As per the survey by Statista, the U.S. equipment rental market was valued at $48.7 billion in 2020 and is expected to grow at approximately $48.9 billion in 2021. The growth of the market is largely spurred by the increasing demand for excavator and a progressive trend towards automation and telematics.

Credit Source: Statista

Excavator are the most in-demand and dominant equipment in the construction market owing to several ongoing building and water projects in the UAE and Oman. Both the Saudi Arabian and UAE construction industries are witnessing a recovery in growth after going through a lean phase due to the slump in oil prices.

Key Differentiators of Heavy Equipment Rental Industry

A combination of different factors are responsible for driving the construction equipment rental trend. Following are the most notable ones:

  1. No Upfront Cost
  2. Avoid Storage, Transport Costs
  3. Save at Tax Time
  4. Sharpen Your Competitive Edge

The Rise of Online Construction Equipment Rental

The impact of modern technology can be felt right across the rental market segment. Its most standout benefit is safety. Operators these days can get detailed knowledge about the state of the machinery and carry out their job with relative ease. But it’s important to note that technology also makes construction equipment expensive. This is perhaps the biggest factor in the growing trend of online heavy construction equipment rental. Instead of making a huge capital investment, renting allows operators to employ the new technology on an ad hoc basis.

Below mentioned are the major factors contributing to the rise of online construction equipment rental

  1. A Fragmented Industry
  2. Transparency & Centralized Management
  3. Yard Expansion
  4. Rating & Review System
  5. Data-Driven Process

Major Players In The Online Construction Equipment Rental Industry

  1. Herc Rental Inc.
  2. Ahern Rental Inc.
  3. Tenderd
  4. Battlefield Equipment Rental Ltd.
  5. Optimum KSA services
  6. GearFlow ( A new entrant into the heavy equipment rental market)

Learn how to start equipment rental business in UAE: https://understandingecommerce.com/start-an-online-equipment-rental-business-in-the-uae/

While there have been a few new entries in the heavy equipment rental market in the recent past but few have made quite an impact as Gearflow. It’s a construction equipment and parts marketplace of dealers, OEMs and contractors. It’s worth mentioning that Gearflow’s marketplace is developed using Yo!Rent – the industry leading online equipment rental software.

Read complete blog post at: https://www.fatbit.com/fab/online-heavy-equipment-rental-marketplace-innovation/