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FedEx pioneered overnight delivery in 1973 and remains the world's largest express package provider. In its fiscal 2024, which ended in May, FedEx derived 47% of revenue from its express division, 37% from ground, and 10% from freight, its asset-based less-than-truckload shipping segment. The remainder came from other services, including FedEx Office, which provides document production/shipping, and FedEx Logistics, which provides global forwarding. FedEx acquired Dutch parcel delivery firm TNT Express in 2016, boosting its presence across Europe. TNT was previously the fourth-largest global parcel delivery provider.
United Rentals is the world's largest equipment rental company. It principally operates in the United States and Canada, where it commands approximately 15% share in a highly fragmented market. It serves three end markets: general industrial, commercial construction, and residential construction. Like its peers, United Rentals historically has provided its customers with equipment that was intermittently used, such as aerial equipment and portable generators. As the company has grown organically and through hundreds of acquisitions since it went public in 1997, its catalog (fleet size of $21 billion) now includes a range of specialty equipment and other items that can be rented for indefinite periods. 2024 revenue totaled $15.3 billion.