South Korea Aerial Work Platform (AWP) Rental Market Size

South Korea Aerial Work Platform Rental Market Size

South Korea Aerial Work Platform Rental Market size was valued at approximately USD 300 million in 2018 and will grow at a CAGR of 3% from 2019 to 2025.

Rapid expansion of the construction sector and several ongoing & upcoming infrastructure projects in the country are boosting the South Korea aerial work platform rental market. These sectors are increasingly utilizing access platforms to gain operational efficiency and speed over the conventional scaffolds and ladders. Some of the major infrastructure projects in the country are Lotte Tower, Seoul - Pyongyang Rail Project, port development projects, etc. In the South Korean industry, AWPs were firstly introduced by rental providers and own about 90% of the total fleet available in the country. Moreover, high penetration of various leading manufacturers including Samsung, Hyundai, LG, etc., and the growing demand for maintenance activities at these sites act as major drivers for industry growth. These companies along with construction companies and contractors serve as major customers for the South Korea AWP rental market.

Factors hindering the South Korea aerial work platform rental market growth are the lack of awareness of advanced lifting technologies and unavailability of skilled operators for operating these machines. Increasing use of new advanced machinery across all industries in South Korea over manual labor is anticipated to promote the implementation of these machines. Moreover, rental companies need to provide appropriate training courses to the operators to avoid future injuries and workplace accidents.