The MEWP rental market is still booming, with the worldwide fleet nearing 1.5 million units, but uncertainty clouds longer-term outlooks, according to the latest market analysis from the International Powered Access Federation (IPAF).
IPAF’s Global Powered Access Rental Market Report is exclusively compiled by research intelligence company, DuckerFrontier, formerly Ducker Worldwide. For the past two years, the report was positive across the board, with the U.S. in particular exceeding expectations and experiencing steady growth.
The level of investment remains significant, as rental companies focused on both expanding and renewing their MEWP fleets with more specialized and environmentally friendly equipment. Investment is expected to stabilize from 2019 onwards.
However, uncertainty prevails, particularly with the ongoing trade war between China and the U.S. starting to impact the exports of some European manufacturers. Also in the U.S., the 2020 presidential election is an unknown factor for the outlook.
Nonetheless, the report shows that 2018 was another great year for the U.S. market, with stronger-than-expected growth. Double-digit growth in MEWP rental revenue was recorded and total value exceeded $10 billion. The level of cross-hire increased in 2018, caused by strong ongoing market demand.
Sustained fleet expansion continued in 2018, and the total MEWP fleet size now exceeds 600,000 units in the U.S. Though, in light of the longer-term uncertainty, most U.S. MEWP rental companies expect to scale back fleet expansion in the next few years.
Across 2018, the worldwide rental MEWP fleet size reached 1.47 million units, up from 1.35 million at the end of 2017. Growth was reported in all countries and regions.
The report is available to purchase in full at www.ipaf.org/reports, while last year’s version can now be purchased at a discount, and older versions downloaded free from www.ipaf.org/reports.
Lift & Access is part of the Catalyst Communications Network publication family.
