The US rental market will reach US$59.3 billion (€50.86 billion) by 2021, growing at a compound annual growth rate (CAGR) of 4.7% over the next five years, according to the American Rental Association (ARA).
In its latest forecast, the ARA Market Monitor revealed forecasted growth of 4.5% in 2018, followed by growth of 5.5%, 4.9% and 4.1% for the three years after.
In Canada, equipment rental revenue also is expected to show consistent growth, reaching US$5.3 billion (€4.55 billion) in 2018 with growth rates of 4.1% in 2019, 5% in 2020 and 4.8% in 2021, to total US$6.11 billion (€5.24 billion).
John McClelland, ARA’s vice president for government affairs and chief economist, said, “This is a strong forecast, showing the equipment rental industry will continue to consistently grow over the next five years, without factoring in any possible impact from tax reform or infrastructure spending.
“People continue to realise the benefits of renting and how it can positively impact the bottom line. As a result, the equipment rental industry continues to outperform the general economy as well as the industries it serves.”