North American Rental Revenue to Exceed $71 Billion by 2023

Sept. 17, 2019

The new five-year forecast from the American Rental Association (ARA) updated in August reports that equipment and event rental revenues in North America will surpass $71 billion in 2023, including $64.7 billion in the United States and $6.4 billion in Canada. 

According to a press release, the current figures (updated quarterly) also project slightly less growth for 2019 through 2022 than what was forecast in May.

For 2019, equipment and event rental revenue in the U.S. is now expected to be $55.7 billion, up 5 percent over 2018, with growth in 2020 and 2021 at 3.8 percent; 4.1 percent in 2022; and 3.3 percent in 2023. 

“The market for the equipment and event rental industry remains positive, but there are definitely signs that the U.S. economic growth is slowing and this projected slowdown is reflected in our latest forecast,” John McClelland, ARA VP for government affairs and chief economist, said in a press release.

“Trade tensions and a slowdown in the global economy are headwinds for the economy with the risk of a recession happening in the U.S. within the next 12 months at about 35 percent.”

Source: ARA

Frank Raczon, Construction Equipment
Mark Pentz, Calvin Group/IEDA
Mark Pentz, Calvin Group/IEDA
Mark Pentz, Calvin Group/IEDA
Mark Pentz, Calvin Group/IEDA
Mark Pentz, Calvin Group/IEDA
ID 9194607 © Arak7 | Dreamstime.com
ID 9194607 © Arak7 | Dreamstime.com