With an annual growth of around 2% on average year on year the powered access market can be viewed as stable. Powered Access Hire equipment covers mobile elevating work platforms (MEWP’s) these are Scissor lifts, Boom lifts, Spider lifts, Vertical masts/Personal lifts, Vehicle mount lifts and trailer mounted. Exhibiting the list of key products within the industry which is not currently diluted with commodities, thus serving its own market stability.
However, when you look more closely it could be surprising to learn that the increase may perhaps have appeared due to the market value of one specific type of MEWP, Spider Lifts. The hire of Spider Lifts alone has more than doubled within the last 2 years.
It is no surprise that the demand for the hire of powered access equipment is heavily influenced by the level of output within the overall construction market, which itself achieved a 3% growth in 2018. It is not just the construction market that utilises the hire of powered access. There are growing opportunities within other sectors too. This is due to the UK becoming one of the top locations for major sporting and music events. It may be likely that sectors like these will continue to grow and gain market share in the future.
The leading companies within the powered access hire market are estimated to be around less than 30. What’s more 25% market share is attributed to a single market leader within the sector as of 2018.
Accounting for the annual growth of around 2% and the stability within the market. We can speculate that beyond 2020, the powered access equipment hire market is expected to achieve continued modest growth, reaching an estimated £520m in 2023. All in all this seems to be a very longstanding market to currently be in.