Heavy equipment is used in nearly every industry that deals with manufacturing and moving heavy loads. Globally the heavy equipment industry is valued at $176.2 billion in 2020 and is expected to double by 2030. This includes both the rental of heavy equipment and its purchase. But which one is right for the industry? Well, it depends on several factors. Here’s how you can decide.
Renting Heavy Equipment
Heavy equipment rental accounts for $53.2 billion in the US heavy equipment market in 2022. This can be attributed to the fact that although its use is common, many industries don’t require it to be on-site 24/7.
1. No Capital to Buy
Money rules the world, or at the very least, it rules the business world because the availability of capital determines whether you’ll be able to carry out certain operations or not. If you don’t have the capital to buy heavy equipment and need it for a project, just rent it.
2. Short Projects
There is some specialty heavy equipment that serves a certain purpose. If you have a project with a short duration and need specialty heavy equipment, rent instead of buy.
3. Checking Before Buying
A wide variety of heavy equipment is available these days, and you can find several options for one task. If you want to check how certain equipment performs, rent first to see, then make a purchase when you’re sure.
Buying Heavy Equipment
The general rule of thumb is that if you’re not using any equipment for 70 to 80% of the time, you shouldn’t buy it. However, there are some tasks and industries that require purchase over rental.
1. Rentals Usually Don’t Include the Latest Options
Many heavy equipment rentals have options that are used commonly. If you want the latest models, you’ll likely be out of luck on those. When you buy, you get the latest models and exactly what you selected.
2. Good Impression on the Clients
It leaves a good impression on the clients who will hire you for jobs that use heavy equipment. It shows professionalism and ensures the client that the work can start right away.
3. One-Time Investment
By purchasing heavy equipment, you’ll be making a one-time investment instead of repeatedly renting and paying accompanying fees.
Looking for the Best Heavy Equipment Money Can Buy?
If you’re going by the rule of thumb for renting and buying heavy equipment and have decided to buy, don’t hesitate to call us! If you’re looking for the best heavy equipment on the market, contact Hovair. We offer premium quality equipment and have decades-worth of experience in the field.
We’re recognized as one of the leading platforms that design and build heavy equipment and have various types like air bearing, industrial turntable, moving heavy machinery, heavy load handling, air lifting bags, and more. All our products are powered by compressed air, which is efficient and cost-effective, perfect for use in large and small-scale industries.
Contact us for more information about our systems for moving heavy machinery!