American Rental Association (ARA) equipment rental store owners and managers, as well as product suppliers to the industry, continue to show optimism for growth for 2014.
In the April ARA Economic Survey, nearly 90 percent of those responding expect rental revenue to increase in 2014 over 2013, with more than 54 percent of respondents anticipating double-digit growth. Overall, 97 percent of survey respondents expect annual rental revenue to at least equal 2013 revenue.
This anticipated revenue growth means respondents are adding to their rental inventory to meet demand. More than 87 of survey respondents plan for equipment purchases to be equal to or more than purchasing activity in 2013. More than 42 percent of respondents plan for double-digit growth in spending on new equipment.
In a separate survey, also conducted in April, more than 91 percent of ARA associate member/equipment manufacturers said they expect increased sales into the rental channel in 2014 over 2013 with more than 51 percent forecasting double-digit growth.
The ARA economic surveys reflect a snapshot in time of those who responded and may not be representative of the industry as a whole. However, rental companies and suppliers/manufacturers can benchmark their businesses against these results.