Which equipment rental company invested the most in 2022?
04 July 2023
![IRN100 updated logo 2](/Images/270xany/irn100updatedlogo2_864477.jpg)
In the June issue of International Rental News, we revealed the 100 largest rental companies in the world.
One thing that the list pointed towards was an industry that is continuing to invest in its fleets.
In fact, the top 25 companies in terms of capital expenditure invested €12.2 billion, gross, in new equipment in 2022.
So, out of the biggest spenders, who had invested the most?
The top 10 biggest spending rental companies in 2022
=10: Liebherr Mietpartner (€326 million)
A new entry in the top 10, Liebherr Mietpartner shares tenth place having spent €326 million on its fleet in 2022.
It’s quite a rise since 2014, when the company invested €70 million in its fleet. Since then it has continuously upped its investment year on year.
=10: Sunstate Equipment Co (€326 million)
Also sharing seventh place is Sunstate Equipment. The company finished tenth in the previous edition of the IRN100 but has upped its spending by just over €100 million since then.
![](/Images/270xany/20210318-112327-Loxam-Hune-Guadalajara.jpeg)
8: Willscot Mini Mobile (€371 million)
Of the companies to retain their position in the top 10, Willscot are the biggest risers and move up two places from last year. Its €371 million investment is up from €244 million in 2021.
7: Horizon Construction Development (€435 million)
China-headquartered Horizon Construction Development enter the top seven with capital expenditure of €435 million. As we don’t have figures for 2021, it is impossible to say how much this has changed in the last year, but In the full IRN100 list it moved up by two places to enter the top 15.
6: H&E Equipment Services (€471 million)
Having finished sixth in 2022, H&E Equipment Services retains its place after it increased investment to the tune of €88 million.
![H&E Equipment Servives has opened five new branches in the last month. (Photo: H&E)](/Images/270xany/20230628-165041-HEESStatesvilleNC.jpg)
More recently the company has focused its attentions on growing via new branches across the US, and has opened five in the last month alone.
5: Boels (€551 million)
Last year saw Boels Rental spend a total of €551 million on “broadening and expanding” its rental equipment range, the company has revealed.
Now comprising 840,000 items, 81% of which are said to be electric powered, Boels claims it is the largest rental fleet in Europe.
4. Loxam (€738 million)
Loxam achieved double digit revenue growth for the second year in a row in 2022, driven by the post-pandemic recovery as well as growing rental markets in all of its operating countries. It said the this growth was supported by the fleet investment of €738 million.
3: Herc Rentals (€1 billion)
In the last edition of the IRN100, just two companies were revealed to have spent €1 billion or more on fleet investment.
This year, Herc Rentals becomes the third on the list and almost doubles its investment from 2021.
2: Ashtead Group (€2.4 billion)
While acquisitions played a big role in Ashtead maintaining its place in second on the main IRN100 list, its commitment to fleet investment ensures that it also remains in the top two of the investment table.
In fact, the company, which owns the Sunbelt Rentals businesses in North America and the UK, spent €1 billion more than it did in 2021.
1: United Rentals (€3 billion)
Perhaps unsurprisingly, the company that finished on top of the IRN100 overall also finishes top of the fleet investment table.
![United Rentals remain top of the list of highest spedning rental companies in the world in terms of fleet investment.](/Images/270xany/20210302-154711-United-RentalsAerial-Equipment-2.jpg)
United Rentals, which also came out on top in the previous edition of the IRN100, spent circa €3 billion throughout the course of 2022.
Equipment that the company invested in includes zero-emission energy storage units and all-electric trucks and vans for its North American rental and company fleets.
(Note: IRN asked companies for their gross spending on fleet in 2022, excluding the impact of sales of used fleet. Where no data was provided, published financial data was used.)
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