European renters increase spending but remain cautious

European rental companies will invest the equivalent of 14% of the total value of their fleets (at original cost) in both 2012 and 2013 after similar levels of spending this year, according to the third quarter ERA/IRN RentalTracker survey.

This represents a significant increase over 2010 - when the equivalent spending proportion was around 10% - and reflects the need to refresh fleets that have been aged over the past three years.

The latest figures also indicate that European renters have slightly increased their spending plans compared to a year ago. In late 2010, renters estimated that they would increase spending to 12.8% in 2011 (actual figure 14%) and to 13.8% in 2012 (the estimate now is 14%).

More than a third of European rental companies expect to increase spending by more than 10% next year, with German, French and multinational companies the most likely to increase spending significantly.

The RentalTracker survey was carried out at the end of September/beginning of October and was completed by 290 companies in Europe

The full results of the Tracker, as well as the Worldwide Rental Confidence survey, are published in the November-December issue of International Rental News (IRN).