Equipment rental industry to grow to nearly $60 billion by 2021

摘要

In its latest five-year forecast, the American Rental Association (ARA) expects equipment rental industry revenue to continue to grow consistently in the United States over the next five years, resulting in total revenue of $59.6 billion in 2021. According to the ARA Rental Market Monitor five-year forecast updated in February, total rental revenue in the U.S. is expected to grow by 4.5 percent in 2018 to reach $51.5 billion, 5.6 percent in 2019, 5 percent in 2020, and 4.4 percent in 2021. The February forecast is identical to the previous forecast released in November 2017 for 2018, with slight upticks in the expected revenue growth rates for 2019 through 2021. In Canada, equipment rental revenue is also expected to show consistent growth, reaching $5.35 billion in 2018 with growth rates of 4.1 percent in 2019, 5 percent in 2020, and 4.7 percent in 2021 to total $6.125 billion, which is nearly identical to the November 2017 forecast. Some of the positive expectations in the U.S. are a result of the Tax Cuts and Jobs Act taking effect in 2018. "Our rental revenue forecast has increased somewhat in the out-years of the forecast. One significant reason for this increase is the long-term effects of the recently passed tax cuts for both businesses and individuals," said John McClelland, ARA's vice president for government affairs and chief economist.