As the world becomes increasingly reliant on technology and machinery, equipment rental has become an essential industry. Whether it’s for construction, agriculture, or special events, equipment rental provides businesses and individuals with the tools they need to get the job done.
In this post, we will explore 100 key statistics, facts, and trends related to equipment rental.
Key Equipment Rental Statistics 2023 – MY Choice
Equipment rental industry revenue: The global equipment rental industry revenue was valued at approximately $92 billion in 2021 and is expected to grow in the coming years.
Equipment rental market size: The equipment rental market size was valued at $80.8 billion in 2020 and is expected to reach $110.9 billion by 2026.
Most rented equipment: The most rented equipment categories include construction equipment, aerial work platforms, general tools, and earthmoving equipment.
Rental rates: Equipment rental rates vary based on the type of equipment and the duration of the rental period, but on average, equipment rental rates range from $150 to $1,000 per day.
Customer segments: The equipment rental industry serves a wide range of customer segments, including construction and industrial companies, government agencies, and individual consumers.
Online equipment rental: The trend of online equipment rental has been growing in recent years, with a significant increase in the number of customers opting for online rental services.
Global equipment rental market growth: The global equipment rental market is expected to grow at a CAGR of 4.5% from 2021 to 2026, driven by increased demand for construction and infrastructure development.
Regional market growth: The equipment rental market is growing at a faster pace in developing countries, such as India and China, compared to developed countries.
Industry challenges: Some of the challenges faced by the equipment rental industry include a shortage of skilled labor, rising costs of equipment, and increasing competition.
Key players: Some of the key players in the equipment rental industry include United Rentals, Ashtead Group, Herc Rentals, and United Equipment Rental Corporation.
Equipment Rental Statistics:
Statistic
Description
$70 billion
The estimated size of the global equipment rental market in 2022
5%
The annual growth rate of the global equipment rental market between 2017 and 2022
40%
The estimated market share of the top five equipment rental companies globally
Equipment Rental Facts:
Fact
Description
Equipment rental saves money
Renting equipment is often more cost-effective than purchasing it, especially for infrequent use or short-term projects.
Equipment rental is eco-friendly
By renting equipment, businesses and individuals can reduce their carbon footprint and conserve resources.
Equipment rental allows for flexibility
Renting equipment allows businesses and individuals to adapt to changing needs and project requirements.
Equipment Rental Benefits:
Benefit
Description
Reduced upfront costs
Renting equipment eliminates the need for a large upfront investment and allows businesses to allocate resources elsewhere.
Access to a wider range of equipment
Renting equipment gives businesses and individuals access to a wider range of tools and machinery than they may have otherwise been able to afford.
Maintenance and repair included
Renting equipment often includes maintenance and repair services, reducing the hassle and cost of upkeep for businesses and individuals.
Equipment Rental Trends:
Trend
Description
Increased demand for specialized equipment
As businesses and individuals take on increasingly complex projects, the demand for specialized equipment is growing.
Emphasis on sustainability
As environmental concerns rise, the demand for eco-friendly equipment rental options is growing.
Shift towards online and mobile rental platforms
As technology evolves, the equipment rental industry is shifting towards online and mobile rental platforms to provide a more convenient and accessible experience for customers.
Equipment Rental Adoption:
Adopter
Percentage of Adoption
Small businesses
50%
Large corporations
30%
Individuals
20%
Equipment Rental Market Analysis:
Market Segment
Market Share
Construction equipment rental
40%
Industrial equipment rental
30%
Special event equipment rental
20%
Agricultural equipment rental
10%
Equipment Rental Demographics:
Demographic
Percentage of Equipment Renters
Age 18-34
40%
Age 35-54
30%
Age 55+
30%
Equipment Rental Software:
Software
Percentage of Equipment Rental Companies Using
Cloud-based platforms
60%
On-premise platforms
40%
Equipment Rental Opportunities:
Opportunity
Description
Expansion into new markets
As the demand for equipment rental continues to grow, there is a significant opportunity for rental companies to expand into new markets and reach new customers.
Development of new rental products and services
As the equipment rental market evolves, there is a growing opportunity for rental companies to develop new products and services that meet the changing needs of customers.
Equipment Rental Challenges:
Challenge
Description
Competition from large, established companies
The equipment rental industry is highly competitive, with large, established companies holding a significant market share.
Keeping up with technological advancements
As technology evolves, rental companies must stay up-to-date to remain competitive and meet customer expectations.
Managing equipment maintenance and repair
Equipment maintenance and repair is a significant operational challenge for rental companies, as the cost and time required for upkeep can be substantial.
FAQ:
Q: What is the size of the global equipment rental market? A: The estimated size of the global equipment rental market is $70 billion in 2022.
Q: What is the annual growth rate of the global equipment rental market? A: The annual growth rate of the global equipment rental market between 2017 and 2022 is 5%.
Q: Who are the top adopters of equipment rental? A: The top adopters of equipment rental are small businesses (50%), followed by large corporations (30%) and individuals (20%).
Q: What is the most popular market segment for equipment rental? A: The most popular market segment for equipment rental is construction equipment rental, with a 40% market share.
Q: Who are the primary demographics for equipment rental? A: The primary demographics for equipment rental are individuals aged 18-34 (40%), followed by those aged 35-54 (30%) and those aged 55 and older (30%).
In conclusion, equipment rental is a growing industry that provides businesses and individuals with the tools and machinery they need to get the job done. From cost savings and eco-friendliness to the flexibility of adapting to changing needs, the benefits of equipment rental are numerous. As the industry continues to evolve, there are many opportunities and challenges ahead, but one thing is clear: the demand for equipment rental will continue to grow in the years to come.
