What Innovations Are Driving Heavy Equipment Purchasing Decisions

Technological innovations such as ergonomic joystick controls, quick-change attachment couplers and cab designs that lessen operator fatigue are just some of the innovations influencing purchasing trends in the heavy construction equipment industry

Purchasing.com

In a recent whitepaper, Tech Innovations Drive Increases in Heavy Equipment Leases and Rentals, Purchasing.com uncovered recent trends in the heavy construction equipment industries and what market changes, user behaviors and technological innovations have influenced these trends.

Purchasing.com surevyed a diverse group of buyers, including business owners, CEOs, managers and procurement professionals, from 2011 through 2014 with a total of 71,129 survey respondents.

While the recent 2014 Wells Fargo Construction Industry Forecast said professionals in construction and equipment financing are optimistic about nonresidential construction projects increasing in number during the final months of 2014 and into 2015, the Purchasing.com survey results show that optimism doesn't also mean purchasing will increase. According to Purchasing.com, the survey uncovered two notable shifts:

  1. A drive towarding renting equipment
  2. Jump in requests for multifunction equipment adaptable to a variety of tasks

Trend in rental

According to survey results, companies and individuals are using multiple options for financing heavy equipment including leases, rentals and outright purchases. Survey respondents also indicated they often mix and match financing options. Rental preference soared in popularity for all the machines included in the survey with the exception of skid-steer loaders, excavators and rough terrain forklifts. According to the survey, consumer interest in renting compact track loaders increased 400 percent.

Multifunction equipment

Survey respondents were also looking for multifuntioning equipment that could provide versatility and improve cost savings. For example, compact track loaders are replacing larger single-function items like bulldozers.

Overall, survey results showed "individual products have seen drastic fluctuations due to a number of economic, industrial and technological changes affecting these purchase decisions."

(Download the entire Tech Innovations Drive Increases in Heavy Equipment Leases and Rentals whitepaper...)

 

 

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