To buy or not to buy heavy machinery. You and other equipment procurement professionals face the previous question constantly. You and other professionals may use general guidelines when it comes to buying or renting heavy machinery. Based on market growth, however, it seems as if heavy machinery rental may be the best choice for procurement professionals currently.
General Guidelines: To Buy or Rent
Usually, you can determine if you should buy or rent heavy machinery using simple guidelines. You can rent machinery when you need a specialist machine to perform on task for a specific project. Renting makes the most sense for the previous scenario. On the other hand, you can purchase heavy machinery when you intend to use the machine every day for all your projects.
Challenges to Purchases and Rentals
Circumstances, however, can impede you from following the previous guidelines. A large fleet of vehicles can become problematic once your projects come far and few in between. At the same time, you may have to turn down a major contract if you heavy machinery for rent is scarce.
Global Rental Trend
In spite of these possible challenges, you can look at the pattern of the global market on heavy machinery. A report from Global Market Insights shows that, by 2024, the rental market can climb to $75.2 billion in revenue. With the previous observation, you may see that more and more people are choosing to rent equipment.
Earthmoving Category in the Lead
The leading category in rental heavy machinery is the earthmoving equipment, such as diggers and tipper trucks. When you need such machinery, you can choose to rent them as many companies find rental to be a beneficial option today. The rise in rental may be attributed to several factors.
Rental machinery now has a lower administrative overhead. Expenses and maintenance are also reduced. As stricter regulations have been established, costs for replacements and other associated details have been eliminated.
You can still purchase heavy machinery or earthmoving machinery. Having a large fleet in store for your projects may yet be better in spite of what the global market shows.