Aerial Work Platform Rental Market

Aerial Work Platform Rental Market Research, 2030

The global aerial work platform rental market size was valued at $41.4 billion in 2020, and is projected to reach $69.0 billion by 2030, growing at a CAGR of 5.1% from 2021 to 2030. Aerial work platform is a lifting device that can be rented to perform various tasks in industries, such as telecommunications, construction, logistics, and transportation. These systems are primarily used in applications, such as installing new structures at heights, repairing ducts, and overhead lines. The main purpose of these systems is to provide equipment and operators access to inaccessible places, such as high places. These systems have additional features, including compressed air & power tool socket mounting and windowpane frame support.

The aerial work platform rental market was hampered during the outbreak of COVID-19 pandemic, owing to restrictions on manufacturing and construction activities, which also affected new sales and rental business of aerial work platforms. In addition, the aerial work platforms could not be effectively sold through OEMs to rental companies during the lockdown period.

Increase in population has resulted in an increase in number of rural and urban infrastructure projects. This is the key factor that drives the aerial work platform rental market share during the forecast period. Furthermore, advancement in technology and features, including improved safety of the systems are in demand from the customers in the  industrial, commercial and government sectors for infrastructure development, maintenance and manufacturing segments. Moreover, substantial investments by governments for infrastructural developments of roads, telecommunication, power generation, transportation in the developing countries like China and India increase the demand for the aerial work platform rental during the forecast period. In addition, construction and infrastructure development industry is rapidly developing around the world. For instance, in 2022, the Indian Union budget has proposed to spend  $130 billion in infrastructural developments, which, in turn, drives the growth of aerial work platform rental industry.

However, high equipment cost and lack of skilled operators hinder the market growth. Conversely, new technological advancements, including hybridization and electrification technology are anticipated to create  the aerial work platform rental market growth in the future.

Furthermore, during the outbreak of the COVID-19 pandemic, construction, manufacturing, hotel, and tourism industries were majorly affected. Manufacturing activities were halted or restricted. Construction and transportation activities, along with their supply chains, were hampered on a global level. This led to decline in manufacturing of aerial work platform rental equipment as well as their demand in the market dropped, thereby restraining the growth of the market. Conversely, industries gradually resumed their regular manufacturing and services. This reopened the market companies at their full-scale capacities, which  helped the aerial work platform rental market to recover by end of 2021.

Development in new battery technologies boosts the demand for electric aerial work platforms in the future. The new and upgraded emission standards and limitations in indoor use of engine-powered aerial work platform( AWP) are expected to provide new opportunities for fully electric and hybrid AWPs, thereby, creating opportunities for the growth of the aerial work platform rental market forecast.

On the contrary, manufacturers develop advanced equipment, which can be operated by connecting them through internet. Moreover, integration of IoT will help to overcome the shortage of skilled labors and enhance safety of operators and end users. These factors are anticipated to offer remunerative opportunities for the expansion of the global market during the forecast period.

The aerial work platform rental market is segmented into by product type, application, propulsion type and region. On the basis of product type, it is fragmented into boom lift, scissor lift, vehicle mounted platforms, and others. As per application, it is classified into utility, manufacturing, construction and others. According to propulsion type, it is segregated into, diesel, electric, and hybrid. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Germany, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).

On the basis of product type, in 2020, the vehicle mounted platforms segment dominated the aerial work platform rental market, in terms of revenue, whereas the others segment is expected to witness growth at the highest CAGR during the forecast period. As per application, in 2020, the utility segment led the aerial work platform rental industry, however, the others segment is expected to exhibit highest CAGR in the near future. By propulsion type, the electric segment led the market in 2020, in terms of revenue; however, the hybrid segment is anticipated to register highest CAGR during the forecast period. Region wise, North America garnered the highest revenue in 2020; however, LAMEA is anticipated to register highest CAGR during the forecast period.

COMPETITION ANALYSIS

The major players profiled in the aerial work platform rental market include Ashtead Group plc. (Sunbelt Rentals Ltd), Aktio Corporation, AFI Uplift Ltd., Herc Rentals Inc., Haulotte Group, H&E Equipment Services, Inc., Loxam, Riwal, Sumitomo Corporation (Sunstate Equipment Company), and United Rentals, Inc. Major companies in the market have adopted acquisition and business expansion as their key developmental strategies to offer better products and services to customers in the aerial work platform rental industry.

Key Benefits For Stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the aerial work platform rental market analysis from 2020 to 2030 to identify the prevailing the aerial work platform rental market opportunity.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the aerial work platform rental industry segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global aerial work platform rental market trends, key players, market segments, application areas, and market growth strategies.

 Aerial Work Platform Rental Market Report Highlights