What are the latest trends in the construction equipment rental business post-covid-19?

Indiabulls Store One is a leading Rental Equipment provider working on a PAN India basis. Indiabulls Store One is our strong product support, along with high-quality equipment, minimises downtime and maximises profitability for our customers. Today, we have 5 yards and 8 regional offices across India, and we have the capability to provide solutions in remote locations both in India and abroad.

The construction industry in India was impacted by the COVID-19 pandemic, but this pandemic changed how the construction industry does business, from scheduling projects to selecting equipment for execution. The coming years will be a year of reemergence and growth in the construction industry and rental industry.

Rising construction costs and labour shortages persist, challenging the industry to innovate and implement competitive new ideas, with strict regulations which will contribute to reduced margin for error and waste.

The sectors which are emerging for innovation are as follows:

• Smart construction equipment’s: To compensate the time lost, construction companies are now focusing on smart equipment, which requires less labor and provides improved efficiency to speed up the work
• Capex cost balancing: As companies strive for greater efficiency and safety, there will be an increased demand for reliable rental equipment rather than the purchase of high-cost equipment
• Increased Demand: Post COVID-19, we are witnessing an increase in demand for rental equipment, both in construction and access equipment

Which sectors consume the major chunk of the boom lift and other access equipment for high rises? 

Major sectors for access equipment for high-rises are metro rail projects, airports, manufacturing plant setups, new warehouses, and Smart City projects.

What are the present challenges being faced by the equipment providers in the construction sector?

The present challenges which are faced by equipment providers are as follows:

• A shortage of quality operation crew
• The cost of raw materials is rising
• Freight and fuel costs have risen
• Supply side vulnerabilities, due to COVID-19 disturbances across the globe

What are your latest and key offerings in the construction equipment segment? 

One path-breaking offering: We have pan India operations, which no other rental company today offers. We have our yards and operations team to support our freight in five locations. With a big fleet of 500 plus equipment’s, it is essential for us to give good after sales support and that is what differentiates us. Our experienced and skilled operations and maintenance team is able to handle complex projects with care and determination. Our latest addition to our rental fleet is a 10-ton derrick crane, mobile boom placers, and piling rigs.

How do you assess the growth prospects for the next 5 years in the construction and access equipment market? 

After turbulent years, the government is very much focused on the construction market, which is the country’s need. As per many reports, India is expected to become the world’s third largest construction market by 2022-2023. India is expecting an investment of nearly 50 trillion rupees across infrastructure by 2022-2023 for suitable development in the country. The government’s emphasis on new road projects, the metro, airports, railways, and high-speed rail projects, as well as other infrastructure investments, will increase demand for rental construction and access equipment. We expect this market to double in the next 5 years, which will also help allied industries to prosperous by taking advantage of this uptrend and future growth.