Challenges Lead to Innovations in the Lift/Access Equipment Market
The Lift/Access equipment industry in 2024 faces a number of challenges, and in each of those challenges lies an opportunity for innovation and new ways of approaching how aerial equipment is manufactured, used and managed.
As is the case with the entire construction industry, the shortage of skilled labor continues to be a challenge. According to a report by the Associated General Contractors of America (AGC), a staggering 88% of construction firms in the U.S. are experiencing difficulties in filling key positions. This scarcity of skilled workers is not just a minor hiccup; it’s a significant hurdle that the industry must overcome to thrive in the years to come.
And the situation is only expected to worsen as the Baby Boomer generation, comprising a substantial portion of the workforce, inches closer to retirement age. ADP reports that nearly 41% of the construction industry’s workforce is expected to bid farewell to their hard hats by 2031. The question that looms large is this: How do we bridge the gap and replenish our skilled labor force? The lack of skilled labor is just one of the factors leading OEMs to increase their exploration and production of automated or autonomous equipment, including lifts.
In the upcoming State of the Construction Industry report from EquipmentWatch, 74.5% of respondents have utilized equipment rentals in the past year. And with lift/access equipment on top of rentals needed, this sector continues to show promise.
In the wake of the pandemic, the construction industry has undergone a profound transformation in its supply chain dynamics. Pre-pandemic, the industry leaned heavily on suppliers from a select few countries, leaving it vulnerable to long-term risks. However, the tide is turning as the industry pivots towards region-for-region supply chains, diversifying its supplier base across mature, developing, and emerging countries. This strategic shift marks a pivotal moment in the industry’s evolution, laying the groundwork for resilience and sustainability in the face of future disruptions.
As we navigate through these turbulent times, one thing remains abundantly clear: the lift/access equipment market is at the forefront of a dynamic and rapidly evolving landscape. By leveraging EquipmentWatch’s extensive database of equipment valuations and historical auction data, equipment managers can identify patterns and trends in equipment values, enabling them to anticipate fluctuations and adjust their strategies accordingly. Additionally, EquipmentWatch’s predictive analytics capabilities provide subscribers with valuable insights into future market trends, allowing them to make proactive decisions to optimize their equipment fleets and maximize returns on investment.
Equip yourself with EquipmentWatch’s industry-leading solutions and stay ahead of the curve in the competitive construction equipment market. With reliable data and powerful insights, you can effectively anticipate changes in equipment value and position your business for success in today’s dynamic construction industry.
At EquipmentWatch, we analyze equipment values on a regular basis with our monthly Market Reports. More in-depth reports such as The State of the Construction Equipment Economy aim to arm you with the insights you need to make quality, informed decisions about how to manage your heavy equipment. EquipmentWatch can help you with the data you need now to set accurate rates, value your fleet, make disposition decisions, and understand when to rent equipment. We are also ready to be your principal data provider for any AI-focused projects you take on in the future. For more information on the data solutions offered by EquipmentWatch call us at (888) 307-1713.
