According to a report by Purchasing.com, business owners are opting to purchase new equipment over used models. The report, Tech Innovations Drive Increases in Heavy Equipment Leases and Rentals highlights trends from an in-depth survey taken by 71,000 participants, spanning a four-year time period. The participants consisted of CEOs, managers and procurement professionals operating in the following industries:
- Waste Management
The research and editorial teams at Purchasing.com conducted an analysis showing that from 2011 – 2012 to 2013 – 2014 there was a 31% increase in requests for the following types of construction equipment:
- Backhoe Loaders
- Compact Track Loaders
- Rough Terrain Forklifts
- Skid Steer Loaders
- Wheel Loaders
Purchasing.com concluded that the factors influencing this trend were in large part due to technological advancements and updated emission laws. A summary of these trends can be found below:
- Tier 4-Final Engines
Tier IV engines refer to requirements set by the EPA to reduce emissions for new non-road diesel engines. Since 2011, these Tier IV engines have been phased in as a part of heavy equipment on construction sites. Depending on location, businesses who don’t comply with these standards will be illegible to put bids in and perform work.
- New Technologies Involved in Equipment
New equipment lasts longer and is more effective on jobsites, leading to higher productivity. Smaller equipment like skid steer loaders, compact track loaders, and mini excavators specifically have seen a number of advances; such as ergonomic controls, quick change attachments, and improved cab design. These all lessen operator fatigue and improve the bottom line for businesses using these pieces of earth moving equipment.
- Remote Monitoring
Major Brands like John Deere, Komatsu, and Volvo are all including new featuring for monitoring equipment status remotely. Businesses can now reap the benefits like improved preventative maintenance, real-time machine diagnostics, and real-time performance metrics (operation hours, digging hours, hoisting hours, attachment working hours, load frequency)
For more insight on earthmoving machinery trends and predictions for 2015, download the entire whitepaper: Tech Innovations Drive Increases in Heavy Equipment Leases and Rentals