Aerial Lift Rental Market

Aerial Lift Rental Market Growth Outlook (2023 to 2033)

The global aerial lift rental market is expected to grow at a CAGR of 5.8% and reach a valuation of US$ 9.7 billion in 2033, up from US$ 5.5 billion in 2023. This represents an absolute opportunity of US$ 4.5 billion during the forecast period.

Shrinking spaces in urban agglomerations necessitated the construction of high rise buildings, and over a trillion dollar investment is lined up in urban commercial and residential infrastructure projects over next ten year. Such a massive investment is likely to translate the demand for associated equipment including aerial lifts, thus driving the market for aerial lifts and paving the way for the growth of aerial lift rental services.

Report Attributes	Details
Aerial Lift Rental Market Size (2022A)	US$ 5.2 Billion
Estimated Market Value (2023E)	US$ 5.5 Billion
Forecast Market Value (2033F)	US$ 9.7 Billion
Global Market Growth Rate (2023-2033)	5.8% CAGR
US Market Growth Rate (2023-2033)	6.0% CAGR
China Projected Market Value (2033F)	US$ 2.3 Billion
Key Companies Profiled	BlueLine Rental Boels Rental Haulotte Group Herc Rentals NES Rentals Sunbelt Rentals United Rentals

Historic and Future Pathway Analysis for the Aerial Lift Rental Market

An aerial lift, also known as an aerial work platform (AWP), is a mechanical device used to elevate workers or equipment to perform tasks at elevated heights. It provides a safe and stable platform for working at heights that otherwise be difficult or dangerous to access using ladders or scaffolding.

Aerial lifts generally consist of a platform or bucket that accommodates one or more workers, supported by an extending arm or boom. The platform is raised and lowered vertically or is articulated to reach different angles or positions. The lifting mechanism is either hydraulic, pneumatic, or mechanical, depending on the type of lift.

• Short Term (2023-2026): The need for efficient and safe installation and maintenance of wind turbines has increased the demand for aerial lifts. Aerial lifts are widely used in wind power projects for installation, maintenance, and repair activities at heights creating growth opportunities for the aerial lift rental market.
• Medium Term (2026-2029): Governments are investing heavily in infrastructure development to improve transportation, healthcare, education, and other sectors. Infrastructure development activities require efficient and safe access to heights, which has led to increasing demand for aerial lifts that help increase the efficiency of construction and maintenance activities driving the market growth.
• Long Term (2029-2033): With the addition of electric or technically advanced aerial lifts in the portfolio of aerial lift rental service providers is likely to create immense growth opportunities for the aerial lift rental service providers in the long run.

On the back of the aforementioned facts, the aerial lift rental market is expected to grow at a CAGR of 5.8% during the forecast period from 2023-2033, According to the Fact.MR, a market research and competitive intelligence provider.

Market share analysis of aerial lift rental based on the end use and region is provided in a nutshell in the above image. Under the end-use segment, the construction and infrastructure sub-segment is expected to dominate with a 43.2% market share in 2023.

Market Dynamics Outlook

“Pullulating Investment in Aerospace and Defence To Drive the Aerial Lift Rental Market”

The aerial lift rental market is closely linked with the aerospace and defense industry as these industries require reliable and high-quality aerial equipment to complete various tasks, such as building and maintaining aircraft, spacecraft, and other related equipment.

• Global military expenditure is rising steadily, reaching a valuation of US$ 2.1 trillion in 2021. The leading countries that contributed to this increase are the United States, Russia, India, China, and the United Kingdom, with these five countries together accounting for 62.0% of overall military expenditure.

These countries have increased their investments in aerospace and defense technology, leading to an increase in the production of aircraft and others creating demand for aerial lift equipment rental.

• The Middle East is also investing heavily in the military sector, with Qatar being the fifth most prominent investor in this region in 2021, with military expenditure valued at US$ 11.6 billion.
• Qatar’s increased investment, which is 434.0% more than it was in 2010, creates more opportunities for aerial lift rental companies to meet the growing demand for equipment and services to support the defense industry’s needs in the region.

Therefore, the growing aerospace and defense industry, coupled with the rising military expenditure globally, is driving the aerial lift rental market’s growth, and companies in this sector are well-positioned to capitalize on these opportunities.

“Factors Affecting the Growth of the Aerial Lift Rental Market”

Compliance with safety regulations and licensing requirements poses challenges for rental companies. Aerial lifts need to adhere to specific safety standards, and operators often require proper training and certification. Stringent regulatory requirements and compliance processes add complexity and costs for rental companies, potentially affecting market growth.

Further, rental companies often face insurance and liability challenges due to the nature of their business. Accidents or damages involving rented aerial lifts results in liability issues and increased insurance costs. These concerns are likely to deter some rental companies from expanding their operations or entering new markets.

