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  • Aerial Work Platform Rental Market Analysis | 2023-28

    Aerial Work Platform Rental Market Analysis | 2023-28

    Aerial Work Platform Rental Market Analysis | 2023-28
    Report code - SRCE257 Delivery - 2 Weeks
    Aerial Work Platform Rental Market Size, Share, Trend, Forecast, Competitive Analysis, and See more...

    Market Insights

    The aerial work platform rental market size was valued at USD 20.74 billion in 2023 and is forecast to grow to USD 29.5 billion by 2028 at a CAGR of 5.99% during 2023-2028.

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    What is aerial work platform rental?

    An aerial work platform (AWP) rental refers to the practice of leasing or renting specialized equipment designed to elevate workers or equipment to perform tasks at elevated heights. Aerial work platforms are commonly used in construction, maintenance, and other industries where working at heights is necessary.

    Aerial Work Platform Rental Market Report Overview

    Market Size in 2028

    USD 29.5 Billion

    Market Size in 2022

    USD 20.74 Billion

    CAGR(2023-2028)

    5.99%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    The aerial work platform rental market is driven by a host of factors, some of which are noted below:

    • Surge in Urbanization: Rapid urbanization and infrastructure development in emerging economies are driving the demand for efficient aerial lifts.
    • Accessibility: AWPs provide access to remote areas, enhancing productivity and safety on construction sites.
    • Usage: AWPs are used in construction and maintenance work across various industries.
    • Technological Advancements: Enhanced functionality and efficiency of AWPs due to technological advancements, including telescopic booms, articulating arms, self-leveling capabilities, and advanced control systems.
    • Increase in Growth: The market is projected to experience substantial growth due to extensive product usage across various industries.
    • Emerging Regulation: The American National Standards Institute (ANSI) introduced new regulations in December 2018 to improve safety measures and align North American equipment standards with international norms.

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    COVID 19 Impact

    COVID-19 has reduced construction and maintenance activities globally, potentially affecting the AWP rental market in FY2020. The UN Department of Economic and Social Affairs predicts a 1% global economy shrink in 2020, posing a challenge to industry growth.

    Key Players

    Some of the Top players in the aerial work platform rental market are-

    Segment Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Product-Type Analysis

    Boom Lift, Scissor Lift, Vertical Mast Lift, and Personal Portable Lift

    Vertical mast lift is estimated to account for the major share of the market during the forecast period.

    Application-Type Analysis

    Construction,

    Telecommunication, Transportation & Logistics, Government, and Others

    Construction is estimated to be the dominant application type during the forecast period.

    Regional Analysis

    North America, Europe, Asia-Pacific, and the Rest of the World

    North America is estimated to be the largest as well as the fastest-growing region in the market.

     

    Aerial Work Platform Rental Market Share: By Product Type

    Based on the product type, the market is segmented as boom lift, scissor lift, vertical mast lift, and personal portable lift. Vertical mast lift is estimated to account for the major share of the market during the forecast period owing to various advantages, such as simplicity of operation and availability of several working heights, offered by it. These lifts also offer a wide range of lifting heights and maneuverability and are basically designed to operate in narrow aisles and congested working environments.

    Aerial Work Platform Rental Market Share: By Application Type

    Based on the application type, the market is segmented as construction, telecommunication, transportation & logistics, government, and others. Construction is estimated to be the dominant application type during the forecast period, owing to changing preferences of construction companies toward AWP rental solutions to minimize the cost of overall construction projects.

    In addition, growing spending in the private sector for the development of urban infrastructure including schools, commercial buildings, and shopping malls is further expected to fuel the utilization of construction equipment, accelerating the growth of the market during the forecast period.

    Aerial Work Platform Rental Market Share: By Region

    In terms of regionsNorth America is estimated to be the largest as well as the fastest-growing region in the market owing to growing construction and telecommunication industries in the region during the forecast period. Further, increasing adoption of AWP rental solutions on account of growing awareness about operator’s safety in the U.S. construction sector, growing reconstruction and repair activities in the telecommunication sector across North America, and the presence of various AWP rental service providers in the region are some of the major factors boosting the growth of the regional market over the forecast period. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.

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    Research Methodology

    This aerial work platform rental market report offers high-quality insights and results from a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Customization Options

    This report provides intelligence most comprehensively. The aerial work platform rental market report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players and those willing to enter the market.

    What Deliverables will you get in this report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Aerial Work Platform Rental Market

    How lucrative is the future?

    The market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and what is their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Customization Option

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation by any one of the product types by application type.  

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    An aerial work platform (AWP) rental refers to the practice of leasing or renting specialized equipment designed to elevate workers or equipment to perform tasks at elevated heights. Aerial work platforms are commonly used in construction, maintenance, and other industries where working at heights is necessary.

    The market is forecast to grow at a CAGR of 5.99% during 2023-2028.

    The market size was valued at USD 20.74 billion in 2023 and is forecast to grow to USD 29.5 billion by 2028.

    Vertical mast lift is expected to account for the major share of the market in the coming years.

    Construction is expected to remain dominant in the market in the coming years.

    AFI Uplift Limited, Ahern Rentals, Inc., AJ Networks Co., Ltd., AKTIO Corporation, ALL Aerials, LLC, Ashtead Group plc, Awp Rental Company, Boels Rental, Fortrent, and H&E Equipment Services, Inc are among the key players in the Aerial Work Platform Rental Market.