AWP Rental Market Current Trends Analysis and Growth Projection over 2019 – 2024
The increased government investments in infrastructural activities have provided the potential for the increased growth of the AWP rental market. For instance, the U.S. government is focusing on infrastructure development and plans to spend USD 1 trillion to rebuild the country's roads, tunnels, bridges, airports, and other infrastructure by 2028.
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Aerial Work Platform Rental Market is expected to exceed USD 24 billion by 2024. Increasing investments for the construction of infrastructures such as such as manufacturing facilities, airports, power plants, and roadways are expected to drive the AWP rental market during the forecast timeline. The sturdy crisscross structure of the lifts ensures complete safety while lifting people. The range of applications of scissor lifts in various industries including aerospace, mining, oil & gas, automotive, port building, and construction is also anticipated to escalate the demand for scissor lifts in the AWP rental market.
Some of the players in the aerial work platform rental market comprise:
• Herc Holdings
• United Rentals
• Ashtead Group
• Blueline Rentals
• Aktio Corporation
• Haulotte Group
• Nesco Rentals
The MEWP rental market is extremely fragmented in nature due to large number of participants operating in the industry, driving the entry of small players providing advanced machinery to stay competitive in the industry. Players are increasingly focusing on expanding the fleet size by investing heavily in new equipment to meet the ever-increasing demand from transportation & logistics and construction sectors.
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Asia Pacific MEWP rental market is set to witness growth over the forecast timeline. The growth can be credited to the growing number of infrastructure projects, maintenance of high-rise establishments, and inspection activities in the region. In China, the growing requirement for MEWPs has been witnessed in the infrastructure development, particularly in the urban infrastructure. China has been increasing its focus on replacing scaffolding by renting an increasing number of AWPs to offer a safe environment for the workers, further contributing to the sector growth.
AWP Rental Market, by Application:
• Transportation & logistics
The construction segment dominates the overall access platform rental market with a significant part of the revenue generated from construction applications. Increasing number of construction projects globally is expected to boost the AWP rental market over the forecast timeline. The use of traditional construction methods in construction works is reducing the productivity, which is boosting the demand for AWPs owing to the advantages offered such as safety in operations and fast working speeds.
Growing demand from the construction and industrial sectors is enabling the operators to continuously enhance the fleet and improve the rental rates. Furthermore, increasing utilization of access platforms in manufacturing plants as well as by telecommunication firms for material handling, installation, and maintenance applications respectively is contributing to the access AWP rental market demand.
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