Construction equipment rental revenue will grow 12.5 percent to more than $41.6 billion in 2022, according to the latest quarterly update of the five-year forecast released by the American Rental Association (ARA).
The association projects segment growth of 7 percent in 2023, 2 percent in 2024, 3 percent in 2025, and 3 percent in 2026.
“Rental revenue continues to experience significant growth, despite some headwinds in 2022,” said Tom Doyle, VP for program development, in a prepared statement. “The longer-term forecast, while showing slower growth than this year, remains bullish.
“In these times of higher uncertainty, it is prudent to closely watch the driving factors to the forecast for changes that will affect build schedules for original equipment manufacturers (OEMs) or demand for rental companies. Depending on how long we have high inflation, supply chain constraints, labor shortages, and climbing interest rates, those econometric drivers can have an impact on the rest of 2022 and the outlook for 2023,” Doyle said.
Source: ARA
