NEW research has revealed that the access equipment market is experiencing a ‘rapid’ return to growth.
The market contracted by 13% in 2020, but rebounded last year with growth of 11%. The market is now forecasted to grow by a further 16% between 2021 and 2026.
The information was taken from the Access Equipment Market Report – UK 2022-2026 by AMA Research.
The return to growth comes amidst rising prices of commodities such as aluminium and steel, as well as supply chain disruption and material shortages.
Within the market, non-powered access equipment accounts for 43%. Ladders make up the largest share of this product segment, followed by scaffolding and access towers. The remainder of the market comprises equipment such as suspended access and mast climbers.
The powered access market has seen a ‘steady flow’ of new product development and innovation helping to stimulate growth, as well as the trend to switch from diesel to battery-powered and hybrid machines.
Sales to the rental sector represent the largest segment of the powered access market, with 50% share. This is said to be due to low interest rates and easy finance in recent years. The MEWP sector accounts for an estimated 80% of manufacturer sales.
Mike Joseph from AMA Research said, “The access equipment market shows a marked contrast between non-powered and powered equipment. The non-powered access market is a mature one, with little innovation; the growth of system scaffolding in place of traditional scaffolding is an exception. This market segment is therefore heavily reliant on growth in the construction sector.
“Powered access equipment, especially MEWPs, offers more scope for development of new added value products. The recent period of low interest rates has encouraged rental companies to invest in fleet renewal and expansion. However, this period is now coming to an end and the sector faces adverse economic headwinds in the near future.”
