What is the best and most efficient construction equipment to rent? Which marketing efforts have the most ROI? How can we increase our backlog of work, so we don’t have to lay-off any employees?
These are just a few of the questions that almost every construction business in America is asking themselves. The equipment rental industry is not immune to these pressures. While the pandemic has impacted the rental market, it has not experienced the devastating effects confronting some industries. However, we want to show you the five most common pieces of rented construction equipment, in light of the equipment industry changes.
Unsurprisingly, forklifts begin our list of the most commonly rented pieces of heavy equipment. Forklifts, due primarily to their high utility, are integral to many contractors, and growth is on the horizon.
As illustrated in the graph here, grandviewresearch.com reported that the forklift industry is predicted to grow 12.1% between 2020 and 2027.
In the harsh aftermath of winter storm Uri that affected North America February 13-17, 2021, President Biden’s team have spoken with lawmakers about a new infrastructure plan. This new ten-year, 1.3 trillion dollar plan would fund nationwide projects like highways, bridges, and airports. If you would like to learn more about this plan, click here to read the full Insider article.
While no one is entirely sure what the final proposal will entail, any federal governmental spending on infrastructure will boost the need for dozers and other earth-moving equipment. This economic shift bodes well for equipment dealers who are seeking to rent their machines for shorter-term projects or to try out equipment before making a purchase decision.
At number three in our list, various lifts are frequently out for rent in the industry. We have seen private parties and contractors insure lift trucks, boom lifts, and electric lifts machinery. This makes sense considering the necessity for lifts. Whether you are changing a lightbulb or raising cinder blocks to the next story, lifts are almost always necessary in the construction industry.
Skid-steers, unlike machines such as a grader, have utility in more industries than just construction. For example, skid-steers are widely used in the farming and agriculture industry. This might be a substantial factor in why skid-steers rank so high on our list.
In a CleverLeverage article from October 2020, writer Matt Justice outlines 7 of the most popular skid-steers on the market. Even though we specialize in protecting material handling and construction equipment, our coverage options are not limited to those industries, so we’ve included a couple of his recommendations below.
Surprisingly, excavators top our list of most popular heavy equipment rentals! According to IBISWorld, between 2015 and 2020, the construction industry’s excavation sector has experienced a -1.2% decrease in revenue. Therefore, it seems odd timing that excavator rentals debut at number one on our list.
However, we have recorded that mini excavator rentals among private parties have made a strong showing in 2021. Now while it’s true that COVID-19 has negatively affected people financially, it’s encouraging to see rentals in the category performing at such a high rate.
All equipment statistics used are from our short-term rental equipment insurance solution, Rental Shield™. With Rental Shield, we connect to a wide variety of equipment renters with many different rental needs. We are not promoting or endorsing any equipment listed.
We strive to be thought leaders and a proficient industry source for equipment dealers, contractors, and equipment renters. If there are any general industry questions or questions about Rental Shield™, use the corresponding link below.
