EquipmentWatch, the industry’s source for heavy equipment data and intelligence, has released its annual State of the Construction Equipment Economy white paper.
To keep a pulse on what is happening in the equipment market, EquipmentWatch analysts survey equipment owners and contractors from across the country. This provides an immediate, on-the-ground perspective on the evolving behaviors, challenges, and outlook of construction equipment economics in today’s marketplace.
“With tight profit margins on existing contracts, supply chain issues affecting inventory, and continued and pervasive economic uncertainty, construction has been facing internal and external challenges impacting decision-making across the board” said EquipmentWatch Sales Director Grant Nolen. “This annual report lends insights into the impact of today’s climate on equipment owners.”
Highlights from the State of the Construction Equipment Economy report include:
- Equipment purchasing will likely be strong in 2023; however, new equipment purchases continue to be frustrated by a lack of inventory;
- While dealer relationships remain key to acquiring new equipment, auction and secondary channels continue to be strong sources as the hunt for equipment continues;
- Rental companies are stepping up to the plate to provide options to buyers frustrated by the lack of available inventory, adding to their rental fleets in preparation for 2023;
- Interest and options for sustainability in equipment manufacturing continue to rise as more and more OEMs expand their product mix, however, concerns about infrastructure to support alternative power-sourced equipment remain.
Learn more about the recent construction equipment economy outlook by downloading the full report.