Boom Lift Rental Market

Boom Lift Rental Market Outlook (2023 to 2033)

The global boom lift rental market is estimated to be valued at US$ 3.0 billion in 2023 and it is projected to grow at a CAGR of 5.4% to reach US$ 5.1 billion by the end of 2033.

The boom lift rental is projected to experience substantial growth from 2023 to 2033, with an estimated increase in value of US$ 5.1 billion in 2033. This is due to the increasing construction and infrastructure development, industrial expansion, focus on safety and efficiency, and others. The increasing emphasis on safety regulations has also become a driving force behind the surging demand for boom lift rentals that comply with these standards.

Report Attributes	Details
Boom Lift Rental Size (2022A)	US$ 2.8 Billion
Estimated Market Value (2023E)	US$ 3.0 Billion
Forecast Market Value (2033F)	US$ 5.1 Billion
Global Market Growth Rate (2023-2033)	5.4% CAGR
Europe Market Share (2023)	26.1%
Germany Market Growth Rate (2023-2033)	5.9% CAGR
Key Companies Profiled	BlueLine Rental H&E Equipment Services Haulotte Group Herc Rentals NES Rentals Riwal Sunbelt Rentals United Rentals

Historic and Future Pathway Analysis for the Boom Lift Rental

The boom lifts rental market emerged as a response to the growing demand for elevated work platforms in the construction and industrial sectors. Rental companies started offering boom lifts as a cost-effective and flexible alternative to purchasing equipment, leading to significant growth in the market. Many companies prefer renting boom lifts due to the cost-saving advantages it offers. By opting for rentals, businesses can avoid upfront capital investment, maintenance expenses, and storage costs. This focus on cost efficiency is expected to continue driving the demand for rental services.

Additionally, the construction industry is increasingly adopting sustainable practices to reduce its environmental impact. As a part of this shift, there is a growing preference for electric or hybrid-powered boom lifts over diesel-powered ones. Rental companies that offer environmentally friendly options are likely to gain a competitive edge as sustainability becomes a key consideration for construction projects.

• Short Term (2023-2026): Growing emphasis on worker safety and efficiency in industries like construction to drive market growth during the short-term period.
• Medium Term (2026-2029): Renting boom lifts offers flexibility to businesses. This enables them to scale their equipment needs based on project requirements, choosing the right type and size of boom lift for each job. As companies prioritize cost optimization and flexibility, boom lift rentals are an attractive option, leading to market growth.
• Long Term (2029-2033): Increasing demand from diverse industries such as maintenance, event management, film production, and logistics, in addition to construction, will drive long-term growth in the boom lift rental market.

On the back of the aforementioned facts, the boom lift rental is expected to grow at a CAGR of 5.4% during the forecast period from 2023-2033, According to the Fact.MR, a market research and competitive intelligence provider.

Market share analysis of boom lift rental based on type and region is provided in a nutshell in the above image. Under the type segment, the articulating sub-segment is expected to dominate with a 39.0% market share in 2023.

Market Dynamics Outlook

“Advancements in Technology to Contribute to the Growth of the Boom Lift Rental Market”

Technological advancements have revolutionized the boom lift rental market, enhancing efficiency, safety, and performance. Cutting-edge innovations have made boom lifts increasingly appealing for rentals. Advanced telematics systems now equip modern boom lifts, empowering rental companies to remotely monitor and track equipment usage, location, fuel consumption, and maintenance requirements.

This invaluable technology enables companies to optimize fleet management, enhance maintenance scheduling, and ensure prompt service, ultimately boosting equipment availability and customer satisfaction. The integration of these advancements has transformed the rental industry, making boom lifts more reliable, user-friendly, and indispensable for a wide range of applications.

“Equipment’s Frequent Maintenance and Repair to Limit Growth”

Maintaining boom lifts is vital to ensure their optimal performance and safety, imposing a significant responsibility on rental companies. Adequate maintenance entails skilled technicians, readily available spare parts, and efficient fleet management practices. Neglecting proper maintenance can lead to downtime, unsatisfied customers, and unforeseen expenses.

Transportation logistics pose significant challenges for boom lift rental companies, especially when operating in large geographic areas. The size and weight of boom lifts necessitate careful coordination and planning for equipment delivery and retrieval. Managing logistics efficiently requires dedicated resources and effective coordination to minimize costs and ensure timely transportation.

