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Top 7 Heavy Equipment Industry Trends to Watch

Seven heavy equipment industry trends to watch this year.

Updated

Doosan Bobcat
Heavy machine at a construction site. (PHOTO/FILE)

In recent years, several trends have emerged in the heavy equipment industry as stakeholders respond to the dynamics of the construction industry.

From rental services to telematics and self-driving machinery, there are countless heavy equipment industry trends that are shaping the future of this industry.

Here are the seven most significant trends currently impacting the industry, including the rarely discussed construction equipment price trends.

Heavy equipment industry trends

1. Rental services

This is one of the hottest trends in the heavy equipment industry as more and more companies turn to ‘renting’ instead of ‘buying’ as a means to cut the costs associated with owning and maintaining heavy machinery.

Indeed, according to the American Rental Association, equipment rental revenue is likely to hit $55.8 billion in 2023 – before rising to nearly $63.4 billion in 2026.

Rental services are also attractive to construction companies because they offer equipment renters the latest technologies – which is not the case for buyers.

2. Self-driving machinery

Also known as autonomous machinery, self-driving machinery is a technology that creates machines that can operate on their own without human intervention.

This is made possible by advanced sensors and computer systems that navigate, detect problems, and complete complex tasks.

Self-driving machines have the potential to improve productivity while reducing accidents and increasing the lifespan of construction equipment.

This technology is expected to become more prevalent this year.

3. Telematics

The adoption of telematics technology is one of the heavy equipment industry trends that are taking the construction machinery market by storm.

It involves the use of sensors and data to monitor and optimize the performance of heavy equipment – providing real-time data on equipment usage, location, engine performance, fuel consumption, etc., in real-time.

Telematics is soon expected to become a standard feature in heavy machinery.

4. New dealership models

Thanks to the digital transformation of the heavy equipment industry, new dealership models are increasingly emerging across the world.

The modern dealerships are adopting online marketplaces, e-commerce platforms and subscription-based services to offer more effective services.

It is expected that new dealership models will set construction equipment price trends in the coming years as dealers compete for the modern customer.

5. Predictive maintenance

Predictive maintenance is one of the fastest growing trends in the heavy equipment industry.

It involves the use of data and analytics to predict when a machine will require maintenance and repairs ahead of the event.

This can help to reduce downtime, cut costs, and improve the overall equipment performance.

Predictive maintenance is expected to become a standard feature in the heavy equipment industry.

6. Online sales

As more people continue to spend more of their time online, companies are increasingly taking their businesses online to target those individuals.

Many construction equipment companies are now setting up e-commerce platforms to sell their products to online shoppers.

This has created a more convenient and efficient way for buyers to acquire equipment with greater transparency and variety.

7. Digital transformation

Digital transformation, which integrates technologies and process to improve business outcomes, is currently a hot trend in the heavy equipment industry.

RELATED: 10 Construction Technology Trends to Watch

It involves the use of technologies such as Internet of Things (IoT), AI, machine learning, cloud computing, etc. to automate tasks and enhance efficiency.

Many construction companies are now embracing digital transformation as they seek ways to achieve greater agility, competitiveness and profitability.

James Baraza, a Mechanical Engineering graduate from JKUAT, specializes in heavy equipment and brings 10+ years of construction industry experience and technical expertise to his reporting.