Heavy Equipment Rental in the US - Market Research Report (2013-2028)
New York, United States
Last Updated: November 2023
NAICS 53241Revenue
$47.8bn
Past 5-Year Growth
Profit
$X.Xbn
Employees
68,910
Businesses
3,539
Wages
$X.Xbn
Heavy Equipment Rental in the US industry analysis
Companies in heavy equipment rental lease heavy construction and transportation equipment, ranging from excavators to airplanes. The industry's financial performance is subject to trends and activity in an array of downstream markets, including air, sea and rail transportation; highway, street and bridge construction; and oil exploration and drilling. In the years to 2023, activity in downstream markets, particularly air and rail transportation, has supported revenue, but a downturn in 2020 disrupted this growth. The COVID-19 outbreak caused a contraction in revenue, driven by a decline in industrial activity. Activity largely resumed in 2021, but slowed significantly in 2023. Revenue fell overall at a CAGR of 0.6% through the end of 2023 to $47.6 billion, including a decline of 3.5% in 2023.
Trends and Insights
- Industry performance largely depends on the activities of downstream markets. These primarily include transportation and logistics, construction, coal mining, oil drilling and gas extraction.
- Air transportation equipment leases are sensitive to fluctuations in passenger and cargo traffic. Travel restrictions and supply chain disruptions because of COVID-19 put stress on this segment.
- Rental equipment companies are distributed according to infrastructure requirements in the US. Equipment must be located near projects for accessibility.
- There are four companies responsible for the majority of industry revenue. The rest of the market is fragmented and made up of much smaller companies.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has declined at a CAGR of 0.6 % over the past five years, to reach an estimated $47.8bn in 2023.
Trends and Insights
Revenue volatility increased as a result of COVID-19
- The outbreak of COVID-19 interfered with regular activity in a range of downstream markets, including forestry, mining, residential, nonresidential and infrastructure construction. As the level of industrial activity declined, private investment in industrial equipment receded.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Increased industrial activity is driving private investment in industrial equipment
- Most industrial activity that requires the use of heavy-duty equipment rental has been limited by economic strain during the pandemic. The rollout of state and federal infrastructure projects will significantly increase the need for heavy equipment rental moving forward.
Biggest companies in the Heavy Equipment Rental in the US
| Company | Market Share (%)
2023 | Revenue ($m)
2023 | Profit ($m)
2023 | Profit Margin (%)
2023 |
|---|---|---|---|---|
United Rentals, Inc. | 6,638.3 | 1,400.8 | 21.1 | |
Sunbelt Rentals Exchange Inc. | 5,695.3 | 2,769.4 | 48.6 | |
GE Capital Aviation Services | 2,081.4 | 440.9 | 21.2 |
To view the market share and analysis for all 20 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Air transportation equipment, Rail transportation equipment and Water transportation equipment. Air transportation equipment is the largest segment of the Heavy Equipment Rental in the US.
Trends and Insights
Air transportation equipment leases are sensitive to fluctuations in passenger and cargo traffic
- Air travel refers to the transport of people and property by passenger aircraft and its performance is dependent on general business activity and economic conditions. Advancements in fuel efficiency, aircraft size and accommodations have prompted airlines to invest in leasing newer aircraft models.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Car Rental in the US
- Truck Rental in the US
Complementors
- Forest Support Services in the US
- Oil & Gas Field Services in the US
- Heavy Engineering Construction in the US
- Finance and Insurance in the US
International industries
- Heavy Equipment Rental in Canada
- Construction Machinery and Operator Hire in Australia
- Transport Equipment and Large Vehicle Rental in Australia
- Transport Equipment and Large Vehicle Rental in New Zealand
- Air Transport Equipment Rental & Leasing in the UK
Table of Contents
About this industry
Industry definition
Industry operators rent or lease heavy construction, off-highway transportation, mining and forestry machinery and equipment without attached labor. Operators in this industry may rent or lease products including aircrafts, railcars, steamships, tugboats, bulldozers, earthmoving equipment, cranes or well-drilling machinery and equipment.
What's included in this industry?
