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AWP Rental Market Growth Trends by Prodcts (Boom Lift, Scissor Lift, Vertical Mast Lift, Personnel Portable Lift), 2024
North America is anticipated to dominate the AWP rental market as a result of repair and maintenance of existing structures, and the rapid development of the construction industry in the region. Other major trends in the industry that are contributing significantly to the regional growth include strict adherence to human safety concerns by companies offering rental equipment. In addition, competition between leading players to offer enhanced after sales and maintenance services and certified training courses for the safe operation of access equipment is expected to propel the U.S. access platform rental market.
AWP Rental Market size is set to exceed USD 24 billion by 2024; according to a new research report by Global Market Insights, Inc. Increasing commercial and residential construction projects coupled with the rise in investments in public infrastructure worldwide are expected to support the AWP rental market over the forecast timeline. Government administrations in several emerging economies have renewed their focus on the development of urban infrastructure projects, such as airport developments and smart cities, owing to which the access platform rental market is witnessing a sharp increase in demand. Moreover, growing safety concerns in workplaces following the surge in fatal injury rates is compelling various authorities to make more utilization of these equipment.
Growing installation & maintenance activities for the upgrade of fire stations, street lights, transformers & power cables, and other associated infrastructure, will drive the mobile elevated work platform (MEWP) rental market growth. In addition, demand for these machinery is on the rise for providing temporary access to workers usually in elevated locations and inaccessible areas. In the heavy equipment industry, the rental model is a better alternative due to the frequently changing requirements. For instance, the type of access equipment needed for a particular task on a job site may change from day to day and to address such requirements renting is considered a much more feasible for a contractor.
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Factors such as predicting the demand in advance coupled with optimizing the fleet utilization poses significant challenges to the AWP rental market growth. Planning for the equipment lifecycle management along with anticipating equipment repairs are among the other challenges faced by the industry players. Less focus on providing online as well as onsite training to workers operating these equipment is impacting the access platform rental market growth negatively. Certified training courses for the efficient and safe operations must be provided by companies that deal with the equipment.
Enhanced outreach and flexible height are significant factors for efficient performance of aerial lifts at large heights. Boom lifts being versatile and flexible, form an ideal choice for various types of construction activities featuring a wider range of movement as compared to other access equipment and contributes substantially to AWP rental market. These factors support the adoption of boom lifts for construction activities. Articulated boom lift offers advantages offered such as enhanced performance on rough terrains, higher lift heights, and better maneuverability. In addition, the emerging trend of construction of high rise infrastructures is providing significant growth opportunities to the boom lift segment driving the overall mobile elevated work platform (MEWP) rental market growth.
In the AWP rental market, construction along with transportation & logistics sectors dominate the industry with majority of revenue share. Increasing government spending for the maintenance and repair of legacy infrastructure in developed countries is driving the access equipment rental market growth. Rapid urbanization in developing economies has led to the construction of various residential and commercial buildings, offering ample opportunities to the industry demand. The smart city initiatives in countries such as India, South Korea and Singapore are generating high demand for access equipment, providing impetus to the AWP rental growth. Large number of infrastructure projects in the Gulf countries with strict timelines is expected to provide lucrative opportunities to the access equipment rental market.
Key players operating in the AWP rental market include Ashtead Group, United Rentals, Herc Holdings, Loxam, Blueline Rentals, Aktio Corporation, Haulotte Group, Riwal, AFI Uplift Ltd., Kilotou, Sunstate Equipment Company and Nesco Rentals. The industry is currently witnessing intense competition due to the presence of large number of operators in the marketplace. Industry players are heavily investing on fleet expansion considering high demand from construction and transportation & logistics sector. They are increasingly focusing on adopting latest technologies such as asset management software solutions which helps in enhancing the visibility of equipment, reduce downtime resulting in optimizing the utilization.
Browse key industry insights spread across 219 pages with 122 market data tables & 55 figures & charts from the report, “(AWP) Aerial Work Platform Rental Market Size By Product (Boom Lift, Scissor Lift, Vertical Mast Lift, Personnel Portable Lift), By Application (Construction, Telecommunication, Transportation & Logistics, Government), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, Russia, China, Japan, South Korea, India, Brazil, Mexico, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Landscape & Forecast, 2017 – 2024” in detail along with the table of contents: