The rental construction industry is highly dynamic. It changes very frequently. Luckily, this market has a very positive stance toward future growth. The market analyst has expected a 5% growth in the construction rental market during the 8 years period from 2019 to 2026. The 5% growth rate will bring the market to a valuation of $145.22 billion. It is no surprise that the market was and will always be seen in a growing trend due to the increasing demand for construction.
The construction equipment market is continuously growing in many ways. It is not an exaggeration if one says that the market is adopting technological advancements very quickly. Similarly, the rental construction industry seems to embrace technological advances. Some heavy equipment trader is also trying to install the latest technologies in the available equipment, such as used dozers for sale. This way, the rental equipment demand might increase unexpectedly.
Following are some critical factors impacting the future of the equipment rental market.
Among many latest technologies, telematics is widely used in the construction industry. It has many advantages, especially in fleet management. In fleet telematics, several kinds of technologies are included to jointly monitor the equipment’s location, status, battery health, and fluid level. These are the primary measures to monitor the equipment while maintaining it. Telematics makes it easier for fleet management to properly perform the on-time maintenance of the equipment and improve the services. This technology has ultimately increased the demand for the equipment for renting.
Electric Or Hybrid Machines
You must be aware of the electric vehicle launched in a few years. These vehicles are likely to revolute the motor vehicle industry in terms of fuel and cost-saving. On a similar note, the construction equipment is also adopting this technology. Manufacturers are trying to build their equipment electrically operated or hybrid. Somehow, the hybrid and electric driven equipment help in saving the fuel cost. Hence, decreasing the overall construction budget, providing the company with a better profit. As the equipment is more economical, eco-friendly, and more efficient than the fuel-operated one, they are gaining popularity. This popularity is increasing the demand for equipment in the rental market.
Complete digitalization of the equipment makes it more user-friendly. At the same time, the automated and driverless technology in the equipment makes the job easier and safer. Technology is getting advanced more often than anything else.
Geofencing draws the boundaries around the job site and collects the data for the equipment operator, whereas the control system allows the operator to operate the machine from distant locations.
The camera monitoring and the sensor technology is another latest advancement that makes it easier to collect the data on time, increasing the demand for equipment rental. The automation features in the equipment make it more versatile and multi-tasking. It allows the operator to perform multiple tasks with one piece of equipment. Operators can easily access its hard-going areas and perform their jobs more confidently. With installing these latest technologies in the equipment, it is also essential to give the operator proper knowledge about the operation. Skilled labor can bring more productivity to the job.
Offer Training and Ensure Safety Precautions
It is necessary to adopt the latest technologies timely. Along with that, offer the workers proper training to learn and practice operating the equipment more efficiently. It would be easier for the fleet managers to keep the machines working for long. Otherwise, an unskilled person may cause severe damage to the equipment. On the other hand, ensuring safety precautions is extremely necessary to protect the lives of workers working on site.
The construction equipment rental market has been growing for the last few years and is expected to grow until 2026. The heavy equipment trader and the equipment manufacturer are trying to introduce the latest technologies in their equipment to make them more productive and user-friendly. Installation of these technologies in second-hand equipment such as used dozers for sale also increases their demand in the rental market. If the contractors keep the point in mind mentioned above, they can benefit from their business and continue to grow with the market.