North America leads charge in rising IRN100 revenues

By Murray Pollok22 May 2023

This year’s IRN100 listing of the largest equipment rental companies in the world reveals the continued growth of the sector with total revenues in 2022 rising by an estimated 14.0% over 2021, corrected for currency changes.

The growth in the largest businesses is being driven by companies in North America, who grew by 14.9% between 2022 and 2021. That compares to the much more modest average of 4% for rental companies in Europe and elsewhere. The exception to that is China, where rental companies continue their dramatic upward trajectory.

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The survey is published in the June 2023 issue of International Rental News which is now available online.

Total revenue for the top 100 companies in 2022 was €66.2 billion, up from €56.9 billion in 2021.

The largest 15 North American firms - led by United Rentals - accounted for 45% of total IRN100 revenues, compared to 22% for the 15 largest Europeans.

The survey also tracks fleet investment and reveals that spending was extremely high in 2022 by historical standards. The top 25 investors in the list (not necessarily the largest 25 companies) collectively invested €12.2 billion, gross, in new equipment in 2022. That is 47% more than 2021.

The survey shows the degree of consolidation in the global equipment rental business, with the top 100 representing something like 65% of the global market (although there is no clear estimate of total market size). The top 10 had revenues of €56 billion in 2022, which could give them a collective global market share of around 55%.

An ‘Extended IRN100 ’ survey, with additional comment and analysis, will be published in the coming months.

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