The global Mobile Elevating Work Platform (MEWP) rental market is booming, with the sector once again outpacing wider construction and sustained recovery in places such as Spain, France, and Brazil that suffered during economic downturns, according to the latest market analysis from the International Powered Access Federation (IPAF).
At the end of 2017, the worldwide rental MEWP fleet size reached an estimated 1.35 million units, compared to 1.25 million estimated at the end of 2016—a year-over-year increase of around 8%, according to IPAF’s Powered Access Rental Market Report, exclusively compiled by leading global research intelligence company Ducker Worldwide.
The U.S. rental market continued to power ahead, growing by around 4% in terms of fleet size with the total number of units surpassing 580,000. Rental rates continued to increase slightly, and in terms of outlook, similar growth is expected for 2018.
The European MEWP rental market also had another positive year in 2017. For the second year in a row, all indicators were positive in all 10 European countries under study, with most markets experiencing strong overall revenue growth.
There is a sense of growing optimism in southern Europe (Spain and Italy), where MEWP rental fleet sizes grew respectively by 7% and 4%. Countries that experienced relative stagnation in recent years, such as France, the Netherlands, and Finland experienced close to double-digit revenue growth.
The United Kingdom, Germany, and Sweden saw strong market growth for the seventh or eighth year in a row, though in Denmark and Norway revenue growth was moderate at best. In these markets, competitive pressure remains strong and rental rates did not rise, or decreased slightly. Once again the MEWP rental market in the United Kingdom outpaced construction, growing by 4% against 2% for the construction sector.
Growth in South East Asia is being driven by China, Malaysia, Singapore, and Thailand in particular, while the boom in the Middle East is nowhere better exemplified than in the United Arab Emirates, which experienced continued growth in fleet size and rental activity.
Meanwhile, the Latin American MEWP rental fleet grew as a whole but more slowly than in most other markets. Positivity was underpinned in particular by the sustained recovery in Brazil, which prior to 2016 experienced several difficult years during which the market declined through a period of economic and political turbulence.
“In 2018, IPAF was delighted that our partnership with Ducker Worldwide was recognized by a prestigious European Association Award for business intelligence,” said Tim Whiteman, CEO of IPAF. “This report gives essential business insight and this year is available in a slightly updated format, making it easier to read and digest.”
Research for this year’s report was conducted in April 2018. The new report is available to purchase now, while the 2017 report can be purchased at a 50% discount and older editions downloaded free from www.ipaf.org/reports.