Aerial Work Platform Rental Market Anticipated to Hit $69.0 Billion by 2030

Drivers, restraints, and opportunities-

Aerial work platforms are used in the telecommunications, construction, logistics, and transportation industries for various functions. Aerial work platforms are lifting platforms that are rented or leased for a particular period. These rental platforms are used for activities, including construction of new structures at a height, repair of ducts, and maintenance of overhead wires. The aim of these systems is to provide equipment and personnel with access to previously inaccessible places at a predetermined height. Other features include installation of compressed air and power tool sockets as well as windowpane frame support systems.

Surge in population has resulted in an increase in the number of rural and urban infrastructure projects, which in turn has driven the growth of the global aerial work platform rental market. New technological advancements, including hybridization and electrification technology are projected to create lucrative opportunities in the industry.

According to the report, the global aerial work platform rental industry was estimated at $41.4 billion in 2020, and is anticipated to hit $69.0 billion by 2030, registering a CAGR of 5.1% from 2021 to 2030.

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Driving Demands:

New battery technologies are expected to increase the demand for electric aerial work platform rental market trends in the future. New and improved emission standards as well as restrictions on the use of engine-powered aerial work platforms indoors open up new opportunities for electric and hybrid aerial work platforms. Hence this will allow the aerial work platform business to expand. On the other hand, manufacturers invest on cutting-edge technologies that can be controlled remotely. Furthermore, internet of things(IoT) integration reduces the labor required for operating as well as provide safety. These factors are predicted to create opportunities for global market improvement throughout the forecasted period.

The aerial work platform rental market forecast is carried on the basis of product type, application, propulsion type, and region. On the basis of product type, it is classified into boom lift, scissor lift, vehicle-mounted platforms, and others. Depending on application, the market is fragmented into utility, manufacturing, construction and others. By propulsion type, it is categorized into, diesel, electric and hybrid.

The vehicle mounted platforms segment to dominate by 2030-
Based on product type, the vehicle mounted platforms segment accounted for nearly one-third of the global aerial work platform rental market share in 2020, and is anticipated to rule the roost by 2030, owing to its high strength and stability. Simultaneously, the others segment would cite the fastest CAGR of 6.8% throughout the forecast period.

The electric segment to maintain the lion's share-
Based on propulsion type, the electric segment held more than two-thirds of the global aerial work platform rental market revenue in 2020, and is expected to lead the trail by 2030, due to its eco-friendly operations. The hybrid segment, on the other hand, would manifest the fastest CAGR of 8.2% from 2020 to 2030. This is attributed to the growing demand for dual fuel operating machines.

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North America garnered the major share in 2020-
Based on region, North America held the major share in 2020, generating more than two-fifths of the global aerial work platform rental market, owing to use of extensive use of rental equipment in the province. LAMEA, however, would grow at the fastest CAGR of 7.4% by 2030. This is due to rise in industrial and construction activities in the developing nations of the region.

Key players in the industry-

Aktio Corporation
AFI Uplift Ltd.
Herc Rentals Inc.
H&E Equipment Services, Inc.
United Rentals, Inc.
Loxam
Riwal
Sumitomo Corporation (Sunstate Equipment Company)
Ashtead Group plc. (Sunbelt Rentals Ltd)
Haulotte Group

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