Keep reading about the biggest companies in the construction equipment rental industry. Insider Monkey recently published an article in which we can find lots of interesting facts about this topic. These companies provide customers by equipment, tools, machinery and vehicles of all sizes for rent rent to construction contractors and industrial users, as well as DIY customers. Teh US equipment rental revenue is estimated to reach about $49 billion in 2017 and $56 billion by 2020. It is estimated that the North American equipment rental industry’s revenue grew by 4% year-over-year in 2016.
There are several benefits to rent the necessary equipment instead of buying it. If a company rents the equipment, it doesn’t need to buy or rent large areas to keep the machinery there, when they are not in use. The rental industry is gaining momentum because of several inherent advantages that it has, like controlled expenses and inventory, better risk management, saving on storage and maintenance, reduced downtime, and capital conservation. The five companies on our list will continue to experience solid demand for their equipment rental services going forward, driven by increasing consumer spending.
We have picked one company from Insider Monkey’s list for now. Home Depot Inc. (NYSE:HD), the largest home improvement retailer in the U.S, opened tool rental centers within its chain stores in the 1990s. Today the rental business has grown into a vast segment of Home Depot Inc. (NYSE:HD)’s business, which is be classified into two segments – Truck rental and Tool repair. Apart from tools rental, they also offer equipment rentals, all for general construction purposes. The company provides a wide range of professional-quality tools and equipment for rent, including concrete and demolition tools, generators, moving and lifting equipment, and power tools at competitive prices. Home Depot Inc. (NYSE:HD)’s rental business definitely benefits from its huge customer base and vast geographic footprint. Customers can rent equipment from over 1,000 Home Depot Inc. (NYSE:HD) locations at hourly, daily, weekly, and monthly rates. Home Depot Inc. (NYSE:HD) does not specify its rental revenue, however its tool rentals are growing strong each year.
For any further interesting information, you should read Insider Monkey’s article about 5 biggest companies in the construction equipment rental industry