Equipment rental revenue poised to continue growth in 2023 and beyond

Countering economic cycles

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After two years of rapid post-pandemic revenue growth in 2021 and 2022, the equipment rental industry is expected to settle into a steady pattern of single digit increases over the next four years according to the latest American Rental Association (ARA) forecast released in early November.

Equipment rental industry to grow despite a recessionary environment

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Equipment rental revenue, comprised of the construction/industrial and general tool segments, is expected to grow by 3.4 percent in 2023 to reach a record total of nearly $57.7 billion, topping the nearly $55.8 billion recorded in 2022, according to the latest forecast released in early November by the American Rental Association (ARA).

Serving ARA members

ARA Insurance focuses only on the equipment and event rental industry

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John Kennedy, CPA, president, ARA Insurance, Overland Park, Kan., a subsidiary of the American Rental Association (ARA), recently answered questions from Rental Management about the impact of natural disasters and other issues on the insurance industry, the growth of ARA Insurance and the outlook for 2023.
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