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Digital Transformation in the Construction Equipment Rental Market
Internet and digital mobility are changing our lives faster than ever before! It’s affecting a variety of industries across the world in a number of creative ways and fundamentally changing the way we do business. Additionally, 2020 taught us that there is no alternative to digitization. Even in the construction industry, which is not one of the most changeable industries, a lot has happened in the last few years. Since 2016, the construction and construction machinery industries around the world have only known one thing: GROWTH. Then came the Covid-19 crisis, along with every other business, construction sites also faced severe lockdowns and disruptions to their activity. If we look at current trends in the construction industry, it quickly becomes clear: Digitalization is advancing and offering huge opportunities and ways to improve their productivity to players in the construction industry.
Digitalization, in the world of construction, is affecting the following 4 main areas, logistics, procurement, production/construction, and sales/marketing. Renting and leasing of construction machinery is also on the rise. A report released by the European Rental Association (ERA) with the support of the ERA Statistics Committee, highlighted construction machinery rental market size in the EU. The equipment rental industry in the EU-15 area countries saw growth of 4.1% in 2019. In 2020, there was an estimated decrease of 10.4%. The ERA had forecasted rental growth of 4.8% this year, prior to the COVID-19 outbreak. These 15 countries account for more than 95% of the equipment rental industry in the EU, European Free Trade Association (EFTA), and the UK.
Renting is an inherently sustainable model. By renting construction equipment, companies and individuals not only contribute to a more sustainable world but also make economic decisions, as buying a piece of new equipment involves a high cost, maintenance, operational, and storage-related issues. Renting is becoming a viable possibility for newer businesses as well. The European equipment rental market is worth €28 billion a year and is growing year on year, according to statistics from the European Rental Association (ERA). Europe’s rental businesses are spending €5 billion a year on new fleets, providing users with the latest machines.
The construction machines rental industry has traditionally been characterized as medium and small-sized companies that mainly operate locally and serve regional markets. As we saw that construction sites came back to operations by end of 2020 but it was a challenge to rent construction machines like, excavators, cranes, work platforms, and similar equipment to complete their construction projects. The main reason was that this industry was working on a very old-fashioned way by calling to the rental companies and asking for availability and price quotes to rent machines but due Covid-19 most of the people were operating from home that made it very difficult for them to complete their work on time. This created the need of e-platforms that would connect construction companies and other businesses to machine rental companies as quickly as possible from anywhere anytime. Looking at digital business in machine rentals, many players came into market like BigRentz in the USA while Tracktor, Rentaga, Bullswap, SmartYard and Klarx in the Europe. However, our evaluation found Rentaga (www.rentaga.com) is the only real marketplace that offers complete end to end electronic solution with online comparison of rental offers and immediate booking of rented equipment to its customers. This is a big breakthrough towards the e-platforms and doing digital businesses in the machine rentals industry, now construction companies, maintenance companies, engineering companies can rent their machines from their work sites by visiting www.rentaga.com. They can do immediate comparison of equipment from multiple suppliers, know the specifications, check availabilities and book multiple machines in one order. This makes machine renting easy and smart.
This is a real step towards digital transformation in construction equipment rental market!
Sources:
- TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 – 2026)
- CONNECTING YOU TO THE BEST RENTAL COMPANIES!
- Shaping the Future of Construction A Breakthrough in Mindset and Technology
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