10 essential features and functionalities of online equipment rental marketplaces
By Manish Bhalla – November 19, 2024 – For Construction Pros.com
The global equipment rental market is projected to reach $131.2 billion by the end of 2024 and add another $70 billion in the next 10 years. The primary growth factors adding resilience to the market are the never-ending demand for commercial, residential, and short-term as well as long-term infrastructure development projects. Alongside these projects, we have forestry, mining, and oil rigging projects boosting the revenue of the equipment rental industry. However, due to the massive surge in demand with supply shortages, contractors and builders are looking for better sources to procure equipment.
To fulfill these requirements and capitalize on the online markets, many players, including both incumbents and new entrants, have taken the digital route to market. An efficient way to compete with the other online players and help the equipment rental businesses is by launching a dedicated rental marketplace. An equipment rental marketplace is an asset-light business where the business owner is not required to own any inventory. Instead, multiple manufacturers, suppliers, and rental companies sign up on the marketplace and list their equipment for renting purposes. This analysis covers the key areas marketplace owners focus on and other important market dynamics.
Entrepreneurship in the Online Heavy Equipment Industry
The new entrants in the industry are primarily taking inspiration from the leading players, such as United Rentals, Sunbelt Rentals and Herc Rentals, all of which have dedicated websites from where contractors can directly view the entire product catalog and place an order. Due to the high market saturation and so many players offering similar equipment rental services, it has become important for new entrants to have distinctive value propositions to stand out.