What is the Average Equipment Lifecycle?
Knowing the average equipment lifecycle for the different equipment your company uses can be helpful in many ways. Check to see if your assets meet their expected lifecycle, or if they’re failing too soon.
One thing to keep in mind is that these averages don’t factor in the frequency of usage to determine the equipment lifecycle. The environment assets are kept in will also factor in their lifecycle as well. Equipment that’s used less often will last longer, while frequently used items will deteriorate more quickly. Things used or kept in extreme temperatures either need protective coating or tend to get damaged, causing their expected lifecycle to expire.
Let's look at the different types of equipment many companies use equipment tracking software to help!
Different types of equipment
While various types of equipment have averages or estimates, there’s no guarantee of how long a piece of equipment will last. There are too many variables at play. The manufacturer of your goods has a large part in how long they will last. If the items are of good quality, they tend to last longer.
Besides, if you take the time to maintain and repair your assets, they’re more likely to live up to their estimated lifecycle, and more. So equipment life expectancy can vary greatly.
Computers and laptops
Every industry uses computers in their organization to run their operations. Desktop and laptop computers typically last three to five years, depending on how well you take care of them. While they can last longer than this, technical requirements can render computers obsolete long before the equipment fails.
Server hardware is necessary for storing company data and other relevant information. With the ever-increasing popularity of cloud technology, companies are less likely to have their servers and more likely to rent it from another business.
Server hardware has an average lifespan of about five years before optimal performance no longer happens.
Many different industries require fleets to perform their work, from schools to catering and more. Companies rely on these vehicles to help them get to clients and deliver goods.
The typical vehicle lasts 11 years. However, vans or diesel vehicles have different lifespans. Cars will last longer the more you take care of them. Vehicles are one of the most complicated assets to calculate the life cycle since there are so many different factors going into figuring their usage.
Farming and Agricultural
Farmers use a whole slew of equipment to keep their crops. Each season comes with different equipment to use, from automatic planters to sprinklers, and harvesters.
Economists say to give most farming equipment a life cycle of 10-12 years, with 15 years for tractors. However, this also depends on the environment of asset usage and storage. Harsh conditions can significantly reduce these times, while favorable ones can increase them.
Unlike many of these other tools, construction equipment gets measured in usage instead of years.
Most construction tools are expected to last for 10,000 hours of usage. Some give out at just 2,000 hours, while others can go for 25,000. It depends on what the item in question is, what parts are used, and on many other factors. Equipment that doesn’t require an engine is less likely to give out and more likely to last that items like cranes and diggers.
Asset Panda's Equipment and Asset Tracking System
The life expectancy of equipment is different for each type of business. Our asset management software helps your business track the equipment lifespan your organization uses. If you're interested in learning more, book your free demo with one of our equipment lifespan experts and you'll get 14 days of free access!
No matter what industry your company is in, knowing the average equipment lifecycle of your items will help you have a goal to work towards. Then, you’ll know if your equipment is failing much sooner than it should, or if you’re in good shape.