Construction Equipment Rental Market Analysis By Product (Earthmoving, Material Handling, Concrete & Road Construction) And Segment Forecasts To 2022
- Apr 07, 2018-
Rental companies offer machinery with the latest and advanced technology with updated EPA emissions standards. Technological advancements from new multi-functional technology to mobile-based applications for tracking the fuel consumption are considered to be the main factors driving growth.
The introduction of remote access devices, air-conditioning cabin for the operator, more efficient engines (Tier III) and automatic controls to manoeuvre machines have driven the product demand. Advanced features such as availability of data regarding fuel consumption, engine, expected life of critical components and capability of sending problem logs by text messages to nearest service point have also contributed in enhancing the demand.
The introduction of fleet management software service by OEMs is considered to be the upcoming trend followed by the industry which provides machinery related information to end-users. This software provides information which involves preventive maintenance forecasting, product wears out, accident tracking and commercial repair tracking.
Rising financial and operational advantages associated with the renting have led to an overall rise in the global demand. Although, the fluctuating fuel prices and other expenses associated with picking and delivering of machinery are anticipated to hamper the demand.
Internet of Things (IoT) is expected to positively impact the consumption as it helps in reducing the cost, by enabling machinery to a self-detect mode which can identify the imminent need for repair.