The global construction equipment rental market is set to rise in 2022. The primary reason is that nowadays contractors and dealers are opting for rentals over purchasing brand new equipment. A few key reasons for the increase in equipment rentals include the rising cost of buying equipment and an erratic market.
Like other sectors, even the construction sector saw a sharp decline in revenue because of the global lockdown regulations caused by the coronavirus pandemic. However, the rising demand for infrastructure development gives construction equipment manufacturers multiple opportunities to upsurge their revenue. Also, the construction and mining equipment rental market in the United States is forecast to be sized at approximately 53 billion U.S. dollars in 2022. Also, construction equipment manufacturers have noticed an increase in the demand for various foundation equipment and parts.
Why is the demand for construction equipment rental rising?
Hammers, excavators, trucks, lifts, generators, hydraulic augers, and other equipment are essential to any construction business. Construction and mining companies are choosing to rent equipment due to the following reasons:
Reduce the size of the fleet
When contractors rent construction equipment, they don’t have to worry about fleet management. Renting or leasing equipment helps them to use the equipment as and when needed & return it after the contract period is over. Thus, pile driving equipment rental in Chesapeake VA can help you save money on fleet management.
Less expensive way
Purchasing new construction equipment is extremely expensive and can make a huge impact on your company’s budget. However, renting is a non-effective way to get construction equipment. It allows your company to dodge upfront costs associated with purchasing.
Lower the complexity in the organization
When a company purchases equipment, it also needs to look after the activities like asset disposals, logistics, maintenance, and procurement. With pile driving equipment rental in Chesapeake VA, you need not worry about the process of procurement and dumping of the equipment.
Less/No maintenance and repair costs
When you buy any construction equipment, you also have to consider the cost of maintenance and repair. Fortunately, renting removes this extra stress from your daily busy schedule. It also alleviates the additional costs you would have paid after purchasing the equipment.
Project-specific rentals
Many small construction companies work on one-time projects. Thus, buying the equipment is not an ideal choice. Also, if a company is working on multiple projects sites and plans to transfer the equipment from one location to another, consider renting the equipment rather than incurring logistic costs.
Zero depreciation costs
When you own machinery/equipment, you incur depreciation costs. However, with vibratory hammer rental in Orlando, you don’t have to bear the depreciation costs and the losses associated with it.
Solves equipment storage issues
If you’re owning equipment, you will also need a storage solution which is an additional cost for construction companies. Also, the cost of a storage place or warehouse can be extremely high when you have a fleet of machinery. Renting construction equipment reduces the concern about long-term storage of equipment.
Partner with the finest construction equipment manufacturer and dealer
With the development of the construction industry in the US, there are many construction equipment manufacturers and dealers present in the market. Out of all, GeoQuip Inc. leads the industry. We’re one of the largest suppliers of foundation construction equipment since 1987. We are your one-stop destination for cranes, excavators, hydraulic hammers, and vibratory hammer rental in Orlando. To explore our various construction equipment, visit our website – https://www.geoquipusa.com/
GeoQuip Inc. 