Growth to continue in Canadian rental industry; market to top US$6.3B by 2022, report says
MOLINE, Ill.—The Canadian rental market is expected to be worth nearly US$1 billion more in 2022 than it is today, according to the latest forecast from the American Rental Association (ARA).
The trade association, which represents rental houses in both the U.S. and Canada, released its five-year forecast earlier this month.
Rental revenues in Canada are expected to top $6.3 billion by 2022, up from $5.4 billion today. Though the figures include other market segments as well, construction/industrial equipment make up the largest share of the overall rental business.
On yearly basis, the Canadian rental industry is expected to tick up 4.3 per cent in 2018, 4.8 per cent in 2019, 4.7 per cent in 2020, 3.8 per cent in 2021 and 2.6 per cent in 2022.
The anticipated Canadian gains will be outpaced by faster growth in the U.S. rental market, which is forecast to gain an average of approximately 5.8 per cent per year over the next five years. The overall North American rental industry is expected to be worth $71.7 billion by 2022.