What growth tips can we learn from the 2024 North American Equipment Rental Market drivers list?

In recent years, equipment lessors have adapted to the challenges of supply chain disruptions, inflation, high interest rates and labor shortages. Some of these headwinds have been mitigated to some extent, but some remain. Despite this, the equipment rental industry in North America continues to grow.

According to the latest forecast from the American Leasing Association (ARA), U.S. equipment rental revenue, which includes the construction and general tools segments, will grow 9.7% this year to $79.2 billion. Overall equipment rental revenue in Canada is expected to grow 7.2% this year to a total of $5.79 billion.

While the large equipment leasing public companies continue to exert influence in the market through their size and aggressive acquisition strategies, many independent leasing companies remain competitive and are constantly evolving.

What do these thriving independent leasing companies have in common? Investing in quality rental space, highlighting community membership, leveraging technology, strategic acquisitions, and identifying new verticals to enter niche rental markets are recurring initiatives and consensus among these leasers.

This year's list of Rental Management Market Drivers in the Equipment segment recognizes the fastest growing independent leasing companies over the three-year period 2021-2023. In the category of smaller companies with less than $10 million in annual revenue, four companies saw rental income increase by more than 100%, including one that increased by 500%. For companies with annual revenue of $10 million or more, two companies saw rental income increase by more than 100 percent, with the largest increase in revenue reaching 318.79 percent from $24 million to $100.5 million over the period.