Event Rental Equipment Market Size & Growth Analysis to 2030

The global event rental equipment market size is anticipated to register a higher CAGR of around 14% during the forecast period from 2023 to 2030. The market is shaped by several key factors that drive its growth and dynamics. Economic conditions play a pivotal role, with a strong economy leading to increased corporate events, weddings, and social gatherings, thereby boosting the demand for rental equipment. Ever-evolving industry trends, such as unique themes and outdoor events, drive the need for specialized equipment and decor. Seasonal variations influence the types of equipment in demand, with summer requiring outdoor equipment and winter events necessitating holiday-themed items.

Technological advancements, like cutting-edge audiovisual technology, shape the market by providing immersive event experiences. Changing consumer preferences for experiences over possessions have led to a surge in event planning, further driving the demand for rental equipment. The corporate culture recognizes the importance of events for team building and branding, contributing to the market’s growth. Urbanization, sustainability concerns, government regulations, marketing strategies, emerging markets, influencer culture, competitive landscapes, and global events all impact the event rental equipment market, making it a dynamic and responsive industry.

Market Snapshot:

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Market Drivers:

Economic Conditions: The financial well-being of a region or country is a fundamental driver of the event rental equipment market. During periods of economic prosperity, businesses tend to hold more corporate events and consumers are more likely to plan weddings and social gatherings. These events, in turn, require a wide array of equipment, such as seating, tents, and audiovisual gear, leading to increased demand for event rental services.

Event Industry Trends: The event industry is highly influenced by ever-evolving trends. For instance, there is a growing demand for outdoor weddings and events, which necessitates tents, outdoor seating, and climate control equipment. Additionally, unique themes and experiential marketing have become popular, driving the need for specialized event equipment and decor to create memorable experiences.

Seasonal Variations: The time of year has a significant impact on the event rental equipment market. In regions with distinct seasons, there’s typically a surge in demand for outdoor event equipment during the warm summer months. Conversely, the winter season often sees heightened demand for holiday-themed decor and equipment.

Technological Advances: Technological advancements play a crucial role in shaping the market. With the advent of cutting-edge audiovisual technologies, event planners and organizers seek the latest equipment to provide immersive experiences. This includes advanced sound systems, LED displays, and interactive tech solutions for conferences and exhibitions.

Changing Consumer Preferences: In recent years, there has been a notable shift in consumer preferences towards valuing experiences over material possessions. This cultural shift has led to an increase in the number of events, including weddings, parties, and festivals, driving the need for event rental equipment.

Corporate Culture: Businesses have recognized the importance of corporate events for team building, training, product launches, and brand promotion. Consequently, there’s a consistent demand for rental equipment to accommodate various corporate functions and meetings.

Wedding Industry: Weddings are a significant driver of the event rental equipment market. Couples are increasingly looking to personalize their weddings with unique themes and decor, creating a substantial demand for specialized event equipment and furnishings.

Urbanization: Urban areas tend to have a higher concentration of event venues, businesses, and potential customers. As a result, there’s a greater demand for event rental equipment in cities, where events are frequent and diverse.

Market Insights:

The global event rental equipment market is bifurcated into equipment type, event type, end-user, and geography. On the basis of end-user, the businesses segment dominated the market in the benchmark year and expected to grow at the same trend over the forecast period. This is due to several compelling reasons. Businesses regularly host a diverse array of events, including corporate meetings, conferences, product launches, trade shows, and team-building exercises. Their consistent need for event rental equipment makes the business segment a robust and reliable customer base for rental companies.

Moreover, corporate events often demand a substantial volume of equipment, spanning from advanced audiovisual setups to seating arrangements and catering equipment, to accommodate larger audiences and maintain a professional event atmosphere. Businesses usually allocate generous budgets for their events, prioritizing functionality, reliability, and overall event success. The potential for repeat business is high, as these corporate clients frequently host events, providing rental companies with a stable revenue stream. Rental companies that can offer tailored solutions and specialized services, such as event planning assistance, are more likely to stand out as preferred partners for businesses aiming to make a lasting impression at their events.

Individuals: The individual end-user segment in the event rental equipment market includes private consumers who require rental equipment for personal events and celebrations. This segment comprises people hosting events such as weddings, birthday parties, anniversaries, and family gatherings. Individuals often seek a diverse range of event equipment, including seating, tables, tents, decor, lighting, and audiovisual equipment, to create memorable and personalized experiences. They prioritize elements like aesthetics, theme consistency, and convenience when choosing event rental equipment. Individual customers typically have specific preferences and budgets, making customization and affordability key factors in catering to this segment. Rental companies targeting individuals must offer a variety of options and provide excellent customer service to meet the unique needs of private event planners.

