5.9.2Segment

Equipment Rental & Leasing

Equipment rental companies supplying construction machinery, material handling equipment, and specialty tools.

4
Verticals

Overview

Equipment Rental & Leasing covers the rental of construction, industrial, and general equipment — aerial lifts, earthmoving, power and HVAC, tools, and specialty equipment. At ~$83B across ~17,000 establishments, it is led by national rental majors (United Rentals, Sunbelt/Ashtead, Herc) alongside a large base of regional and specialty rental operators.

Demand is driven by construction and industrial activity and the secular shift from owning to renting equipment (better fleet utilization, no maintenance burden), with the rental penetration rate still rising. It is consolidating rapidly around scaled players, and one of the most successful industrial roll-up stories, with fleet scale and branch density the key advantages.

Market snapshot

Market size
~$83B
Growth
~7.4%CAGR (2017–22, nominal)
Companies
~17,000
FragmentationConsolidating

U.S. Census Bureau 2022 CBP/Economic Census, NAICS 532412 (construction/mining/forestry equipment rental) + 532490 (other industrial equipment rental) + 532310 (general rental centers).

Business model & economics

Revenue model
Equipment rental and leasing fees on owned fleet
Recurring revenue
Moderate–High — recurring rental and repeat customers
EBITDA margin
Strong — high-utilization fleet economics
Capex intensity
High
  • Led by United Rentals, Sunbelt, Herc.
  • Secular shift from owning to renting equipment.
  • Fleet scale and branch density key advantages.

M&A deal context

High deal activity

Who’s acquiring

National rental strategicsPE-backed rental platformsRegional & specialty consolidators

What’s driving deals

  • Aggressive roll-up of regional rental operators.
  • Rising rental-penetration secular shift.
  • Specialty-fleet and geographic expansion.

Verticals in this segment

  • 5.9.2.1Construction Equipment Rental

    Companies renting excavators, cranes, and heavy construction equipment.

  • 5.9.2.2Industrial Tool & Equipment Rental

    Rental companies supplying portable power tools and industrial equipment.

  • 5.9.2.3Material Handling Equipment Rental

    Companies renting forklifts, pallet jacks, and warehouse equipment.

  • 5.9.2.4Specialized & Heavy Equipment Rental

    Companies renting cranes, aerial lifts, and specialty equipment.

Find Equipment Rental & Leasing acquisition targets

Search Acquisera’s index for companies classified under Equipment Rental & Leasing (5.9.2) and build a targeted deal pipeline.

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