Mobile Elevating Work Platform (MEWP) Rental Services Market Size, Share, Growth, and Industry Analysis, By Type (Long-term Rental (Monthly), Short-term Rental (Daily)), By Application (Municipal Engineering, Construction Engineering, Power Engineering, Other), and Regional Forecast to 2032

MOBILE ELEVATING WORK PLATFORM (MEWP) RENTAL SERVICES MARKET OVERVIEW

The global mobile elevating work platform (MEWP) rental services market size had a superb expansion XX in 2023 and is likely to be significantly big XX by 2032, registering a prodigious CAGR XX during the forecast period.

The MEWP Rental Market is having a brilliant boom as industries increasingly look for flexible, safe, and technologically advanced access equipment solutions. Mobile elevating work platforms have emerged as critical for ensuring worker safety, improving operational efficiency within the construction, industrial, and maintenance sectors. Market growth is driven by rising awareness of workplace safety regulations, a need for specialized equipment, and the benefits of economics of renting as opposed to purchasing. Companies will increasingly realize the importance of accessing state-of-the-art equipment without substantial investment in capital by availing of MEWP rental services in their operations.

Technological developments such as the integration of IoT, advanced safety features, and customized rental options that appeal to the different requirements of industries are fueling the upward momentum of the trend of equipment leasing. All actions, from maintaining a construction site to carrying out maintenance operations, are changing business's approach towards access equipment and workplace safety through MEWP rental services.

GLOBAL CRISES IMPACTING MEWP RENTAL MARKETCOVID-19 IMPACT

Supply chain disruptions: The impact of the COVID-19 on the MEWP rental market

The COVID-19 global pandemic has been unforeseen and staggering, with the market facing demand that is lower than expected in all its regions compared to last year's pre-pandemic levels. Recovery from growth and demand has been seen to be pre-pandemic level based on the rise of CAGR within the market.

The COVID-19 pandemic temporarily affected the MEWP rental market because it broke cross-border supply chains and introduced shortages of the equipment and spare parts. Lockdowns and travel restrictions resulted in manufacturing and distribution delays, a decrease in demand resulting from the shutdowns of construction sites and industrial facilities. Uncertainty in the economy caused customer spending to shift away from capital-intense equipment investments. Moreover, the mobility of staff and project timelines affected by the pandemic further affected the growth of the MEWP rental market during this time.

LATEST TREND

"Technological Innovation to Drive Market Growth"

The latest trend in the MEWP rental market is that of high demand for technologically advanced, safe, and sustainable access equipment. Trends such as smart solutions for MEWPs with IoT integration, advanced safety features, and real-time monitoring have been seen in the market. All these include innovations in electric and hybrid platforms, digital rental management systems, and eco-friendly equipment. Further, specialized rental solution trends are growing in the market across different industry sectors and comprise construction, maintenance, and operations in renewable energy.

MEWP RENTAL MARKET SEGMENTATION

BY TYPE

Based on Type, the global market can be categorized into Long-term Rental (Monthly), Short-term Rental (Daily)

• Long-term Rental (Monthly): Long-term rental of MEWPs is appropriate for businesses that have persistent, month-to-month requirements for elevated working platforms. Long-term rentals help offer flexibility and economization in projects that are rolled out over several months to a few years. Long-term rental enables companies to save on the heavy capital cost associated with the procurement of MEWPs as well as enjoy regular maintenance and service from rental companies.
• Short-term Rental (Daily): Short-term rental best serves projects with temporary or intermitted needs for elevated working platforms. The short-term rental of MEWPs solves and meets the business requirements by offering flexibility for how companies can use such equipment for specific tasks or short-term projects. Businesses rent MEWPs for one day, which helps them avoid the pain of owning and maintaining equipment by only paying for the period they need the machines.

BY APPLICATION

Based on Application, the global market can be categorized into Municipal Engineering, Construction Engineering, Power Engineering, Other

• Municipal Engineering: Municipal engineering projects include street maintenance, bridge repairs, and utility work, often requiring elevated access for the safe and efficient completion of tasks. Rental of MEWPs addresses these needs through versatile platforms that can reach to various heights on difficult or rough terrains. With MEWPs, municipalities can better promote safety among workers, reduce downtime, and enhance overall operation efficiency.
• Construction Engineering: MEWPs are majorly rented for services in the construction sectors, for example maintenance work, facade cleaning, painting, and electrical works. This is mainly due to the fact that MEWP rental services are very efficient and relatively less expensive for construction companies, giving them access to equipment they need without having to worry about owning and maintaining such equipment.
• Power Engineering: Specific to power engineering is projects related to power line maintenance, substation upgrading, and installation of wind turbines among others. These tasks require special equipment for safe access and completing work in elevated areas. MEWP rental services are available to offer a variety of platforms with different lifting capacities and reach. This means using MEWPs will definitely enhance the safety of power company workers, increase productivity, and reduce downtime.
• Other: This category would provide a varied list of industries that source MEWP rental services. These include, among others, the telecommunication, landscaping, and event production industries. They rely on temporary access to elevated work areas for work such as antenna placement, tree trimming, and stage setting. MEWP rental services can provide flexibility and cost-effectiveness in tackling these diverse applications.

