Global dynamics such as COVID-19 and Russia’s invasion of Ukraine have impacted all industry, for better or worse. However, companies around the world continue to rent equipment for their projects because of the flexibility and cost savings it provides.
Despite the turbulence, the global equipment rental market is expected to grow to US $180 billion by 2027, thanks to increases in mining, construction and infrastructure projects. The rise of automation is also fuelling demand.
In our latest report, “The Future of the Equipment Rental Industry: Establishing a Foundation for Success”, we examine the changing aspects of the industry across USA and Europe and identify the key challenges operators need to address to survive and indeed thrive in the new normal.
The 5 major challenges affecting equipment rental operators:
- Plugging revenue leaks: inefficient minor cost recovery processes waste precious time and resources.
- Lacking in-depth visibility of assets: industry operators struggle to access the full potential of their IoT tracking devices to understand their machine utilisation better.
- Dealing with supply chain issues: equipment prices and inventory costs have increased due to pandemic-related supply chain disruptions, while availability and access have gone down.
- Maintaining and servicing of assets: preventative maintenance is more familiar, but can cost far more time and money when compared to a predictive maintenance approach.
- Adopting technology: operators need to connect the dots on data collected from IoT trackers to maximise return on investment and access genuine, meaningful insights.
The solution is technology
The good news is that your business can overcome all of these industry challenges using the right strategies and approach, and the industry report details how. In particular, it reveals how tech-based solutions are a critical aspect of post-pandemic industry recovery and growth.
We know that in the past, some industry operators have resisted embracing technology. Meanwhile, others have embraced it, but aren’t sure how to get the most out of their tech solutions. Either way, right now, a new way of thinking is required.
To help your business thrive in the ‘next normal’, the report includes actionable, achievable recommendations that we’ve based on successful in-market solutions.
Get ahead of the pack today. Download our report to find out what the future holds for the equipment rental industry.