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
Published Date: July - 2024 | Publisher: MRA | No of Pages: 240 | Industry: Construction | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationSouth 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 Aerial Work Platform Rental Market Size
South Korea Aerial Work Platform Rental Market size was valued at approximately USD 300 million in 2018 and will grow at a CAGR of 3% from 2019 to 2025.
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South Korea's construction industry is booming, with massive projects like the Lotte Tower and Seoul-Pyongyang Rail Project underway. To keep up, companies are turning to aerial work platforms—like scissor lifts and cranes—instead of traditional ladders and scaffolds. This is because these platforms make it faster and easier to get workers to the heights they need to be. Rental companies were the first to bring these platforms to South Korea, and they still own most of them. They're supported by a strong demand for maintenance and repairs at construction sites. Top manufacturers like Samsung, Hyundai, and LG are also active in the market, supplying the equipment needed to keep these projects on track. The construction companies and contractors who use these platforms are their biggest customers.
| Report Attribute | Details |
|---|---|
| Base Year | 2018 |
| South Korea Aerial Work Platform Rental Market Size in 2018 | 300 Million (USD) |
| Forecast Period | 2019 to 2025 |
| Forecast Period 2019 to 2025 CAGR | 3% |
| 2025 Value Projection | 350 Million (USD) |
| Historical Data for | 2014 to 2018 |
| No. of Pages | 94 |
| Tables, Charts & Figures | 79 |
| Segments covered | Product, Application, Application Potential, Price Trend, and Region |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
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Factors hindering the South Korea aerial work platform rental market growth are the lack of awareness of advanced lifting technologies and unavailability of skilled operators for operating these machines. Increasing use of new advanced machinery across all industries in South Korea over manual labor is anticipated to promote the implementation of these machines. Moreover, rental companies need to provide appropriate training courses to the operators to avoid future injuries and workplace accidents.
South Korea Aerial Work Platform Rental Market Analysis
South Koreans are crazy about scissor lifts! In 2018, rental companies made over a whopping $260 million renting these things out. Why? Because everyone from builders to telecom workers and even regular maintenance folks use them like crazy. Most of these scissor lifts belong to rental companies because they're in such high demand. Plus, they save companies money on maintenance and repairs. People in South Korea prefer to rent instead of buying their own scissor lifts to cut down on those costs. Rental companies are really big on training their operators to make sure everyone stays safe and things run smoothly. That's helped the industry grow even more. scissor lifts are easy to move around, come in different power options, are small enough to fit into tight spaces, and can reach some serious heights. No wonder they're so popular!
The rental market for equipment like scissor lifts and boom lifts in South Korea is on the rise, especially in the transport and logistics sector. This growth is being fueled by a surge in manufacturing, warehousing, and transportation activities in the country. These industries rely on efficient equipment to keep operations running smoothly. Since South Korea is home to many electronics and heavy manufacturing companies, there's a strong demand for high-quality equipment and skilled operators to perform maintenance tasks. Major companies like LG and Samsung have established their own standards for using these aerial work platforms (AWPs), including height restrictions and usage guidelines. Rental companies have been quick to adopt these standards in the absence of any official regulations. This allows them to provide highly tailored services that meet the specific needs of their customers. Additionally, the increasing use of automated machines and material handling equipment in warehouses is driving the demand for AWPs, contributing to the overall growth of the rental market in South Korea.
Vertical mast lifts and personal portable lifts account for high utilization rates in the South Korea aerial work platform rental market as rental companies purchase these machines according to the order quantities gained from customers. Rental providers do not maintain a huge fleet of this equipment as compared to scissor & boom lifts, leading to high utilization rates. Scissor & boom lifts have a comparatively low utilization rate due to a huge rental fleet comprising over 90% for the equipment.
South Korea Aerial Work Platform Rental Market Share
Prominent players in the South Korea aerial work platform rental market include
- Korea Rental Corporation
- AJ Networks
- YK Construction Equipment
- Prince Lift
These companies have a whole bunch of rental equipment, over a thousand machines, that they keep at different places. And they're not just sitting still, they're branching out to other parts of South Korea and even other countries in Asia like Thailand and Indonesia. And with all the construction and stuff going on, more and more people are needing these machines. So these companies are buying a ton of new ones to keep up. For example, this one company called Korea Rental Corporation, they said they're gonna spend 20 million dollars over the next five years just on machines that help people reach high places. That's gonna give them a fleet of 13,000 machines and make them one of the big shots in the industry.
South Korea AWP Rental Industry Background
The South Korea AWP rental market is slightly consolidated with the presence of several players that operate at local levels and offer equipment depending on the consumer demand. The industry is matured and dominated by a few companies that have a huge fleet and provide machines at more than two to three locations. The rental providers in the South Korea AWP rental market are gaining huge demand due to high popularity and efficiency of the lifting equipment over the manual & conventional options.
