THE MOBILE elevating work platform (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 research also revealed that UK revenue per unit fell by 3% across 2018 and was overtaken by France for the first time, after French revenue per unit rose 5% in 2017.
According to the new research, Brexit uncertainty, the US-China trade war and the 2020 Presidential elections have all impacted the MEWP rental market. However, business in Spain, Germany and the Netherlands is said to be booming with rentals growing by 8-10% in the past year.
For the past two years, IPAF’s Powered Access Rental Market Report has been positive across the board. It revealed sustained growth across the European MEWP rental market and most of the ten countries under study. In the UK and some Nordic countries, however, growth plateaued and outlooks were more pessimistic.
European rental market growth
The report highlighted growth in the European MEWP rental market during 2015, that was sustained in 2016 and 2017, with France also seeing double-digit growth in 2017. It also revealed that European MEWP rental market revenue was worth an estimated €2.75 billion by 2018, with the market having grown 6% during the year.
The IPAF has stated that continued intense market competition and uncertainty linked to Brexit has forced UK rental rates down slightly (-2%). However, the rental market report states that the level of investment remains significant, as rental companies focus on both expanding and renewing their MEWP fleets with more specialist equipment.
The Powered Access Global Rental Market Report is compiled each year and is based on interviews with rental companies and other industry experts globally. The report is available to purchase in full here.