Market Research Report
South Korea Aerial Work Platform Rental Market Size By Product, By Application, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025
|Published by||Global Market Insights Inc.||Product code||862146|
|Published||Content info||94 Pages
Delivery time: 2-3 business days
|South Korea Aerial Work Platform Rental Market Size By Product, By Application, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025|
|Published: May 6, 2019||Content info: 94 Pages||
South Korea Aerial Work Platform (AWP) Rental Market Size By Product (Boom Lift, Scissor Lift, Vertical Mast Lift, Personal Portable Lift), By Application (Construction, Telecommunication, Transportation & Logistics, Government), Application Potential, Price Trend, Competitive Market Share & Forecast, 2019 - 2025.
South Korea AWP Rental Market is expected to exceed USD 350 million by 2025. The increasing need for infrastructure inspection and maintenance of high-rise establishments are anticipated to drive the South Korea AWP rental market growth. Reconstruction activities in the country are on the rise following a number of natural calamities such as landslides, winter storms, floods, and tsunamis. Recovery from such natural disasters coupled with the increasing efforts to address the aging infrastructure is leading to high utilization rates of the equipment. Moreover, several conflicts with neighboring countries such as North Korea and war devastations are encouraging reconstruction projects adding up to the industry growth prospects.
The South Korea AWP rental market is matured in terms of utilization, awareness, and the significance of the equipment. The growth prospects are optimistic with the increasing demand and profitability of companies operating in the rental marketplace. The demand for AWPs is growing, mostly driven by the strong demand from the infrastructure sector as well as manufacturing & warehousing facilities for the maintenance of existing infrastructures. Major customers for rental providers include Samsung Display, Samsung Electro-Mechanics, LG, Hyundai Heavy Industries, etc., that utilize this equipment for maintenance works. Rental operators in the South Korea AWP rental market continue to hope for increasing rental rates with the procurement of new machines as the utilization rate is increasing year-on-year.
The access platforms provide a reliable and safe way to access energized overhead power lines, making them a suitable choice for use in government applications in the South Korea AWP Rental Market. Companies are working on incorporating remote control systems into AWPs, which will further escalate market growth. Government initiatives for providing power, water, and other utilities to all the South Korean regions are supporting heavy investments in infrastructure development and installments. Furthermore, the constant maintenance of these facilities and power lines requires aerial lifts to reach inaccessible & highly elevated locations. The government has also largely invested in the construction of buildings, roadways, and transportation points to advance the infrastructure of the country and provide better facilities for the local population, creating several opportunities for South Korea AWP rental market growth.
The South Korea AWP rental market comprises several companies including Prince Lift, AJ Networks, YK Construction Equipment, Korea Rental Corporation, etc. Rental operators continue to hope for increasing rental rates with the procurement of new machines as the utilization rate is increasing year-on-year. Companies are increasingly focusing on enhancing their fleet size. In September 2018, YK Construction Equipment signed a deal with Snorkel and invested in an order of 142 scissor lifts. The order included 42 electric slab scissor lifts and 100 electric scissor lifts.