Overview of Equipment Rental Market
Most rented equipment is scissor lifts, with large booms and cranes leading in revenue. Forklifts are crucial for contractors, and growth is expected in the market. United Rentals, Herc Rentals, and WillScot were the largest U.S. equipment rental companies in 2020.
Growth and Opportunities in Rental Businesses
The equipment rental market is projected to grow over 60% by 2023 to $87 billion, with over 10,000 U.S. rental businesses operating in 2021. Expanding rentals now taps into this growth potential.
Popular Heavy Equipment Rentals
Commonly Rented Heavy Equipment
Excavators, backhoe loaders, and skid-steer loaders are the most commonly rented heavy equipment in construction. Excavators handle digging, trenching, demolition, and grading. Backhoe loaders can perform digging, lifting, and loading tasks. Skid-steer loaders are compact and used for digging, lifting, and loading.
Scissor Lifts
Scissor lifts are indoor and outdoor aerial platforms used as height-adjustable workspaces, replacing the need for ladders and scaffolding.
Profitability and Success in Equipment Rentals
Implementing rental software enhances efficiency by providing real-time equipment overviews and scheduling maintenance. It contributes to profit maximization and business success.
Most Profitable Items to Rent Out
The most profitable rental businesses are usually high-demand items rented year-round, offering steady income streams. Seasonal rentals, like sporting equipment, can also be lucrative during peak times. Examples include clothing, baby gear, tools, and vehicles.