MARKET DYNAMICS

Market dynamics include driving and restraining factors, opportunities and challenges stating the market conditions.                   

DRIVING FACTORS

"Growing Safety Awareness to Hike the Market"

The growth in MEWP rental markets stems from the factor that the focus on workplace safety and strict compliance have become a hotspot for companies to invest in advanced access equipment to minimize worker risks and meet stringent safety standards. Technological advancements in MEWP design are driven by factors such as fall protection, stability control, and real-time monitoring in these markets.

"Rise in Popularity of Rental Over Purchasing to Expand the Market"

Developments in flexible rental models are critical market drivers. The MEWP rental service has become the attractive alternative to owning the equipment as businesses try to optimize capital expenditure. Accessibility to latest technology without big upfront investment as well as having comprehensive maintenance and support services is what stimulates growth in the market.

RESTRAINING FACTOR

"Limited Equipment Availability and High Maintenance Costs"

High initial equipment costs and complex maintenance requirements are the restricting factors in the MEWP rental market. The high-end technology applied in modern mobile elevating work platforms requires considerable investment and specific technical skill. Fluctuations in prices of raw materials and economic uncertainties can also affect growth in the market as well as availability of equipment.

OPPORTUNITY

"Emerging Markets and Infrastructure Development"

Expansion in infrastructure projects of developing economies generates significant opportunities for MEWP rental services. Investment growth in construction, renewable energy, and industrial development increases the demand for sophisticated access equipment. The overall shift towards sustainable and technology-based infrastructure further expands the market potential.

CHALLENGE

"Shortage of Skilled Operators"

Although MEWP rental services provide high-tech solutions, there is a human resources limitation, particularly in respect to qualified operators. The high technology involved in modern mobile elevating work platforms necessitates specific training and certification. Fears regarding the competency and safety of operatives might prevent some customers from entering the market or limit its growth.

MOBILE ELEVATING WORK PLATFORM (MEWP) RENTAL SERVICES MARKET REGIONAL INSIGHTS

• NORTH AMERICA

North America is the most rapidly growing region in this market. Growing awareness about workplace safety, strict regulatory standards, and significant investments in infrastructure and industrial development promote the growth of the market. United States mobile elevating work platform (mewp) rental services market spearheads the market with a higher level of technological adoption and vast rental ecosystems.

• EUROPE

It is characterized by growing demand for sustainable and technologically advanced access equipment in Europe. Market expansion through strict safety regulations, emphasis on protection for workers, and investments in renewable energy infrastructure also impacts the market. Economic uncertainty may temporarily affect market dynamics.

• ASIA-PACIFIC

Asia, especially China and India, holds a large share of the global MEWP rental market growth. Rapid infrastructure growth, industrialization, and the growing desire for safety standards at the workplace have driven this increase. Thus, the region holds immense opportunities for the equipment rental service.

KEY INDUSTRY PLAYERS

Strategic innovation and market development are shaping the MEWP rental market through key industry players. They are introducing advanced technological solutions, developing comprehensive rental service ecosystems, and adding to their equipment portfolios.

LIST OF TOP MEWP RENTAL COMPANIES

•  United Rentals (U.S.)
•  Sunbelt Rentals (U.S.)
•  Herc Rentals (U.S.)
•  Nationwide Platforms (U.K.)
•  Lavendon Group (U.K.)
•  Ahern Rentals (U.S.)
•  Toyota Industries Corporation (Japan)
•  JLG Industries (U.S.)
• Genie (Terex Corporation) (U.S.)
•  Loxam Group (France)

KEY INDUSTRY DEVELOPMENTS

October 2023: The most notable industrial development is United Rentals' new offering of "Advanced IoT-Enabled MEWP Platforms." The innovation brings full digital monitoring, predictive maintenance, and improved safety features, which is a technological step in the rental service for mobile elevating work platforms.

REPORT COVERAGE

The study contains a detailed SWOT analysis and gives foresight into the future developments in the market. It discusses different factors that may fuel market growth, examining a very wide variety of categories and scopes of this market that could affect future trends in it.

The MEWP rental services market is going to keep growing further based on technological innovation, an increase in the safety requirements, and global infrastructure development. Despite challenges, there is a demand for advanced, flexible, and safe access equipment that supports market growth. Key players in the market continue to advance due to technological improvements and strategic growth into the market, which improves both supply and demand for MEWP rental services.