Rental Pulse reported the equipment rental industry in the United States is expected to generate $33.6 billion in revenue in 2013, according to the American Rental Association's (ARA) latest forecast from the ARA Rental Market Monitor updated in May. This figure represents a 7.3% t increase over 2012 with revenue growth reaching 7.9% in the fourth quarter according to the latest quarterly forecast.

In the U.S., the construction market and consumer spending is expected to be the most important drivers of growth of the equipment rental market in 2013. “The U.S. equipment rental market is expected to continue its upward trajectory and show strong growth through 2017. Strong growth in real residential construction through 2015 will fuel the construction and industrial equipment segment, which is projected to grow 9.8% in 2014 and 11.8% in 2015,” according to the U.S. economic analysis from the ARA Rental Market Monitor.

In Canada, the equipment rental industry is forecast to generate nearly $4.6 billion in revenue in 2013, a 3.1% increase. In total for North America, equipment rental revenues in 2013 are expected to reach $38.2 billion.

By the end of the current five-year forecast in 2017, North American equipment rental revenue is expected to surpass $50 billion to reach $51.6 billion, with U.S. rental revenue at $46.3 billion and rental revenue in Canada at $5.3 billion.