Who invested the most in their rental fleet in 2025?

The 25 top spenders on fleet in 2025 invested around €12.1 billion in 2025 according to data from the recently published IRN100 survey.

The €12.1 billion figure was calculated from data supplied by the companies or, in the case of stock market companies, on their published financials. The figure is gross spending, so does not account for disposals of fleet. The top 25 are not necessarily the 25 largest in the IRN100 list, but there is clearly a close relationship.

Gross CapEx on rental fleet in 2025 from the IRN100 survey. (Image: KHL Group)

The top five companies alone reported Gross CapEx on fleet of €8.8 billion, which equates to around 25% of their total revenues.

As expected, the top five companies are dominated by US rental businesses, with United Rentals, EquipmentShare, Sunbelt Rentals and Herc Rentals in the top positions, with Aggreko at number 5.

The EquipmentShare figure is complicated by its policy of selling around half of its fleet to third party investors under its OWN programme.

Big spending continues

The figure shows that the global rental market continued to invest last year despite the uncertain market conditions, particularly in Europe.

Although the €12.1 billion in 2025 is slightly less than the €12.6 billion figure for 2024 (see table on right), after adjusting for currency changes the 2025 figure will be equal too or higher than 2024.

It is worth pointing out as well that price inflation on new construction equipment will have had a significant impact on capital expenditures, particularly in the US because of the impact of tariffs.

That should be factored in when looking at the absolute amounts reported here.

The full IRN100 survey is published in the June issue of Rental & Access International (RAI) magazine. Read the digital issue here.

Note also that the total CapEx figure for each year in the table (from 2022 to 2025) is not for the same 25 companies.