Equipment rental revenue, comprised of the construction/industrial and general tool segments, is expected to explode past its peak totals in 2022, according to the latest forecast released by the American Rental Association. The updated forecast calls for equipment rental revenue to reach just under $47.7 billion in 2021, up 3.1% after a decline of 9.1% in 2020.

The forecast calls for a robust 12% increase in construction/industrial rental revenue in 2022, taking the combined total for the two segments up to nearly $52.3 billion. The growth rate is expected to be consistent at between 2% to 5% for the next three years, according to the forecast.