Aerial work platform rental Market Expected to Reach $69.0 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Aerial work platform rental Market," The aerial work platform rental market size was valued at $41.4 billion in 2020, and is estimated to reach $69.0 billion by 2030, growing at a CAGR of 5.1% from 2021 to 2030. Aerial work platforms are used in the telecommunications, construction, logistics, and transportation industries for various functions. Aerial work platforms are lifting platforms that are rented or leased for a particular period. These rental platforms are used for activities, including construction of new structures at a height, repair of ducts, and maintenance of overhead wires. The aim of these systems is to provide equipment and personnel with access to previously inaccessible places at a predetermined height. Other features include installation of compressed air and power tool sockets as well as windowpane frame support systems..

There is increase in government investments for road, communications, power generation, transportation, and other infrastructure development. Development is due to increase in population in the developing nations like China and India. Growth in population increases the need for rural and urban infrastructure projects. This leads the government to invest in infrastructural development. For instance, the Indian Union budget for 2022 proposes spending around $131 billion on infrastructure improvements. Furthermore, technical advancements and features, such as better system security leads to aerial work platform rental market growth.

High equipment cost  and lack of skilled labor for operating aerial platforms hinder the growth of the aerial work platform rental industry. In addition, the outbreak of COVID-19 halted logistics and manufacturing activities across the globe, which, in turn, interrupted the supply chain, thereby hindering growth of the aerial work platform rental market. However, this situation is expected to improve as government is relaxing norms across the globe for resuming business activities.

New battery technologies are expected to increase the demand for electric aerial work platform rental market trends in the future. New and improved emission standards as well as restrictions on the use of engine-powered aerial work platforms indoors open up new opportunities for electric and hybrid aerial work platforms. Hence this will allow the aerial work platform business to expand. On the other hand, manufacturers invest on  cutting-edge technologies that can be controlled remotely. Furthermore, internet of things(IoT) integration reduces the labor required for operating  as well as provide safety. These factors are predicted to create opportunities for global market improvement throughout the forecasted period. .The aerial work platform rental market forecast is carried on the basis of product type, application, propulsion type, and region. On the basis of product type, it is classified into boom lift, scissor lift, vehicle-mounted platforms, and others. Depending on application, the market is fragmented into utility, manufacturing, construction and others. By propulsion type, it is categorized into, diesel, electric and hybrid.

 Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, Italy, UK, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). In 2020, Asia-Pacific was the highest contributor to the aerial work platform rental market share, and LAMEA is anticipated to secure a leading position during the forecast period.

The major players profiled in the aerial work platform rental market analysis include Ashtead Group plc. (Sunbelt Rentals Ltd), Aktio Corporation, AFI Uplift Ltd., Herc Rentals Inc., Haulotte Group, H&E Equipment Services, Inc., Loxam, Riwal, Sumitomo Corporation (Sunstate Equipment Company), and United Rentals, Inc.