The Industrial Equipment rental sector has been on a steady rise ever since the 2009 recession. Following the global credit crunch that took place during that time, companies around the world have found it difficult to accumulate suitable liquidity for development projects. This has led independent and even state-run initiatives to find alternative and strategic ways to both limit spending and maximize profits. Companies subsequently have had an ever-increasing dependency on rental and leasing agencies to accomplish these objectives.
Industry Rental Outlook
The latest five-year forecast for the equipment rental industry released by the American Rental Association (ARA) remains positive, even as several economic factors point toward more modest increases over the next five years. ARA now projects equipment rental revenue will reach $55.5 billion in the United States in 2020.
The numbers in the forecast, updated in early November, reflect recent changes in the marketplace as the forecast calls for industry revenue to increase by 4.3 percent in 2016 to a record $47.3 billion and to grow another 3.4 percent into 2019 to reach $49.0 billion.
“While we are forecasting a gradual slowing in the growth of rental revenues in this quarterly update compared to our last quarter, we are still showing rental revenue growth in excess of the growth in the U.S. gross domestic product (GDP),” says John McClelland, ARA’s vice president for government affairs and chief economist.
Learn more at www.industrialrentals.report