Table of Content
Report Content
Chapter 1. Methodology and Scope
1.1. Definitions & forecast parameters
1.1.1. Definitions
1.1.2. Methodology and forecast parameters
1.2. Data Sources
1.2.1. Secondary
1.2.2. Primary
Chapter 2. Executive Summary
2.1. South Korea AWP rental industry 360° synopsis, 2015 – 2025
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
Chapter 3. South Korea AWP Rental Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2025
3.2.1. Rental landscape
3.2.1.1. Pros and cons – rent vs purchase AWPs
3.2.1.2. Cost calculator – rent vs purchase AWPs
3.3. Industry ecosystem analysis
3.3.1. Component suppliers
3.3.2. Manufacturers
3.3.3. Distribution channel analysis
3.3.4. End-use landscape
3.3.5. Vendor matrix
3.4. Technology & innovation landscape
3.5. Regulatory landscape
3.5.1.1. OSHA 29 CFR 1926.21
3.5.1.2. ANSI/SAIA A92.2-2015
3.5.1.3. ANSI/SAIA A92.5-2006 (R2014)
3.5.1.4. ISO 4310
3.5.1.5. ISO 12480-1
3.5.1.6. ISO 23815-1
3.5.1.7. ISO 12482
3.5.1.8. Construction Technology Promotion Act
3.5.1.9. Construction Machinery Management Act
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.1.1. Increasing infrastructure investments in the country
3.6.1.2. Increasing rate of urbanization
3.6.1.3. Growing demand for AWPs
3.6.1.4. Growing reconstruction and maintenance activities
3.6.2. Industry pitfalls & challenges
3.6.2.1. Optimizing fleet utilization
3.6.2.2. Lack of awareness
3.7. Rental rates, by product
3.7.1. Boom lift
3.7.2. Scissor lift
3.7.3. Vertical mast lift
3.7.4. Personal portable lift
3.8. Rental utilization rate, by product, 2015 – 2025
3.8.1. Boom lift
3.8.2. Scissor lift
3.8.3. Vertical mast lift
3.8.4. Personal portable lift
3.9. Growth potential analysis
3.10. Porter's analysis
3.10.1. Supplier power
3.10.2. Buyer power
3.10.3. Threat of new entrants
3.10.4. Threat of substitutes
3.10.5. Internal rivalry
3.11. Competitive landscape, 2018
3.11.1. Company market share analysis, by revenue, 2018
3.11.2. Company market share analysis, by fleet size, 2018
3.11.3. Strategic dashboard
3.12. PESTEL analysis
Chapter 4. South Korea AWP Rental Market, By Product (Revenue & Fleet Size)
4.1. Key trends by product
4.2. Boom lifts
4.2.1. Market estimates and forecast, by revenue, 2015 – 2025
4.2.2. Market estimates and forecast, by fleet size, 2015 – 2025
4.3. Scissor lifts
4.3.1. Market estimates and forecast, by revenue, 2015 – 2025
4.3.2. Market estimates and forecast, by fleet size, 2015 – 2025
4.4. Vertical mast lifts
4.4.1. Market estimates and forecast, by revenue, 2015 – 2025
4.4.2. Market estimates and forecast, by fleet size, 2015 – 2025
4.5. Personal potable lifts
4.5.1. Market estimates and forecast, by revenue, 2015 – 2025
4.5.2. Market estimates and forecast, by fleet size, 2015 – 2025
Chapter 5. South Korea AWP Rental Market, By Application (Revenue & Fleet Size)
5.1. Key trends by application
5.2. Construction
5.2.1. Market estimates and forecast, by revenue, 2015 – 2025
5.2.2. Market estimates and forecast, by fleet size, 2015 – 2025
5.3. Telecommunication
5.3.1. Market estimates and forecast, by revenue, 2015 – 2025
5.3.2. Market estimates and forecast, by fleet size, 2015 – 2025
5.4. Transportation & logistics
5.4.1. Market estimates and forecast, by revenue, 2015 – 2025
5.4.2. Market estimates and forecast, by fleet size, 2015 – 2025
5.5. Government
5.5.1. Market estimates and forecast, by revenue, 2015 – 2025
5.5.2. Market estimates and forecast, by fleet size, 2015 – 2025
5.6. Others
5.6.1. Market estimates and forecast, by revenue, 2015 – 2025
5.6.2. Market estimates and forecast, by fleet size, 2015 – 2025
Chapter 6. Company Profiles
6.1. AJ Networks Co., Ltd.
6.1.1. Business Overview
6.1.2. Financial Data
6.1.3. Product Landscape
6.1.4. Strategic Outlook
6.1.5. SWOT Analysis
6.2. Haulotte Group
6.2.1. Business Overview
6.2.2. Financial Data
6.2.3. Product Landscape
6.2.4. Strategic Outlook
6.2.5. SWOT Analysis
6.3. Horyong Co. Ltd.
6.3.1. Business Overview
6.3.2. Financial Data
6.3.3. Product Landscape
6.3.4. Strategic Outlook
6.3.5. SWOT Analysis
6.4. JLG Industries
6.4.1. Business Overview
6.4.2. Financial Data
6.4.3. Product Landscape
6.4.4. Strategic Outlook
6.4.5. SWOT Analysis
6.5. Korea Rental Corporation
6.5.1. Business Overview
6.5.2. Financial Data
6.5.3. Product Landscape
6.5.4. Strategic Outlook
6.5.5. SWOT Analysis
6.6. Manitou
6.6.1. Business Overview
6.6.2. Financial Data
6.6.3. Product Landscape
6.6.4. Strategic Outlook
6.6.5. SWOT Analysis
6.7. Skyjack
6.7.1. Business Overview
6.7.2. Financial Data
6.7.3. Product Landscape
6.7.4. Strategic Outlook
6.7.5. SWOT Analysis
6.8. Terex Corporation (Genie)
6.8.1. Business Overview
6.8.2. Financial Data
6.8.3. Product Landscape
6.8.4. Strategic Outlook
6.8.5. SWOT Analysis
- Korea Rental Corporation
- AJ Networks
- YK Construction Equipment
- Prince Lift
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