IRN100: Three charts that show how North American rental companies are driving industry growth

Rental companies in the USA are growing faster than those in any other region, International Rental News’ IRN100 top-list shows.

According to the comprehensive rankings of the world’s largest 100 rental companies around the world, 42 hail from North America.

The world’s largest rental companies by region. Source IRN100

Europe was the region with the second most representation in the top 100 with another 35 firms while Japan came third with another 8 firms in the top 100.

Other Asian countries accounted for another six firms in the toplist while Australia and South America accounted for another two each.

The growth in the number of North American firms (a slight increase on the previous year for North America when 41 of the top 100 firms came from north America) marks a seismic shift since the pandemic. Before that, the balance between North America and Europe was far more evenly spread with European firms making up 39 of the top 100 in the 2019 rankings to 38 from North America.

Since then though, the ranking shows that North American firms have been growing at a far faster rate than their European counterparts. 

According to the IRN100, last year alone, North American companies achieved an average revenue increase of 13.6%, well above the global average. In contrast, growth in Europe was more moderate, averaging 4.6%. 

Regional share of the market over time. Created using Flourish

Further showing the strength of the region, the top 15 American companies contributed more than 50% of total IRN100 revenues, .

So what has been prompting North American firms to grow more quickly than their European counterparts?

In part, the answer lies in Bill Clinton’s 1992 US presidential campaign slogan, ‘It’s the economy (stupid).”

US firms especially benefitted last year from robust infrastructure spending, a resilient residential construction sector. According to official figures, GDP in the USA grew by a healthy 2.8% in 2024, a slight decrease on the previous year. By contrast the Eurozone experienced GDP growth of just 0.9% in 2024, a slight increase from the 0.4% recorded in 2023.

A wave of strategic acquisitions across both North America and Europe also helped boost revenues for the biggest players. In 2024 these included United Rentals’ acquisition of the Yak temporary matting business for US$1.1 billion and Sunbelt Rentals’ purchase of trench safety rental provider Falcon Shoring.

Of course, one to look out for next year will be Herc’s acquisition of H&E. It will help the company close the gap on the dominant top two of United and Sunbelt.

Turnover for the top 15 firms by region. Created using Flourish

Meanwhile in Europe M&A activity was also strong last year. The biggest deal by far was Boels’s purchase of Riwal, adding annual revenues of around €314 million and 65 branches across 14 countries in Europe, the Middle East and South Asia.

Other major deals included Kiloutou’s acquisition of Spanish rental company ToolQuick Alquiler, low-height specialist Liftisa S.L. and truck-mounted platform company Gloobal Movingrent. They also included Sunbelt Rentals UK & Ireland’s acquisition of UK-based production and equipment business JLL Group. 

These acquisitions - as well as organic growth - helped some European rental firms outperform the market.

Boels Rental posted a 12% increase in revenue in 2024, aided by its acquisition of Riwal.

Meanwhile Aggreko, which is headquartered in Glasgow but derives the largest share of its revenues from North America posted a 21% growth in revenues for the year. Mollo Noleggio, and GAP Group also each reported revenue increases of 10-15%.