The Canadian Rental Association (CRA) is predicting sustained growth within Canada’s equipment rental industry, thanks to a steady economic environment and gradual improvements in construction and industrial activity.
The CRA projects equipment rental revenue to increase 7.6 per cent in 2024, reaching $8.2 billion. This momentum is expected to continue in 2025 with a projected 6.8 per cent increase, aligning with economic improvements and sectoral growth.
“The outlook for Canada’s equipment rental industry reflects a balanced growth trajectory that will benefit from continued strength in the construction and industrial sectors,” said Melanie Misener, Executive Director of the CRA. “As Canada’s economy stabilizes, we expect steady demand across both residential and non-residential investment, further fueling growth in equipment rentals.”
Rental outlook
Construction and industrial equipment rentals are projected to finish 2024 at $6.3 billion, an increase of 7.0 per cent. The sector benefits from strong non-residential construction growth, industrial production and expanding investment in oil production.
By 2028, revenues are expected to reach $7.4 billion, reflecting ongoing demand in construction and industrial activities.
General tool rental is expanding rapidly by 10.3 per cent in 2024. This segment is expected to reach $1.5 billion, with further growth of 5.9 per cent projected for 2025.
Although construction growth may slow down in the next few years, steady activity in non-residential structures will continue to support general tool rentals, pushing revenues to $1.7 billion by 2028.
The event rental industry is set to grow by 7.4 per cent in 2024, reaching $429 million by 2028. Following pandemic-related disruptions, the industry’s recovery reflects an easing economic slowdown and stronger demand in the events sector as Canada’s economy normalizes.
2025 and beyond
Beyond 2024, Canada’s equipment rental industry is expected to grow steadily, reaching an estimated $9.5 billion by 2028. Construction and industrial equipment will continue to lead, while general tool and tent rentals benefit from a stabilizing economy.
The Canadian Rental Association remains committed to supporting its members as they navigate the evolving economic landscape and capitalize on growth opportunities within the equipment rental industry.
The Canadian Rental Association, based in Stoney Creek, Ontario, is the leading trade association for event and equipment rental businesses in Canada. CRA advocates on behalf of its members to government, regulators and other stakeholders, and provides industry insights, best practices, education and networking opportunities.
