H. Yoo
Research expert covering South Korea
Equipment rental market in Europe - statistics & facts
The purchase of new operating equipment has proved to be quite costly, heavily burdening companies’ overall capital expenditure. The option of equipment rental has offered more flexibility and greatly reduced equipment costs. Over the last decade, the global equipment rental market has grown continuously, reporting a revenue of 87.5 billion U.S. dollars in 2019. The European equipment rental market reported a turnover of about 25.2 billion euros. In 2020, the European equipment rental market experienced a significant decline amounting to 7.2 percent, which came as a result of a decrease in operations caused by lockdown regulations imposed to curb the spread of the COVID-19 virus.
