AWP Rental market is expected to grow at a highest CAGR over the forecast timeframe

Global Market Insights has recently added a report on AWP Rental Market which provides a succinct analysis of the market size, revenue forecast, and the regional landscape of this industry. The report also highlights the major challenges and current growth strategies adopted by the prominent companies that are a part of the dynamic competitive spectrum of this business sphere.(AWP) 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.

In addition, various government initiatives focusing on improving the existing infrastructures further contribute towards the demand. With an increase in the number of accidents due to the human involvement in construction works, companies are focusing on adopting sophisticated equipment for construction activities for the safety of workers, leading to an increase in the demand for aerial platforms market globally.

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Some of the players in the AWP Rental Market comprise Ashtead Group, Herc Holdings, United Rentals, Loxam, Blueline Rentals, Riwal, Aktio Corporation, Kilotou, Haulotte Group, and 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.

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 platform rental market demand.

Aerial Work Platform (AWP) Truck Market by product

  • Boom Lifts
  • Scissor Lifts
  • Vertical Mast Lift
  • Personnel Portable Lift

Aerial Work Platform (AWP) Truck Market by application

  • Construction
  • Telecommunication
  • Transport & Logistics
  • Government

Factors such as lack of knowledge related to the usage of AWPs coupled with the low availability of trained operators are hindering the AWP rental market growth. Non-availability of trained employees, low-usage of high-performance technologies, and weak infrastructure are resulting in inadequacies, which are creeping into construction projects, further limiting the industry demand.

Growing demand for scissor lifts to elevate individuals, as well as equipment in hard-to-reach places, is anticipated to fuel the mobile elevated work platform (MEWP) rental market. The pantograph pattern of the links in scissor lifts enables precise vertical motion, which is a major factor boosting the demand for scissor lifts globally. This equipment’ also offers the flexibility of powering modes that include mechanical, hydraulic, or pneumatic, making them a convenient option for construction sites. 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.

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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. In addition, 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.

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.