Equipment rental system software fuels industry growth

Innovative use of technology such as heavy equipment rental management software has powered the growth of the industry.

The American Rental Association (ARA) has released the latest revenue figures and five-year forecast for the equipment rental industry, which is poised for steady gains and is likely to post a healthy growth of $49.7 billion in 2017 – an increase of 4.5% over the previous year. Innovative use of technology such as heavy equipment rental management software has powered the growth of the industry.

According to the February forecast, equipment rental revenue is predicted to be $48.9 billion in the US for 2017. The average annual growth rate is predicted to be 4.6% with revenues of $56 billion in 2020. The May 3 forecast, however, pegs the rental revenue growth at 4.7% in 2018, 5.1% in 2019, 4.6% in 2020, and 4.4% in 2021. The combined revenue for the three industry segments namely construction/industrial, general tool/light construction, and party/special events is forecast to touch the $59.4 billion mark.

Buoyed by the use of equipment rental system software, the industry is poised for positive growth. John McClelland, ARA’s vice president for government affairs and chief economist, maintains that the equipment rental industry will continue posting strong numbers and the annual revenue figures will likely touch $50 billion in the current year. He, however, feels that tax reform and infrastructure spending will determine further growth of the industry. According to McClelland, if tax rates are lowered, codes for all businesses become simpler, coupled with a strong infrastructure bill, the growth of equipment rental industry will gain momentum.

IHS Markit’s managing director Scott Hazelton feels that weak GDP (gross domestic product) numbers in the US masked the demand for investment, which will boost the industry’s revenues. He, however, warns that policy decisions can have a bearing on the growth outlook; good decisions to accelerate while poor decisions to decelerate growth. Still, the trends indicate a strong demand for equipment rentals in 2017, 2018, and beyond.

Increased use of heavy equipment rental software and equipment rental inventory management software is helping businesses become more competitive and efficient. According to ARA Rental Market Monitor, despite slowed activity in construction and prevailing uncertainties in additional spend on infrastructure, the construction and industrial equipment segment and the general tool rental segments are likely to register a CAGR (compound annual growth rate) of 4.1% and 6.1% respectively. The party and event rentals also stand to benefit from increased customer spending and the revenues are projected at 5.8% CAGR between 2017 and 2021.

Equipment rental software management offers a user friendly flexible software that comes in reasonable rate.It provides a complete solution to user.It optimize services such as online booking reservation,rental equipment ineventory,receive payment etc.

Comapny Name: Equipment Rentals Software
Address: Skymark Avenue, Mississauga, ON L4W 5B2, Ontario, Canada
Email: support@equipmentrentalssoftware.com
Website: http://www.equipmentrentalssoftware.com/

This release was published on openPR.