The American Rental Association (ARA) has released its state-of-the-equipment-rental-industry study, which the organization says is the most comprehensive data available to date on the North American rental industry.
"We continue to establish ARA as the primary source and resource for information about the rental industry, and this year's report continues to define the shape and size of this increasingly dynamic business sector," says Christine Wehrman, ARA's executive vice president and CEO.
The 2007 report, says the ARA, is more extensive than the 2006 study, with updated revenue estimates for 2006 and 2007, as well as a five-year forecast to 2012.
"The North American equipment-rental industry is the largest in the world, generating $42.3 billion in combined 2007 rental revenues in the USA and Canada, and is a significant contributor to the gross national product of both countries," Wehrman says.
Highlights of the 2007 report include:
The total size of the North American rental market was $42.3 billion in 2007, including $36.5 billion in the United States and $5.8 billion in Canada.
Forecast is for a strong industry outlook, and projected North American rental revenues are expected to exceed $52 billion in 2012.
The U.S. rental market has had a compounded annual growth rate of 7.9 percent since 1998, significantly outpacing overall economic activity.
Continued growth is expected in the U.S., but at a slower compound rate of 4.1 percent in the years 2007–2012.
U.S. party and event rental revenue reached $2.1 billion in 2007, and will be the strongest performing segment during the forecast period.
U.S. construction and industrial equipment revenue was more than $25.5 billion for 2007.
General tool rental has been the fastest growing U.S. market segment during the past decade, with 11.6 percent compounded annual growth from 1998 to 2007. It accounted for $8.5 billion in rental revenue in 2007.
The ARA is selling the full report. Contact the ARA for price and ordering.