United Rentals M&A and 4Q Results Presentation
U.S. equipment rental industry overview
Combined U.S. General Rental and Construction & Industrial Equipment
Rental Market Size ($bn)
$55B
$50B
22-year
CAGR
5.6%
10-year
CAGR
6.5%
$45B
$40B
$35B
$30B
$25B
$20B
$15B
$10B
$5B
$OB
2014
2015
2016
2017
2018
2019
The U.S. equipment rental market has outgrown its
underlying market by over 50% in the last 20 years
400%
300%
200%
100%
0%
Indexed Growth: US Equipment Rental Market
......... Indexed Growth: Total US Construction Spending
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Largest players capturing a growing
share of the U.S. equipment rental market
Top 10 U.S. Rental Companies as % of Total Industry Revenues
45%
40%
36%
35%
32%
30%
30%
26% 27% 27%
25%
22%
23% 24%
20%
20%
15%
10%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Equipment rental value proposition continues to drive secular penetration
Sources: Company reports, ARA, RER, and U.S. Census Bureau (based on most current data available as of January 2021).
United Rentals®
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