Aerial Work Platform Rental Service Market Analysis and Latest Trends
Aerial work platform rental service refers to the renting of specialized equipment such as scissor lifts, boom lifts, and cherry pickers for tasks that require working at heights. This service is popular among industries like construction, maintenance, and warehousing, where workers need temporary access to elevated areas.
The Aerial Work Platform Rental Service Market is expected to grow at a CAGR of 7.8% during the forecast period. The market growth can be attributed to the increasing focus on workplace safety regulations, which mandate the use of aerial work platforms to prevent accidents and injuries. Additionally, the construction industry's rapid growth, especially in developing economies, is driving the demand for aerial work platform rentals to facilitate construction activities at height.
One of the latest trends in the aerial work platform rental service market is the increasing adoption of electric-powered aerial work platforms due to their environmental benefits and lower operating costs compared to diesel-powered equipment. Additionally, advancements in technology, such as the integration of IoT and telematics in aerial work platforms, are enhancing equipment efficiency, safety, and productivity, further boosting market growth.
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Aerial Work Platform Rental Service Major Market Players
United Rentals is one of the leading players in the Aerial Work Platform Rental Service Market. The company has a strong presence in North America and offers a wide range of equipment for construction, industrial, and commercial use. United Rentals has been experiencing steady market growth over the years, with a focus on expanding its product offerings and improving customer service. The company reported a total revenue of $9.3 billion in 2020.
Sunbelt Rentals is another key player in the market, with a strong presence in the United States and Europe. The company offers a comprehensive range of Aerial Work Platforms and has been focusing on expanding its global footprint through acquisitions and partnerships. Sunbelt Rentals reported a total revenue of $5.9 billion in 2020.
Riwal is a global player in the Aerial Work Platform Rental Service Market, with operations in Europe, the Middle East, and Asia. The company has been focusing on expanding its product portfolio and improving its customer service to drive market growth. Riwal reported a total revenue of $265 million in 2020.
Looking ahead, the Aerial Work Platform Rental Service Market is expected to continue growing, driven by increasing construction and infrastructure development activities worldwide. Key players in the market are likely to focus on expanding their product offerings, improving customer service, and exploring new markets to capitalize on growth opportunities.Overall, the market size for Aerial Work Platform Rental Services is projected to reach $15 billion by 2025, driven by increasing demand for rental equipment in the construction and industrial sectors.
What Are The Key Opportunities For Aerial Work Platform Rental Service Manufacturers?
The Aerial Work Platform Rental Service market is experiencing steady growth due to increasing demand for temporary access equipment in construction and maintenance industries. Factors such as urbanization and infrastructure development are driving the market further. Rental services are preferred by companies to save on maintenance costs and reduce capital investments. The market is expected to continue growing at a CAGR of 6% in the forecast period, with North America and Europe dominating the market. Technological advancements in aerial work platforms and increasing safety regulations are also expected to contribute to the market growth in the coming years.
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Market Segmentation
The Aerial Work Platform Rental Service Market Analysis by types is segmented into:
Aerial Work Platform Rental services cater to various market types based on the location of use. Indoor Aerial Work Platform Rentals are designed for use within enclosed or indoor spaces such as warehouses, construction sites, or manufacturing plants. On the other hand, Outdoor Aerial Work Platform Rentals are specialized for outdoor use in applications like building maintenance, construction projects, or landscaping. Both markets offer a range of platforms like scissor lifts, boom lifts, and aerial ladders tailored to meet specific job requirements in their respective environments.
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The Aerial Work Platform Rental Service Market Industry Research by Application is segmented into: