Construction Equipment rentals – How is it faring?
The construction equipment rental market is projected to witness a CAGR of 6.12% during the forecast period of 2023-28.
The construction equipment rental market is all about rental services of heavy construction equipment, machinery and tools that are used in various construction projects. Construction equipment rental services are offered to contractors, builders and construction companies who need equipment on a temporary basis.
Equipment rental market is rising because it is the most economical, flexible and risk-free. Rental machines can be used to temporarily finish a project or try a new machine one intends to buy. There is no long-term commitment while using rental equipment there are no additional costs. There is no need to worry about servicing the equipment if the machines are hired from a responsible professional rental company as they will maintain the machines. Zeroing in on a reputed rental company is important. The parameters to check are quality customer service and well-maintained machinery. Also, checking if the company has factory-trained certified technicians would help.
The construction equipment rental market is projected to witness a CAGR of 6.12% during the forecast period of 2023-28. This is as per the HTF Market Intelligence. The market can be divided as per application – commercial, utility, industrial; as per type – scaffolding, concrete, self-loading concrete, crane crusher; by Geography – North America, South America, Europe, Asia Pacific and MEA. The rental equipment market value is estimated to be at USD 195.35 billion.
Rental agreements cover machinery equipment rentals for a flat rate on a basis of the customers’ choice – be it daily, weekly or monthly. It offers a flexible option for those who may want to test a machine or need it for a limited time only. A rental agreement will usually be renewed as long as the equipment is in possession. The bill given to the customer will reflect the set rental price at the rate agreed upon. Many original equipment manufacturers (OEMs) offer rental services and it is seen as an important business entity.
Mahindra Construction Equipment provides a complete range of equipment solutions with maintenance teams servicing a wide range of infrastructure sectors. As per their website www.mahindracontructionequipment.com, they provide innovative solutions to the construction equipment industry. They have their presence in 60 locations across India.
Rental Services from Mahindra Construction Equipment provide boutique offerings to its customers through innovative equipment solutions, extensive equipment across India, large variety of fleet across makes and models, managing fleet equipment across business lines, high quality Asset Management capabilities and In-Depth knowledge and expertise in equipment rental and allied businesses.
They provide their customers robust and maintained equipment, cater to an entire arena of infrastructure world, trained, competent and experienced man power resources with equipment, on site repair and maintenance to reduce down time and production time loss, advice on equipment suitability based on application, training for operator level personnel across various industries, bid support to various construction companies/ contractors for tendering purposes.
The customer benefits with rental services include Conservation of Capital, Control over expenses, Access to new and updated technology, Reduced downtime, Savings on Storage/ Warehousing, Savings on repair & maintenance costs, Savings on manpower & administrative costs, equipment tracking, Freedom from equipment obsolesce, Better focus on core activities and benefits of investment without burden of ownership.
Some of the equipment offered on rent by Mahindra construction equipment include transit mixer, diesel generator set, backhoe loaders, concrete pump, mobile batching plant, tipper trucks, wheel loaders, hydraulic excavators, motor grader.
Caterpillar Inc which is the world’s leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel electric locomotives also has a rental store. Cat Rental gives the customers flexibility that each job requires with the performance and productivity as expected. Any equipment, irrespective of the number and the time period, is immediately available for the customers. As per the website www.cat.com, the customer can work with the Cat® distributor to design a solution that helps the customer grow the business while controlling risks and costs. More details are available at www.catrentalstore.com.
The rental store has solutions/equipment for customers in general construction, industrial manufacturing, commercial or residential building, utilities, road building or landscaping. The Cat® Rental Store has everything needed to get the job done – from concrete saws to construction equipment and everything in between. The products are all safe and reliable and equipped with latest technologies. Onsite support, expert advice and operator training is also available for customers. The Cat® Rental Store understands the need for specialised equipment in the quarry industry to work efficiently and remain competitive. Successful quarries must produce many tons of material every year, to keep up with the demand. They offer quarry rental equipment to assist the customer at every stage of the mining process – from initial excavation to processing and hauling. Manufactured by Caterpillar and other leading brands, their rental equipment will meet high expectations for productivity, safety and reliability.
Quarries need machinery capable of removing overburden quickly and also loading large amounts of material for processing. As a result, a successful mining operation starts with powerful earthmoving equipment. CAT serves quarry operations by offering a wide range of CAT earthmoving machines for rent including hydraulic excavators, articulated trucks, wheel loaders, mining shovels, scrapers and dozers. Customers can choose the earthmoving machines as per the bucket capacity and engine horsepower in accordance to their requirement. CAT also offers rental screening plants and track crushers. A rental screening plant will separate aggregates from one another efficiently, while a rental track crusher will help pulverize larger pieces of rock into a usable consistency. In addition to crushing and screening equipment, rental generators are also available.
