AWP Rental Market Report to 2024 | Growth Statistics with Key Players Insights
Category: #headlines  By Rahul Varpe  Date: 2020-05-15
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AWP Rental Market Report to 2024 | Growth Statistics with Key Players Insights

Enhanced outreach and flexible height are significant factors for efficient performance of aerial lifts at large heights. Boom lifts being versatile and flexible, form an ideal choice for various types of construction activities featuring a wider range of movement as compared to other access equipment and contributes substantially to AWP rental market. These factors support the adoption of boom lifts for construction activities. Articulated boom lift offers advantages offered such as enhanced performance on rough terrains, higher lift heights, and better maneuverability. In addition, the emerging trend of construction of high rise infrastructures is providing significant growth opportunities to the boom lift segment driving the overall mobile elevated work platform (MEWP) rental market growth.

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AWP Rental Market is set to exceed USD 24 billion by 2024; according to a new research report.

In the AWP rental market, construction along with transportation & logistics sectors dominate the industry with majority of revenue share. Increasing government spending for the maintenance and repair of legacy infrastructure in developed countries is driving the access equipment rental market growth.

Rapid urbanization in developing economies has led to the construction of various residential and commercial buildings, offering ample opportunities to the industry demand. The smart city initiatives in countries such as India, South Korea and Singapore are generating high demand for access equipment, providing impetus to the AWP rental market growth. Large number of infrastructure projects in the Gulf countries with strict timelines is expected to provide lucrative opportunities to the access equipment rental market.

Increasing commercial and residential construction projects coupled with the rise in investments in public infrastructure worldwide are expected to support the AWP rental market over the forecast timeline. Government administrations in several emerging economies have renewed their focus on the development of urban infrastructure projects, such as airport developments and smart cities, owing to which the access platform rental market is witnessing a sharp increase in demand. Moreover, growing safety concerns in workplaces following the surge in fatal injury rates is compelling various authorities to make more utilization of these equipment.

AWP rental market Growth Drivers: --

  1. Increasing infrastructure investments globally
  2. Rising equipment rental demand in the U.S.
  3. Increasing rate of urbanization in the U.S.
  4. Increasing infrastructure and industrial projects in Russia
  5. Growing demand for AWPs in China
  6. Growing urbanization and safety concerns in India
  7. Rapid infrastructure development in BRIC countries
  8. Growing reconstruction and maintenance activities in Japan

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AWP Rental Market, By Application

  1. Construction
  2. Telecommunication
  3. Transportation & logistics
  4. Government
  5. Others

North America is anticipated to dominate the AWP rental market as a result of repair and maintenance of existing structures, and the rapid development of the construction industry in the region. Other major trends in the industry that are contributing significantly to the regional growth include strict adherence to human safety concerns by companies offering rental equipment. In addition, competition between leading players to offer enhanced after sales and maintenance services and certified training courses for the safe operation of access equipment is expected to propel the U.S. access platform rental market.

Growing installation & maintenance activities for the upgrade of fire stations, street lights, transformers & power cables, and other associated infrastructure, will drive the mobile elevated work platform (MEWP) rental market growth. In addition, demand for these machinery is on the rise for providing temporary access to workers usually in elevated locations and inaccessible areas. In the heavy equipment industry, the rental model is a better alternative due to the frequently changing requirements. For instance, the type of access equipment needed for a particular task on a job site may change from day to day and to address such requirements renting is considered a much more feasible for a contractor.

Key players operating in the AWP rental market include: - AFI Uplift Limited, Ahern Rentals, Inc., Aichi Corporation, AJ Networks Co. Ltd., Aktio Corporation, All Aerials, LLC, Ashtead Group, AWP Rental Company, Blueline Rental LLC, Boels Rental, Cramo PLC, Fortrent, H&E Equipment Services, Haulotte Group, Herc Holdings, Inc. (Herc Rentals, Inc.), Hinkel Equipment Rental Associates, Home Depot Product Authority LLC, Kiloutou, Lizzy Lift, Inc., Loxam Group, etc.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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