In the South Korea AWP rental market, scissor lifts accounted for a major revenue of over USD 260 million in 2018 due to the high utilization in construction, telecommunication, and general maintenance industries. Rental companies own over 80% of scissor lifts in their rental fleet owing to the high demand and benefits such as operational efficiency, flexibility, etc. End users in the country rent scissor lifts over self-owned options to eliminate maintenance & servicing costs associated with these machines. Rental operators in the South Korea aerial work platform rental market focus on operator training to ensure workplace safety and efficiency, further attributing to industry growth. Easy transportation options, varied power options, compact design, and the ability to reach heights are some features adding up to the demand for scissor lifts.
Transport & logistics applications are expected to grow at a CAGR of over 2% from 2019 to 2025. These applications are gaining traction due to the increasing manufacturing, warehousing, logistics, and transportation activities in the country, further driving the South Korea AWP rental market growth. The presence of several electronics & heavy manufacturing companies will require highly efficient access platforms and operators for general maintenance operations. Leading AWP users in South Korea, such as LG and Samsung, have set their own MEWP standards related to usage, height limitations, etc. Rental companies that provide equipment on rent follow these standards due to the absence of any central access platform regulations, allowing companies to provide highly customized services. Moreover, the use of mechanized products and various material handling machines to offer worker safety and achieve warehouse efficiency will support the utilization of various AWPs and contribute to the South Korea AWP rental market expansion.
Vertical mast lifts and personal portable lifts account for high utilization rates in the South Korea aerial work platform rental market as rental companies purchase these machines according to the order quantities gained from customers. Rental providers do not maintain a huge fleet of this equipment as compared to scissor & boom lifts, leading to high utilization rates. Scissor & boom lifts have a comparatively low utilization rate due to a huge rental fleet comprising over 90% for the equipment.