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The construction equipment industry in India is seeing an upward trend with almost 30% growth annually. This growth is mainly due to the large investment in infrastructure sector by the government. Infact, John Patterson, JC Bamford Excavators Ltd (JCB) of the UK think India will rank in the top 10 markets of construction equipment overtaking the countries like Spain and Italy.
Adding to the positive growth, is the interest of many global majors shown in investing in construction firms in India. This has led to mushrooming of many new firms of various sizes in the construction business.
This boom in the infrastructure is propelling the construction houses to employ many machineries to do the construction job to complete the job on time, within budget and take up new projects. Nowadays the building contractors prefer to spend on high tech equipment instead of manual labour for quicker results. Also, the changing nature of type of constructions like building tall bridges, 100 storeyed sky scrapers, thousands of kilometres of expressways and highways is require the use of construction equipment machinery. Thus soaring the demand for construction equipment.
Renting the trend
The construction equipment machinery is broadly categorised into four categories:
Each category of equipment plays a significant role in the construction process but not a continuous role. So the construction contractors are wary of purchasing the equipment. Especially the new entrants in the business are not very convinced about their prospects. Hence prefer to hire the construction equipment.
The concept to rent backhoe or a crane or any other construction equipment is catching up mainly due to its effect on cost savings and flexibility. Hiring the equipment would mean paying the rental for the period when its used. As the businesses can time the hiring of equipment as per their need their capital is not locked up in one equipment. The amount they would spend in purchasing equipment may be the amount they would be paying as rental for hiring different construction machinery at various points of time.
Apart from this, the construction company is saved from the worry of maintenance and storage of the equipment. These aspects will be handled by the equipment dealers and not the equipment users.
Thus renting equipment seems to be a smart way to do business.