The equipment rental industry revenue is forecasted to grow 7 percent through at least 2018, according to the latest projections released by the American Rental Association (ARA). The U.S. industry also remains on track to reach record revenue of $38.3 billion in 2015.
Despite slower demand for rental equipment from the mining, oil and gas sector, commercial and residential construction spending have increased this year and are expected to grow faster during the next few years.
For North America, with the U.S. and Canada combined, total equipment rental revenue is forecast to be $43.3 billion in 2015, up 6.8 percent, reaching $56.6 billion in 2019.
U.S. construction and industrial equipment rental revenue is now expected to grow 7.6 percent in 2015, 7.9 percent in 2016, 7.7 percent in 2017, 7.8 percent in 2018 and 6.5 percent in 2019.
U.S. general tool rental revenue is expected to grow 7.5 percent in 2015, 8.5 percent in 2016, 7.6 percent in 2017, 7.8 percent in 2018 and 7.8 percent in 2019.
U.S. party and event rental revenue is projected to grow 4 percent in 2015 and 4.3 percent in 2016, with growth slowing to 1.9 percent in 2017, 2.0 percent in 2018 and 1.8 percent in 2019.