A equipment type allows you to categorize equipments. By default, there is one type configured when you signed up: other.

You can add as many equipment types as needed. Like for example:

Also, equipment types allows to define custom fields specific to that equipment type. For example, a truck can have a custom field that a boat doesn't have.

Equipment types can be managed by clicking on Your Account on the top menu and then on Settings.

Then click on Equipment Types on the left menu.