The rental industry in Europe grew 12 percent in 2007, compared with 2006, bringing the size of the market to €23.5 billion in volume (about U.S. $36.6 billion), according to a study by Global Insights, which also produced a size-of-market study for the American Rental Association earlier this year. The study predicts a 5.5-percent year-over-year volume growth in 2008 compared with 2007.

The study estimates there are 14,500 rental companies in Europe, operating from 23,500 depots.

The United Kingdom has the continent’s largest rental market at €6.2 billion, followed by France’s with an estimated 2007 rental volume of €4 billion, Germany with €3.8 billion, Spain with €2.3 billion and Italy with €1.78 billion. Norway follows with €735 million, and Sweden and the Netherlands are estimated at about €700 million.

Other significant rental countries include Denmark at €550 million, Belgium and Luxembourg combined at about €425 million, Finland at €420 million, Austria and Switzerland each at €320 million, Portugal about €300 million, Ireland €250 million, and Poland as Eastern Europe’s leading rental country at about €200 million.