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Increase in infrastructure and building construction projects are few of the primary factors that are driving the growth of rental equipment market in the world and would lead to healthy CAGR of more than 7 per cent by 2019. India is also witnessing the same trend and hence, the rental equipment market in the country is also growing at a fast pace.
Reasons for hiring Construction Equipment on rent
Renting Construction Equipment (CE) has a direct correlation with higher work productivity and profits. CE on rent can offer a host of advantages from no worries of storage to saving of huge investment cost. Let’s take a look at the reasons for renting CE in detail…
5. When buying expensive equipment, one of the major concerns is its resale value because of the fact that the value of a piece of machinery drops considerably as soon as it is bought. So, renting the equipment can be a good solution in such a case.
6. Heavy equipment can break down easily. So, in order to keep the project going, it is better to take the required machines on rent.
7. Renting heavy equipment can offer an advantage over ownership in terms of the amount of support and assistance a company is able to receive by the equipment rental company’s staff.
10. Last but not the least, if the worksite is far away from the primary location or the location where the equipment is stored, then another major logistical hurdle is transportation of the equipment and time and cost associated with it. Renting the equipment can remove this burden as well since the equipment can be delivered to the worksite directly.
To sum up
Keeping in mind the various benefits offered, it makes a lot of sense to take CE on rent. Contractors and constructors have realised this fact and are acting accordingly. As a result, the demand for rented construction equipment has grown drastically in the past few years and the future looks bright too.