone looking to learn more about the industry and its potential for success.
The Canadian construction equipment rental market size is expected to reach $536 million by 2026.
This statistic is a testament to the growth of the Canadian construction equipment rental market, indicating that it is a lucrative and expanding industry. It is a valuable piece of information for anyone interested in the Equipment Rental Industry, as it provides insight into the potential of the market and the opportunities it presents.
The rental penetration rate for heavy equipment in Europe is expected to see around 4% growth this year.
This statistic is indicative of the potential for growth in the European equipment rental industry. It suggests that the industry is likely to experience a 4% increase in rental penetration rate, which could lead to more businesses and individuals taking advantage of the convenience and cost-effectiveness of renting equipment. This could be a boon for the industry, as it could lead to increased revenue and more customers. Furthermore, it could also lead to more innovation and competition in the industry, as companies strive to provide the best service and the most competitive prices.
By 2025, the digitalization of equipment rental services is anticipated to propel market growth by a CAGR of 5.0%.
This statistic is a powerful indicator of the potential of the equipment rental industry in the coming years. It suggests that the digitalization of services will be a major driver of growth, with a CAGR of 5.0% expected by 2025. This is a significant increase that could lead to more efficient and cost-effective rental services, as well as increased customer satisfaction. As such, this statistic is an important one to consider when discussing the future of the equipment rental industry.
Conclusion
The global equipment rental market is expected to reach USD 120.7 billion by 2027, with the US and European Union leading in terms of revenue generation. The construction industry accounts for a large portion of the total market share, while North America holds the largest regional share at over 50%. In addition, digitalization is anticipated to drive growth in this sector through 2025 with an estimated CAGR of 5.0%. With these trends indicating strong potential for further expansion within this industry, it appears that there are many opportunities available for businesses looking to capitalize on them.
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