North America’s top 10 access equipment rental fleets trend upward

Not one company on this year’s Aerials20 list saw a decrease in its access fleet, and where the top four companies saw 8% to 9% growth, the remaining trend for mid-sized and independents was around 3% to 5%.

United Rentals, the world’s largest equipment rental company, once again remains on our top spot, clocking in with 205,000 pieces of access equipment in its fleet. Looking at United’s total and the Aerials20 as a whole, United represents more than 39% of the Aerials20 fleet figure of 2024.

When we factor in our second-place rental firm, Sunbelt Rentals, with its estimated 175,000 pieces of access equipment, our top two rental companies combined make up 72% of the Aerials20 total.

Records broken, but caution remains

Not one company on this year’s Aerials20 list saw a decrease in its access fleet, and the top four companies saw 8% to 9% growth.

Despite United’s solid Q2 results, the company narrowed its forecast for the 2024 financial year and said that it remains well placed to capitalize on opportunities for long-term growth.

The company now expects revenue for the year to be in the region of $15 billion to $15.3 billion, a revision of its previous guidance of between $14.95 billion and $15.45 billion.

EBITDA has also been revised and is now expected to be between $7.09 billion to $7.24 billion.

Meanwhile, the company expects to maintain its previously announced capital expenditure for the year of up to $2.3 billion. 

The revisions were announced in its latest financial report, which revealed record rental revenues for the second quarter of 2024. During the quarter rental revenues reached $3.2 billion, an 8% increase on 2022.

Its general equipment rental segment saw moderate growth of 0.9% in the quarter, reaching $2.2 billion, while its specialty segment saw the highest amount of growth at 27% year-over-year to a second quarter record of $1 billion.

The company said growth in specialty was largely impacted by its purchase of temporary roadway rental business Yak Access, Yak Mat and New South Access & Environmental Solutions.

Looking at Sunbelt Rentals, meanwhile, the company’s Q1 results, which were announced in early September, saw US rental revenues of $1.7 billion, up 7% year over year.

Pumping the brakes?

While overall CapEx was down on the same period in 2023, the company invested $855 million on fleet investment and depot expansion.

Continuing its goal of opening between 300 and 400 greenfield depots by the end of its Sunbelt 4.0 five year plan, the company added 33 locations in North America in Q1.

Despite United’s solid Q2 results, the company narrowed its forecast for the 2024 financial year and said that it remains well placed to capitalize on opportunities for long-term growth.

Two of these were through the acquisitions of generalist businesses RentalMax in the US and Canada-based Wave Equipment at a total cost of $53 million.

In terms of fleet, it invested $717 million (€649 million) in the quarter, down from $999 million in 2023.

Ashtead’s chief executive Brendan Horgan said the company is “in a position of strength” and has the “operational flexibility” to capitalize on structural growth opportunities.

While it seems that rental firms are gently pumping the brakes on taking on new fleet for the remainder of their fiscal years, activity and demand remains for aerials across North America. It will be interesting to watch how the next 12 months play out.

Here’s how the top 10 shook out this year. Click here to see the latest issue of ALH, including the full ranking.

10. High Reach Co. 

Sanford, Florida-based High Reach Co. grew its fleet 6.25% to 3,400 units. 

9. Admar Supply Co. Inc. 

This Rochester, New York firm grew 4.29% to 3,650 machines in fleet. 

8. Star Rentals 

Based in Seattle, Washington, Star Rentals grew 3.57% to own a total of 4,350 machines. 

7. Briggs Equipment 

Dallas, Texas-based Briggs Equipment expanded 5.26% to a total of 6,000 units in fleet. 

6. Equipment Depot 

Another Texas outfit, this one based in Waco, grew 6.43% to own a total of 7,450 machines. 

5. Sunstate Equipment 

As we enter the top five fleets, we see a significant jump in fleet size. In the #5 spot is Phoenix, Arizona-based Sunstate, which grew 4.20% to own a fleet of 26,050 machines.

4. H&E Equipment Services

Based in Baton Rouge, Louisiana, H&E grew at a rate of 8.06% to a fleet of 29,500 units. 

3. Herc Rentals

Bonita Springs, Florida-based Herc Rentals owns a fleet of 46,000 aerial units, having grown 8.24% this past year. 

2. Sunbelt Rentals

With US headquarters located in Fort Mill, South Carolina, this American subsidiary of UK-based Ashtead Group grew 9.38% to a fleet of 175,000.

1. United Rentals

Greenwich, Connecticut-based United Rentals, once again in the top spot, grew at a rate of 9.04% to an aerial fleet size of 205,000.

Click here for a look at the largest access equipment rental fleets in the world.