Aircraft rental or leasingBarge rental or leasingBoat, ship and steamship rental or leasing Railcar rental or leasingTanker rental or leasingTowboat and tugboat rental or leasingForestry and logging machinery and equipment rental or leasingHeavy construction equipment rental Mining machinery and equipment rental or leasingOil field machinery and equipment rental or leasingCompanies
United Rentals, Inc.Sunbelt Rentals Exchange Inc.GE Capital Aviation ServicesPurchase this report to view all 20 major companies in this industry.
Related Terms
OPERATING LEASEFINANCE LEASEWHOLE-OF-LIFE COSTING SYSTEMIndustry Code
NAICS 53241 - Heavy Equipment Rental in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Industry performance largely depends on the activities of downstream markets. These primarily include transportation and logistics, construction, coal mining, oil drilling an...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Air transportation equipment leases are sensitive to fluctuations in passenger and cargo traffic. Travel restrictions and supply chain disruptions because of COVID-19 put str...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2023
- Product innovation level
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Rental equipment companies are distributed according to infrastructure requirements in the US. Equipment must be located near projects for accessibility.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each state in 2023
- Number and share of revenue each state accounts for in 2023
- Number and share of wages each state accounts for in 2023
- Number and share of employees in each state in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
There are four companies responsible for the majority of industry revenue. The rest of the market is fragmented and made up of much smaller companies.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Large companies, like United Rentals, have greater purchasing power, product variety and operational efficiencies. This lets them reduce costs and serve more and bigger clien...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
- Overview of United Rentals, Inc.'s performance by revenue, market share and profit margin from 2017 through 2023
- Overview of Sunbelt Rentals Exchange Inc.'s performance by revenue, market share and profit margin from 2017 through 2023
- Overview of GE Capital Aviation Services's performance by revenue, market share and profit margin from 2017 through 2023
- Overview of revenue, market share and profit margin trend for 17 additional companies
Detailed analysis
- Description and key data for United Rentals, Inc., and factors influencing its performance in the industry
- Description and key data for Sunbelt Rentals Exchange Inc., and factors influencing its performance in the industry
- Description and key data for GE Capital Aviation Services, and factors influencing its performance in the industry
- Description, key data and performance trends for 17 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Lessors can enjoy indirect tax benefits. When companies lease instead of purchase they receive tax cuts, which increases business for lessors.
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Profit in this industry is consistently high. This is the result of long-term contracts sustaining lessors even in volatile climates.
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Industry Multiples (2016-2021)
- Industry Tax Structure (2016-2021)
- Income Statement (2016-2021)
- Balance Sheet (2016-2021)
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Heavy Equipment Rental in the US industry in United States in 2024?
The market size of the Heavy Equipment Rental in the US industry in United States is $47.8bn in 2024.
How many businesses are there in the Heavy Equipment Rental in the US industry in 2023?
There are 3,539 businesses in the Heavy Equipment Rental in the US industry in United States, which has grown at a CAGR of 2.0 % between 2018 and 2023.
Has the Heavy Equipment Rental in the US industry in United States grown or declined over the past 5 years?
The market size of the Heavy Equipment Rental in the US industry in United States has been declining at a CAGR of 0.6 % between 2018 and 2023.
What is the forecast growth of the Heavy Equipment Rental in the US industry in United States over the next 5 years?
Over the next five years, the Heavy Equipment Rental in the US industry in United States is expected to grow.
What are the biggest companies in the Heavy Equipment Rental in the US market in United States?
The biggest companies operating in the Heavy Equipment Rental market in United States are United Rentals, Inc., Sunbelt Rentals Exchange Inc. and GE Capital Aviation Services
What does the Heavy Equipment Rental in the US in United States include?
Aircraft rental or leasing and Barge rental or leasing are part of the Heavy Equipment Rental in the US industry.
Which companies have the highest market share in the Heavy Equipment Rental in the US in United States?
The company holding the most market share in United States is United Rentals, Inc..
How competitive is the Heavy Equipment Rental in the US industry in United States?
The level of competition is moderate and steady in the Heavy Equipment Rental in the US industry in United States.