Country-wise Insights

What are the Factors Driving Aerial Lift Rental Demand Across India?

The construction industry in India is witnessing vertical expansion with the construction of high-rise buildings, commercial complexes, and residential towers. These structures often require aerial lifts for tasks like installation of façade materials, window cleaning, maintenance, and repairs at various heights. The need for efficient and safe access to elevated areas fuels the demand for aerial lift rentals.

The Indian government is also investing heavily in infrastructure development, including the construction of roads, highways, bridges, airports, railways, metro systems, and other transportation networks. Aerial lifts are crucial for these projects, providing access to elevated areas for tasks such as construction, maintenance, inspection, and installation of equipment. As infrastructure projects continue to grow, the demand for aerial lift rentals increases.

Rental companies that offer a diverse fleet of well-maintained lifts and cater to the specific needs of the construction industry are poised to benefit from this growth.

Why Chinese Aerial Lift Rental Market is flourishing?

China's rapid urbanization has led to the construction of numerous high-rise buildings and complexes. Waste removal from these tall structures is challenging without the use of aerial lifts. Lifts enable workers to access upper floors or rooftops for efficient waste collection and disposal. As waste removal initiatives focus on improving waste management practices, the demand for aerial lift rentals increases to meet the specific requirements of high-rise waste disposal.

The growing waste removal initiatives in China, due to urbanization and regulatory measures, create a demand for aerial lift rentals. Rental companies that understand the specific requirements of waste management and provide reliable and efficient lift solutions are well-positioned to support these initiatives and contribute to the growth of the aerial lift rental market in China.

Category-wise Insights

Why Electric Aerial Lifts are Gaining Traction?

As people and businesses become more aware of their carbon footprint and the impact of their actions on the environment, they are increasingly choosing sustainable alternatives. Electric-powered aerial lifts do not produce emissions, which makes them an eco-friendly option.

Electric aerial lifts are more energy-efficient and cost less to operate, which makes them more cost-effective in the long term. The fuel costs associated with traditional aerial lifts that use diesel or gasoline are significant, and the use of electric lifts eliminates this cost. These factors combined have contributed to the increasing demand for electric aerial lifts for rent.

How Does the Growing Construction Industry Drive Aerial Lift Rental Market?

As the construction industry expands, there is a higher demand for aerial lifts to facilitate work at elevated heights. Construction projects such as building construction, infrastructure development, and renovation require efficient and safe access to elevated areas for activities like installation, maintenance, painting, and repairs. Aerial lifts provide a reliable and secure platform for workers to perform these tasks, thereby driving the demand for rental services.

• As the construction industry continues to expand globally, for instance, For instance, the volume of construction output will grow by 85% to US$ 15.5 trillion worldwide by 2030, with China, the US, and India accounting for 57% of all global growth.
• The National Association of Home Builders (NAHB) reports that the construction of new single-family homes in the US increased by 4.8% in January 2022 compared to the previous month, with the seasonally adjusted annual rate reaching 1.37 million units.

The demand for aerial lift rentals is expected to grow with growing construction and infrastructure development. Rental companies that cater to the unique needs of the construction industry and offer a diverse fleet of well-maintained lifts are well-positioned to benefit from this growth and contribute to the overall development of the aerial lift rental market.

Key Strategies

Prominent players in the aerial lift rental market are BlueLine Rental, Haulotte Group, Herc Rentals, Sunbelt Rentals, and United Rentals.

Aerial lift rental companies focus on expanding and modernizing their fleets to provide customers with the latest and most advanced equipment. This involves investing in new aerial lifts, upgrading existing equipment with modern features, and retiring older models. By offering well-maintained and up-to-date lifts, market players are likely to curb the demand pool and gain high-profit margins.

Fact.MR has provided detailed information about the key rental service providers of aerial lifts, their total fleet, service portfolio, and revenue growth, in the recently published report.

Segmentation of Aerial Lift Rental Industry Research

• By Type :

  • Boom Lift
    • Articulating
    • Trailer-Mounted
    • Telescopic
  • Scissor Lift
  • Vertical Mast Lift
    • Double Mast AWP
    • Single Mast AWP
  • Push Around and Spider Lift

• By Platform Working Height :

  • Less than 50 Feet
  • 50-100 Feet
  • 100-150 Feet
  • Above 150 Feet

• By Power Source :

  • Gas/Diesel
  • Electric
  • Hybrid

• By End Use :

  • Construction and Infrastructure
  • Aerospace and Defence
  • Entertainment and Events
  • Facilities and Maintenance
  • Industrial and Manufacturing
  • Telecommunication and Utilities
  • Transportation and Logistics
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa