Monday 17 March 2008

HIRE NEWS: North American Rental Market

American Tool Rental Market Looks To Grow Further:

As well as it's large size, the American Tool Rental Market is also diverse in the market sector it occupies. In both Canada and North America the tool hire business growth has been steady. It was announced that the US tool hire industry generated an estimated US $3.3 billion in the year 2006.

Although it's growth has been steady, there is still a lot of potential for it to become even larger.
Compared to Europe the tool rental industry in America is still relatively young. The industry established itself in the years following the second world war when tools were scarce and military equipment became available in the marketplace.

The tool hire industry in North America has three main areas:

The largest area for revenue return is industrial equipment and construction tools. Followed by general DIY hire, and last event hire and party equipment rental.

The event hire segment represents the smallest market share with the revenue generated at a figure of around 5%. The segment does however show considerable growth rates and potential.

The construction equipment hired is almost exclusively rented by America's building and construction companies, with equipment rented such as access equipment, concrete mixers, concrete breakers etc. Industrial equipment includes tools in the lifting gear categories; genie super lifts, chain blocks, hoists and lifting gantries, welding equipment and grinders.

The general DIY hire market includes a wide range of equipment used by homeowners for light construction and home improvement, as well as landscaping, products including; ladders, floor sanding equipment, power tools.

Party and event hire includes products and services to consumers and corporate business for life events and celebrations such as weddings, graduations, parties, retirement celebrations, promotional and special events.

One lesson to be learnt for all UK hire companies is the trends which the US market is built on. For all three segments in the hire industry in the US the trends are all focussed heavily on customer satisfaction.