Industrial Equipment Rental & Leasing in Canada - Industry Market Research Report

Equipped for anything: Improved conditions in downstream markets will likely support industry growth

Canada's Industrial Equipment Rental and Leasing industry has overcome broad economic declines over the past five years as technological advancements in industrial equipment have spurred rentals. Healthcare facilities regularly rent and replace medical devices that are too costly to purchase and become obsolete quickly. Manufacturing and construction customers have adopted similar strategies to mitigate capital costs and access up-to-date equipment. Although COVID-19 substantially hindered some of the largest markets for industrial equipment rentals (manufacturing), historically low interest rates drove growth in residential construction while demand for equipment from overwhelmed hospitals soared. Despite 2020 declines, industry revenue has swelled at a CAGR of 3.3% over the past five years, reaching an estimated $5.7 billion in 2023. The Industrial Equipment Rental and Leasing industry in Canada rents and leases a variety of equipment used in manufacturing, metalwork, carpentry, agriculture, telecommunications, healthcare and entertainment operations. The industry also rents pumps, generators and other power equipment. The rental of heavy construction equipment, such as aerial lifts, forklifts, earthmovers and mining machinery, is not included in this industry. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.