In the year 2016, the global construction equipment market was valued at $159.35 billion US. This is mainly due to the surge in the mining industry, especially in developing countries all over the world. The introduction of advanced technology and gear to maintain this equipment has helped to reduce the operational costs of the machinery and boosted the demands for construction equipment rental solutions. And since the model of ownership also shifted to a sharing model, that equipment is mainly rented.
Safety is a very important issue, and due to the modern technology added to the construction equipment as well as to cars, for example, everything is much safer than it was a few decades ago. Features like lane departure warnings, adaptive cruise control, and automated breaking ensures driver safety. Even though this comes at quite a price, people prefer to rent equipment with these higher safety standards, changing the market as a whole and raising the safety standard.
The modern global construction equipment rental market
Since smaller companies are no longer able to buy equipment that meets these standards, they must rely on renting it. This opens up an opportunity for large rental companies to expand their fleet. It also saves the smaller companies service and maintenance costs for their own equipment, reducing labor costs. And for a large company, hiring a mechanic to do all these jobs is much less costly. Plus, they can plan regular checks on the machinery to avoid breakdowns or repairs, which in turn also saves them money.
The explosive growth of skyscrapers all over the world, massive infrastructure projects, and also maintenance and checks to prevent incidents like the recent bridge collapse in Genoa, Italy demands more equipment than ever before. These projects will boost the demand for construction equipment. If you have a company in the construction equipment rental market, you stand to profit greatly from that. But you need to manage your assets very carefully and accurately to get the most out of it. Our software enables you to do all this. Send us an email to find out what we can do for you with DynaRent.