Global AWP rental market is anticipated to depict a CAGR of 6% through 2026, having recorded a valuation of USD 17.5 billion in 2019. By 2026, the market is expected to hit a remuneration of USD 25 billion.
The rising number of industrial and construction activities across the world are likely to boost the AWP rental market growth over the forthcoming timeframe. Governments across Europe and the Asia Pacific are making significant investments towards the development of innovative smart cities, which is fueling the demand for advanced construction equipment.
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In fact, the Indian government is planning to invest around $30 billion across about 89 of its cities under its ambitious smart city initiative. Such activities are subsequently expected to increase the demand for access equipment over the projected time period. In addition, the rising demand for advanced lifting equipment for improving worker safety is also driving the aerial work platform rental market.
Citing an instance, Genie, one of the leading manufacturers of aerial lift equipment, offers with Genie® Lift Pro™ an online AWP training program for instructors, providing service training for technical personnel, and thorough product training for salespeople.
The overall AWP market is expected to witness a slow growth owing to the COVID-19 pandemic in 2020. Government authorities of numerous countries have imposed strict lockdowns, which is severely restricting business growth and consumer movement.
Additionally, the temporary closure of several manufacturing and distribution facilities of various companies, under the lockdown, has further led to a worldwide economic slowdown. This is expected to affect the demand for aerial work platforms, adversely impacting the overall AWP rental market growth.
In terms of product, the boom lifts are observing growth owing to the growing demand from mining, maintenance, and construction applications. These platforms provide high platform heights as well as an improved working radius, which is supporting adoption of the equipment for several maintenance and installation operations.
Moreover, boom lifts are more often used for installation as well as maintenance of streetlights, indoor & outdoor cleaning of roofs, and several other industrial applications, thereby contributing to the aerial work platform rental industry development. Furthermore, the availability of boom lifts in an assortment of working heights is also complimenting market development.
The rapidly expanding telecommunication sector across the world is also creating substantial market demand for AWPs. Telecom contractors utilize aerial work platforms for the installation and maintenance of power cables, poles, and transformers.
From a regional perspective, growing industrial and infrastructural projects across numerous European nations, including France, Germany, and Russia are providing stimulus for the regional market growth. The platforms are growingly utilized at malls, offices, and schools to perform various maintenance & repair activities. Moreover, increasing efforts by European governments towards smart city initiatives is also anticipated to drive the AWP rental market demand.
In addition, lift rentals are a way to get access to aerial lifts without having the need to pay high costs for buying and maintaining these equipment. Rented AWPs are best for projects which generally come up only once or twice annually. Rental companies also offer several benefits for renting aerial work platforms such as fast field service, expertly maintained lifts, and convenient location. All such factors will improve the business scope for AWP rental market in coming years.
Riwal, Aktio Corporation, Herc Holdings Inc., Ashtead Group, Sunstate Equipment Company, Nesco Rentals, United Rentals, Kilotou, AFI Uplift Ltd., Haulotte Group, Loxam, and Blueline Rentals among others, are some of the key players operating in the AWP rental market.
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Some Point from Table of Contents:
Chapter 5. AWP Rental Market, By Product
5.1. Key trends by product
5.2. Boom lift
5.2.1. Market estimates and forecast, 2015 – 2026
5.3. Scissor lift
5.3.1. Market estimates and forecast, 2015 – 2026
5.4. Vertical mast lift
5.4.1. Market estimates and forecast, 2015 – 2026
5.5. Personal portable lift
5.5.1. Market estimates and forecast, 2015 – 2026
Chapter 6. AWP Rental Market, By Application
6.1. Key trends by application
6.2. Construction
6.2.1. Market estimates and forecast, 2015 – 2026
6.3. Telecommunication
6.3.1. Market estimates and forecast, 2015 – 2026
6.4. Transportation & logistics
6.4.1. Market estimates and forecast, 2015 – 2026
6.5. Government
6.5.1. Market estimates and forecast, 2015 – 2026
6.6. Others
6.6.1. Market estimates and forecast, 2015 – 2026
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