A heavy equipment rental might be the solution for a small construction or renovation business. While they need access to these machines, they don’t need them every day and they can’t necessarily afford to get them. So it is worth looking into heavy equipment rental places near me in order to find out what is available and for how much. A heavy construction equipment rental might be worth it if you only need the equipment temporarily.
However, you might find that renting as often as you would need to can be more expensive than buying. If that ends up being the case, you should look into heavy equipment distributors and other places that might have heavy construction machinery for sale. Whether you rent or buy, you can save money by looking into which option works best for you. This is especially true for small businesses that might need to decide whether to spend their budget on one piece of heavy equipment or another. This opens up service opportunities to these companies, which provides them with the opportunity for more income.
By 2015, the construction industry expects the global construction equipment market to reach $145.5 billion. But since the Great Recession began in 2008, a greater share of the equipment market has been taken over by the construction equipment rental industry, particularly heavy equipment rentals.
By renting construction equipment like tools and heavy equipment, construction companies can greatly reduce their overhead. Plus, smaller companies can achieve greater flexibility by renting equipment as needed. By some estimates, more than half of all new equipment now ends up on rental lots. So just how big has the U.S. heavy equipment rental industry grown over the last few years? Let’s break down the numbers:
- Annual Revenue: $35 billion
- Annual Growth Rate: 5.8%
- Employment: 80,360
As the economy improves, demand for this equipment is expected to continue growing through at least 2020. Experts say that part of the reason behind the rapid growth is a low starting point. In 2010, the construction industry was still recovering from the housing market collapse, which depressed commercial construction as well. So as residential and commercial construction picks up again, and as mining and transportation companies increase spending as well, the rental market has grown accordingly.
What types of heavy equipment have been driving this growth? Some of the highest demand is for crawler dozers, excavators, and wheel loaders. Various types of aerial lifts are also some of the most frequently rented heavy equipment. This includes scissor lift equipment, electric boom lifts, and portable lifting equipment.
The United States is the second largest construction market in the world, and ultimately the rental market is dependent on the strength of the overall construction industry, but also related fields like the oil and gas industry. That means the rental market could be vulnerable to the ongoing downturn in the oil industry, but so far an increase in construction starts has offset any losses.