Country-wise Insights

Why India Presents a Promising Landscape for the Market Growth of Boom Lift Rental?

India's rapid urbanization and flourishing construction industry have created a robust demand for aerial work platforms such as boom lifts, making the market for boom lift rentals highly promising. The country is witnessing an increasing number of cities and infrastructure development projects, further fueling the need for efficient and safe access equipment.

The Indian government has also prioritized infrastructure development through initiatives like the "Smart Cities Mission" and the construction of highways, airports, metro systems, and industrial parks. These ambitious projects require reliable and technologically advanced equipment like boom lifts, contributing to the growing market for rental services.

• For instance, in 2022, the Indian Union budget has proposed to spend about US$ 130.0 billion on infrastructural developments.

The substantial financial commitments by the government underscore their dedication to infrastructure growth, creating a significant opportunity for the target market in India.

What are the Factors Driving Revenue Generation in China?

China's thriving industrial and manufacturing sectors have significantly increased the demand for boom lifts in the country. These versatile machines find extensive use in warehouses, factories, and manufacturing plants for equipment maintenance, material handling, and inventory management at elevated heights. Furthermore, China's commitment to renewable energy projects, such as wind farms and solar installations, has further propelled the need for boom lifts in construction, maintenance, and repair activities.

Utility companies also rely on boom lifts for power line maintenance, installation, and inspection. The adoption of rental services for boom lift equipment is prevalent among these companies due to the benefits it offers. Hence, the expanding energy and utility projects, along with the robust industrial sector, contribute substantially to the revenue generation of the thriving boom lift rental market in China.

Category-wise Insights

How Articulating Type Drives Boom Lift Rental Market?

The articulating type boom lifts are poised to offer lucrative opportunities for the boom lift rental market due to their unique features and versatility. These types of boom lifts are designed with multiple articulated sections, allowing for enhanced maneuverability and access to difficult-to-reach areas.

The compact size and precise controls of articulating boom lifts make them suitable for indoor applications where space is limited, such as warehouses, manufacturing plants, and retail stores. Their quiet operation and emission-free electric options make them environmentally friendly, further enhancing their appeal in sensitive areas.

Hence, owning the aforementioned factors, in 2023, articulating boom lift rentals are projected to hold a 39.0% market share, valued at US$ 1.2 billion, with significant future growth anticipated.

Will the Construction Industry Growth Support Market Expansion in Coming Years?

The growth of the construction industry is expected to significantly support the expansion of the boom lift rental market during the forecast period. The construction industry is a major consumer of boom lifts, relying on them for a wide range of tasks such as building construction, infrastructure development, maintenance, and repair work.

As the construction industry continues to experience robust growth, due to the growing urbanization, rising population, and government investments in infrastructure projects, the demand for boom lift rentals is expected to soar. The need for safe and efficient access to elevated work areas in construction sites will propel the market's expansion, creating lucrative opportunities for rental companies.

Eminent Player’s Key Stratagems

Eminent boom lift rental service providers are BlueLine Rental, H&E Equipment Services, Haulotte Group, Herc Rentals, NES Rentals, Riwal, Sunbelt Rentals, United Rentals

Providing exceptional maintenance and service is a crucial aspect of success in the rental market. Prominent players are investing in well-equipped service centers, hiring trained technicians, and following stringent maintenance protocols to ensure that their boom lifts are in top condition. This commitment to service excellence enhances customer satisfaction and fosters long-term relationships. Further, acquisition and merger also play a crucial role in driving the market growth. For instance:

• In November 2022, United Rentals, Inc. disclosed that it has signed a binding contract to buy the assets of privately held Ahern Rentals, Inc. for about US$ 2.0 billion in cash.

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

Segmentation of Boom Lift Rental Industry Research

• By Type :

  • Articulating
  • Trailer-Mounted
  • Telescopic

• By Height :

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

• By Power Source :

  • Electric
  • Engine Powered

• By End Use :

  • Construction and Infrastructure
  • Telecommunication and Utilities
  • Entertainment and Events
  • Industrial and Manufacturing
  • Facilities and Maintenance
  • Others

• By Region :

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