The industrial machinery and equipment rental services market in India is seeing substantial growth as a result of the increasing industrialization, infrastructure development and changes in business models emphasizing asset light strategies. As a cost effective and flexible alternative to purchasing, companies in the construction, manufacturing, mining and energy sectors are choosing to rent machinery and equipment. With the shift, businesses can save capital, in better cash flow, and avoid the costly maintenance and storage required with ownership. The Indian government’s initiatives like “Make in India” and “Atmanirbhar Bharat” are one of the key factors that are responsible for the growth. This has greatly increased the demand of industrial equipment in the sectors of road construction, real estate, and urban development. Also, renting gives companies the ability to have access to the best, most cutting edge equipment without having to make those large upfront investments in equipment when buying new.
Indian rental market has also expanded from the entry of the global players which has also brought more options and competitive pricing. Small and medium enterprises (SMEs), which play a vital role in the industrial landscape of India, are opting for the rental services in order to optimize utilization of resources and keep cost under check. Reaching a higher level of value proposition for rental services, technological advancements like telematics and IoT integration in rented equipment provide better efficiency and real time monitoring. Additionally, as sustainability becomes more and more important, companies are encouraged to rent machines, adopting a circular economy to lower waste and overproduction.
In this special issue, we introduce you to the top companies in this segment. Industry Outlook has identified the select few companies that have done particularly well in this sector with a high level of dedication. We have found that these companies have gone the extra mile in proving their commitment to meet the customer needs in an integrated manner.
We welcome your feedbacks and suggestion that you may have concerning this special issue.
