(AWP) Aerial Work Platform Rental Market Size

Aerial Work Platform Rental Market Size

AWP Rental Market size was over USD 17.5 billion globally in 2019 and is estimated to grow at over 6% CAGR between 2020 and 2026. The increasing infrastructure investments across the globe is driving the industry growth.

Governments across the globe are making large investments in the construction & development of new airports, railway stations, and metro-stations, attributing to the market demand. Moreover, the increasing urbanization in several countries including India, China, and Brazil is providing an impetus to market size.

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AWPs play an essential role in the construction of large projects due to which construction companies prefer using them for quick and hassle-free construction work. Renting construction equipment is gaining popularity across the globe due to its advantages such as avoidance of initial purchase costs, the requirement of less maintenance & repair cost, no depreciation cost etc., propelling AWP rental market growth.

AWPs also provide additional safety over scaffolds due to their integrated guardrail system, reducing the chances of operators falling from heights. The implementation of stringent government regulations about worker safety, particularly in North America and Europe will support the product demand over the forecast timeline, providing ample market opportunities.

Controlling complex business operations and functional tasks, such as scheduling work orders and equipment lifecycle management, were major industry challenges in 2019. The equipment maintenance & repair costs as well as additional efforts required for the appropriate fleet management is further posing a challenge to the market outlook. Moreover, the unavailability of trained operators in Latin America and Asia Pacific is restricting the product adoption in the region, hampering the market in 2019.

The impact of COVID-19 has led in a reduction in construction and maintenance activities across the globe, which is anticipated to hamper the AWP rental market in FY2020. According to the UN Department of Economic and Social Affairs (DESA), the global economy can shrink by about one percent in 2020, posing a challenge to the industry growth.