North America AWP Rental Market To Accrue Substantial Gains Over 2018-2024 - Industry News 360


Friday, 17 August 2018

North America AWP Rental Market To Accrue Substantial Gains Over 2018-2024

North American regions including the U.S. are estimated to dominate the AWP Rental Market over the forecast period owing to the rapid construction of buildings, skyscrapers, and increasing concern toward maintenance & repair activities associated with these structures.

AWP Rental Market size is set to exceed USD 24 billion by 2024. The rapid expansion of building construction activities and an increase in infrastructure investments across the world have resulted in an increased demand for the services. Asia Pacific regions including India, China, and Japan are projected to show the highest growth rate in the AWP rental market owing to rapid urbanization trends and the emergence of skyscrapers in the regions.

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The expansion of urbanization has resulted in an increased population in the cities, requiring residential and service infrastructure facilities at heights. Infrastructures such as skyscrapers, high power lines, and mobile network towers require periodic maintenance. AWP rental market has, therefore, had a tremendous demand for building and maintenance of these infrastructures owing to the low rental costs they offer as compared to the high purchase cost of the devices.

The high purchase cost of AWP devices and services across the world has resulted in an increased demand for AWP rental market. For instance, players in the infrastructure market, who are not involved in infrastructural activities at heights cannot afford AWP devices for smaller consignments. These players instead rent the services as and when required to cut down on operating costs and free the capital for procuring other products and activities.

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The trend of rapid technological advancements in the devices is expected to boost the demand for AWP rental market. Technological improvements in the devices have enabled highly advanced devices that offer the infrastructure players the services, which can complete the associated tasks in a significantly lesser time than the corresponding manual labor. These companies benefit from the low rental cost of these technologically-advanced devices, which would have been unaffordable for them, thereby expanding the AWP rental market.

Lack of trained operators for the devices is hampering the growth of AWP rental market as they require skilled professionals to mitigate the inadequacies resulting during the development. Additionally, many infrastructure players are unaware of the AWP rental market owing to low promotional or marketing activities undertaken by the market players, limiting the market growth.

Hybrid scissor lifts constitute a high revenue share of the AWP rental market owing to the higher efficiency levels the hybrid scissor lifts offer. The hybrid lifts also offer a range of enhancements that adhere to the stricter safety regulations for the workers. The scissor lifts also offer considerably larger platforms, allowing multiple workers to simultaneously conduct their work. Boom lifts have had a great demand in the AWP rental market for temporary access to high locations for the construction and maintenance work performed by mechanics and for safety operations performed by firefighters.

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Players in the AWP rental market include Ashtead Group, United Rentals, Loxam, Aktio Corporation, Herc Holdings, Inc., Blueline Rentals, Kilotou, Haulotte Group, AFI Uplift Ltd., Riwal, and Nesco Rentals. The players are making high investments in the R&D to develop environmentally-cleaner products and new access platforms to increase the fleet size and gain a stable foothold in the AWP rental market.

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