Businesses: The business end-user segment encompasses a wide range of organizations and corporations that utilize event rental equipment for various professional purposes. This includes companies hosting corporate meetings, conferences, product launches, trade shows, and team-building events. Businesses prioritize functionality, professionalism, and branding when selecting rental equipment. They often require a comprehensive range of equipment, such as audiovisual systems, presentation tools, seating arrangements, and catering setups. Reliability, technical support, and the ability to accommodate large groups are crucial considerations for this segment. Rental companies targeting businesses must offer high-quality, modern equipment and services tailored to corporate needs, often on a larger scale, and may also provide additional services like event planning and logistics.

Others (Non-Profit Organizations, Educational Institutions, Government Entities): The “Others” category in the event rental equipment market includes a diverse group of end-users such as non-profit organizations, educational institutions (universities, schools), government entities, and public institutions (museums, libraries). These entities host events ranging from fundraisers and educational seminars to government conferences and cultural exhibitions. Their equipment requirements can vary widely depending on the nature of the event, but they often prioritize cost-effectiveness, compliance with regulations, and the ability to cater to diverse audiences. Rental companies serving this segment may need to offer flexible terms, specialized equipment (e.g., audiovisual for educational presentations), and accommodate unique scheduling needs, such as extended rental periods for multi-day events. Building strong relationships and understanding the specific needs of these organizations is essential for success in this segment.

The event rental equipment market research report presents the analysis of each segment from 2020 to 2030 considering 2022 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2023 to 2030.

Historical & Forecast Period

• 2020-21 – Historical Year
• 2022 – Base Year
• 2023-2030 – Forecast Period

Market Segmentation:

By Equipment Type:

• Furniture Rentals
• Tableware Rentals
• Canopy
• Lighting and Sound Equipment
• Kitchenware
• Stage and Flooring
• Others

By Event Type:

• Weddings
• Corporate Events
• Trade Shows
• Concerts and Festivals
• Sporting Events
• Private Parties
• Others

By End-User:

• Individuals
• Businesses
• Others

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regional Analysis:

Geographically, North America dominated the global event rental equipment market in the benchmark year 2022 and expected to grow at the same trend over the forecast period due to a combination of economic prosperity, cultural factors, and a diverse event landscape. The region boasts a strong and diversified economy, particularly in the United States, which leads to a high frequency of events ranging from corporate conventions and trade shows to lavish weddings and social gatherings. Its large population centers, including major cities like New York, Los Angeles, and Chicago, contribute to a thriving event industry with a consistent demand for rental equipment. North America’s cultural inclination towards celebrating milestones and special occasions, along with its leadership in technological advancements and event industry innovation, further solidify its dominance in the market.

Competitive Analysis:

Some of the major market players operating in the global event rental equipment market are Party People Rentals, US Tent Rental, Nationwide Event Rentals, American Party Rentals, and Allstate Party Rentals. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. Players are exploring new geography through expansion and acquisition to gain a competitive advantage through joint synergy.

Recent Developments:

• In 2023, Party People Rentals acquires Allstate Party Rentals, expanding its presence in the United States.
• In 2023, US Tent Rental launches a new line of sustainable event rental equipment, made from recycled and recyclable materials.
• In 2022, The Event Source launches a new line of immersive event technology, including projection mapping, virtual reality, and augmented reality equipment.
• In 2022, PSAV launches a new hybrid event platform that allows event organizers to host both in-person and virtual events simultaneously.
• In 2022, Rent-A-Center partners with a leading event rental company to offer event rental services to its customers.

Key Companies:

• Party People Rentals
• US Tent Rental
• Nationwide Event Rentals
• American Party Rentals
• Allstate Party Rentals
• AFR Event Furnishings
• CORT Events
• NCE Rentals
• The Event Source
• PSAV
• Rent-A-Center

Key Questions Answered by Event Rental Equipment Market Report

• Global event rental equipment market forecasts from 2023-2030
• Regional market forecasts from 2023-2030 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2023-2030 covering 15 major countries from the regions as mentioned above
• Event rental equipment submarket forecasts from 2023-2030 covering the market by equipment type, event type, end-user, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level event rental equipment markets from 2023-2030
• Competitive Landscape and market positioning of top 10 players operating in the market