(AWP) Aerial Work Platform Rental Market Analysis

Aerial Work Platform Rental Market Analysis

According to the market research, vertical mast AWP rental segment was valued at approximate USD 1.5 billion in 2019. The growth can be attributed to its several benefits such as simplicity of operation and availability of various working heights. The equipment is designed to operate in narrow aisles and congested working environments.
 

Vertical mast lifts also offer a wider range of lifting heights and maneuverability, making them a safer & preferable solution for tough industrial overhead maintenance applications. These lifts are increasingly being used in restaurants, factories, theaters, and exhibition halls for multiple applications such as paint decoration, machinery maintenance, electrical appliances replacement, and cleaning, contributing to AWP rental industry growth. These platforms are also gaining popularity owing to their flexible construction combination, quick & easy installation, and lightweight structure, attributing to the market size in 2019.
 

As per the market analysis, the construction industry held around 50% of the market share in 2019 and is anticipated to grow at over 7% CAGR from 2020 to 2026.  Construction companies across the globe are changing their preferences to AWP rental solutions to reduce the overall construction project cost. Renting access platforms help in mitigating the initial purchasing cost as well as maintenance & repair cost, supporting the market trend.
 

Proliferation of the construction industry, particularly in North America and Asia Pacific due to the rising population and growing urbanization is creating a huge demand for AWP rental services in the regions, driving market growth.  According to the Institution of Civil Engineers (ICE), the global construction market is expected to reach USD 8 trillion by 2030, driven by the U.S., China, and India, contributing to regional AWP rental market growth.
 

The increasing private sector spending on the urban infrastructure development including schools, shopping malls, and commercial building will further increase the construction equipment utilization. Market leaders are offering several AWP rental plans to enhance customer flexibility. This equipment is adopted by construction companies for particular projects and timelines, thus offering flexible access platform rental plans is gaining popularity in the industry in 2019.
 

North America AWP rental market valued at over USD 11 billion in 2019 and is expected to grow at over 6.5% CAGR from 2015 to 2026. The increasing government and private sector spending in the North American construction industry will drive market growth. This equipment is used in the construction industry for working at elevated heights and performing various maintenance & repair activities. Growing awareness regarding operator’s safety in the U.S. construction sector will further increase the adoption of AWP rental solutions.
 

AWP rental services are increasingly used across several industry verticals including government and transportation & logistics to perform maintenance activities. The demand for AWP rental is also increasing in the telecommunication industry for electric line repair and installation of new electric poles. The rising reconstruction and repair activities in the telecommunication sector across North America is expected propel industry expansion over the forecast timeline. Moreover, the presence of several AWP rental service providers in the region provided a positive outlook to the market size.