The American Rental Association Unveils New Market Monitor ServiceWednesday, November 25, 2009
Equipment rental industry-specific research has taken a giant step forward with the launch of the State of Equipment Rental Industry Outlook 2009-2014 Market Monitor service by the American Rental Association (ARA) and RENTAL MANAGEMENT.
This online subscription-based program, exclusively available to ARA members only, provides subscribers with the latest economic information regarding the equipment rental industry compiled by respected economic forecasting firm IHS Global Insight. The information is updated quarterly.
A basic annual subscription to the Market Monitor service includes an economic overview and equipment rental revenue forecasts for the United States and Canada broken out into each equipment rental market segment — construction and industrial equipment, general, and party and event — as well as U.S. national-level rental equipment investment data and quarter updates.
Upgrades to the basic package can be purchased, enabling subscribers to access geographical and market specific information. As part of this new service, subscribing ARA members can opt to drill down and receive economic information at the metropolitan statistical area (MSA) level. Examples of the 363 MSAs in the United States include Chicago, Salt Lake City and locations such as Palm Coast, Fla.
Annual subscriptions start at $100 and can range up to $3,000 for access to all the data, charges, figures and analyses available through the market Monitor service. For an additional $50, subscribers will have access to the MSA of their choice. Subscriptions can be customized to include multiple MSAs, U.S. states or U.S. Census regions at different price points.
Equipment rental industry-specific economic data did not exist prior to 2005, the first year that ARA and RENTAL MANAGEMENT magazine partnered with IHS Global Insight to determine the size of the equipment rental industry. Since then, three comprehensive annual reports have been published for 2006, 2007 and 2008. The growing trend of electronic media and feedback from rental members led to the shift in providing the same research in an online service.
“This is a tremendous step forward for measuring the shape and size of the equipment rental industry. The ability for our members to customize and receive only the information relevant to their business is a great new option. We are excited of offer this benefit to our members and anticipate that many will take advantage of the Market Monitor service considering the accessibility of information and the pricing structure,” said Christine Wehrman, ARA’s executive vice president and CEO. “This information is relevant and useful to all rental operators and suppliers in their daily business management.”
About IHS Global Insight, Inc.
IHS Global Insight, Lexington, Mass, (www.globalinsight.com) is the world’s largest economic forecasting and consulting firm, providing comprehensive, ongoing economic, financial and political coverage of countries, regions and industries available from any source. IHS Global Insight uses a unique combination of expertise, models, data and software within a common analytical framework to support planning and decision making in more than 170 countries. Through the world’s first same-day analysis and risk assessment service, IHS Global Insight provides immediate insightful analysis of market conditions and key events around the world, covering economic, political and operational factors.
The American Rental Association (www.ARArental.org) is an international trade association for the owners of equipment rental businesses and the manufacturers and suppliers of construction/industrial, general tool, and party/event rental equipment. ARA members, which include more than 7,000 rental businesses and nearly 1,000 manufacturers and suppliers, are located in every U.S. state, every Canadian province, and more than 30 countries worldwide. Now in its sixth decade of operation, ARA is the source for information, government affairs, business development tools, education and training, networking and marketplace opportunities for the rental equipment industry throughout the world. According to the ARA’s most recent State of the Equipment Rental Industry research forecast, the equipment rental industry revenue in the U.S. is estimated to be $30.3 billion for 2009.