Aerial Work Platform Truck Market Trends

Some Recent Developments

· COVID-19 has affected the construction industry at a large scale due to the lockdown restrictions observed in major countries and slowdown in demand aggravating it to a good extent. This has caused a decline in demand for the heavy trucks to carry out the maintenance and repair activities all around the world, leading to stagnant growth in Aerial work platform(AWP) trucks market. However, as the construction and other economic activities will pick up after the lifting of lockdown restrictions, the market growth will again pick up the pace.

· In June 2020, Bosch Rexroth announced the launch of a new load sensing valve platform designed for a range applications, such as compact track and skid-steer loaders, aerial work platforms (AWP), refuse and municipal vehicles, work truck cranes, forklift trucks, telehandlers and compact construction equipment. The RM10 and RM15 load sensing valves offer load pressure independent flow control with rates of 23.7 and 39.6 gpm (90 and 150 lpm) respectively, at inlet pressures of 4061 psi (280 bar) and port pressures up to 4641 psi (320 bar). This announcement has filled the stakeholders in the industry with a sense of relief, as it will prove to be helpful in gaining the momentum after the market limits are removed as the lifting of lockdown occurs.

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· In March 2020, Herc Holdings Inc. sold all of its interest in Hertz Equipment Rental Co. Limited (Hertz China), to Guangxi LiuGong Machinery Co., Ltd. The business will transition to LiuGong, a leader in the construction equipment and material handling industries in China, and has potential to be extremely beneficial for the company and aerial work platforms(AWP), as rental companies hold almost 90% of AWPs in the market. The Hertz China business will enable LiuGong and their dealers to accelerate the development of rental solutions both in China and globally.

· In February 2020, with an expansive plan, Altec added another truck to their fleet of service vehicles with the additional of cherry picker capable of reaching 48 ft. This truck has been wrapped with red vinyl and graphics to ensure high visibility. This is the new addition to their fleet in line with their plan of aggressive expansion to boost capacity and streamline the management of work orders coming from the market. With lots of storage capacity they are able to carry most items that are needed for repairing any sign and lighting job while on-site, therefore avoiding the cost of a second trip on standard signs, increasing efficiency and saving time as well.

· In February 2020, Mumbai-based logistics and safety equipment rental company, Assam Bombay Carriers received and mounted 1st aerial work platform in India, by Bronto Skylite. The S70XDT aerial platform is ideal for many purposes, such as large industrial plants, refineries, shipyards and general construction work. As the demand for high-rise buildings and other construction, maintenance and repair works are gaining momentum, it will prove to be an ideal investment by the rental company and many others are expected follow suit later on.

· In March 2020, the new connection platform Trimble connect is looking to make it big after crossing 10 million users on its platform. New platforms like these are offering a big help to the construction and rental companies to maintain the demands and keep the market buoyant. These new practices are proving to be a shot in the arm to the demands in the aerial work platform trucks market, which is keeping them busy and ready to face the pandemic without losing much on the economic front.

· In March 2020, Ruthmann, a manufacturer of truck-mounted and tracked aerial work platforms, announced at the Conexpo show in Las Vegas that it has acquired its longstanding sales and service partner Reachmaster Inc. from Ebbe Christensen through a 100% share buyout. The company will operate under the new name Ruthmann ReachMaster North America L.P. This acquisition provides a new opportunity for the company to gain good reach in the North American region and also provides a new way to boost the revenue generation with the additional expertise of ReachMaster.

· In January 2019, Riwal, the international aerial work platform and telehandler rental specialist, acquired Danish rental company AH-Lift ApS. AH-lift and Riwal will initially operate independently as two companies, but over time the AH-Lift depot and its employees will be integrated into the Danish Riwal depot network, increasing the number of depots to 6. The AH-Lift owners and key managers will remain with the business and continue to run the company under the leadership of Riwal Denmark Country Manager, Claus Kromann. This acquisition will give a boost to Riwal’s product portfolio as niche products of the AH-Lift will be included in it later on. Also, this will also be beneficial for the AWP trucks market.