The online rental equipment industry is booming, and it's certainly showing no signs of abating. Whether you're a consumer, business or investor, understanding industry trends and insights can help you leverage it to your advantage.
For example, businesses across Europe are beginning to acknowledge the advantages of rental for their companies - 'from providing a more efficient use of capital, access to a wider range of equipment, expert maintenance and service to compliance with regulations, and improved sustainability performance.' (ERA, 2017)
Industry leaders agree. 'Fuelled by outsourcing, durability trends, and thoughts on the sharing economy, you can say that things are looking good for our industry,' says Pierre Boels, CEO of Dutch rental company Boels Rental and president of the European Rental Association (ERA). He continues: 'Of course, this is not equally so in all countries. In terms of these developments, I can see the UK or Scandinavia taking the lead compared to, for example, the German-speaking European countries or the southern European countries. But still, signs are looking good.' (REIC, 2016).
Despite Brexit and the forecast for economic challenges, the European Rental Association asserts that the UK's rental industry will continue to steadily grow. Its latest report states that 'the estimated growth for 2017 shows a 2.5% increase from 2016 and an increase of 2.8% is forecast for 2018 from 2017.' (ERA 2017)
Nick Hubb, the managing director of Newcastle based Hubbway Hire, says that his business continues to flourish in spite of the Brexit vote. 'Brexit has stimulated the used equipment market, which is an important revenue channel for us,' he says. (REIC 2016)
Michel Petitjean, the Secretary-General of the ERA, is also positive about the rental equipment industry's future. 'It is certainly encouraging to see growth across the industry, despite 2017 proving an eventful year. We note that the industry is embracing, developing and maturing in its capabilities, with positive effect.' (ERA 2017)
To conclude, it certainly seems like industry leaders unanimously agree that the online rental industry is here to stay for the long haul.