Home > HVAC & Construction > (AWP) Aerial Work Platform Rental Market
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.
|Market Size in 2019:||17.5 Billion (USD)|
|Forecast Period:||2020 to 2026|
|Forecast Period 2020 to 2026 CAGR:||6%|
|2026 Value Projection:||25 Billion (USD)|
|Historical Data for:||2015 to 2019|
|No. of Pages:||219|
|Tables, Charts & Figures:||154|
|Segments covered:||Product, Barge Fleet, Application|
|Pitfalls & Challenges:|
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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.
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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.
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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.
Companies operating in the AWP rental industry are adopting various strategies, such as offering wider product ranges and flexible access platform rental plans, to gain market shares. For instance, United Rentals offer over 100 models of aerial work platforms with various platform widths, lifting heights, and power types. The company operating in this market also offers daily, weekly, and monthly AWP rental plans to enhance flexibility. Market players are also focusing on maintaining optimum fleet size to cater to varied customer demands.
AWP rental players are investing in cleaner and new equipment to ensure there is no shortage of advanced equipment. Players are making huge investments in appropriate equipment maintenance and repair to improve the equipment performance.
Some of the major AWP rental market companies include Ashtead Group, United Rentals, Loxam, Aktio Corporation, Kilotou, Riwal, Nesco Rentals, Herc Holdings Inc., Haulotte Group, AFI Uplift Ltd., and Sunstate Equipment Company.
The AWP rental research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD for the following segments:
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