Material Lift Rental Market

Material Lift Rental Market Growth Outlook (2023 to 2033)

Material lift rental services demand is expanding and is poised to grow at a rate of 5.1% during the forecast period and reach a valuation of US$ 47.5 billion in 2033 from US$ 28.9 billion in 2023.

Material lift is a vertical platform elevator designed to transport goods and materials between different levels of a building, commonly used in industrial and commercial settings. Renting material lifts offers cost savings, flexible usage, no maintenance responsibility, and avoids commitment to long-term ownership of equipment.

Report Attributes	Details
Material Lift Rental Market Size (2022A)	US$ 27.5 Billion
Estimated Market Value (2023E)	US$ 28.9 Billion
Forecast Market Value (2033F)	US$ 47.5 Billion
Global Market Growth Rate (2023-2033)	5.1% CAGR
US Market Growth Rate (2023-2033)	5.3% CAGR
China Projected Market Value (2033F)	US$ 11.3 Billion
Key Companies Profiled	BlueLine Rental Haulotte Group Herc Rentals Kennards Hire NES Rentals Sunbelt Rentals United Rentals

Historic and Future Pathway Analysis for the Material Lift Rental Market

A material lift is a type of equipment used for lifting, positioning, and installing materials. It is a portable aerial work platform that offers affordable solutions for material handling. Material lifts are used to raise or lower materials during the construction, alteration, or demolition of a building.

Material lift rental services relieve end users of the burden of logistics in transporting equipment from one location to another as this rental equipment deliver and pick up as required. Material lift rental services help small players to procure the latest equipments to get the job done at a reduced operating cost.

The material lift rental market is witnessing high growth opportunities on the back of increasing construction activities and infrastructure development activities, especially in developing countries.

• Short Term (2023-2026): With the growing construction industry due to increased urbanization and industrialization, there are immense growth opportunities for the material lift rental service providers to gain high-profit margins. The rising need for equipment, an increase in cross-border trades with elevated safety requirements, and growing investments in smart city infrastructure will further propel the need to rent material lifts.
• Medium Term (2026-2029): The material lift rental market is likely to witness substantial growth owing to the expansion of the manufacturing industry, accelerated infrastructure development in emerging economies, and continued focus on sustainability and green construction.
• Long Term (2029-2033): Over the long term, the material lift rental market is expected to see steady growth due to increasing awareness of the benefits of renting, such as flexibility and cost-effectiveness. Moreover, the growing trend toward automation and smart technologies in material handling and transportation is likely to spur demand for advanced and specialized equipment pushing rental service providers to invest in improving fleet portfolios and curb the demand pool.

On the back of the aforementioned facts, the material lift rental market is expected to grow at a CAGR of 5.1% during the forecast period from 2023-2033, According to the Fact.MR, a market research and competitive intelligence provider.

Market share analysis of material lift rental based on the end use and region is provided in a nutshell in the above image. Under the end use, the construction & infrastructure sub-segment is expected to dominate with a 33.2% market share in 2023.

Market Dynamics Outlook

“Efficiency and Cost Savings Offered by Material Lift Rental Services to Supplement Growth”

Material lift rental services help businesses save time and money by providing access to the right equipment when and where it is needed. This leads to increased efficiency and cost savings in a number of ways. Rental services enable businesses to scale their operations based on project demands. They can easily increase or decrease the number of material lifts rented, depending on the workload or project duration. This flexibility helps companies manage costs and resources efficiently.

Businesses can avoid the upfront costs of purchasing and maintaining their own equipment and also avoid the costs of training and deploying employees to operate the equipment. In addition, rental companies provide maintenance and repair services which further reduces the cost. As a result, material lift rental is a cost-effective way for businesses to complete projects on time and within budget. It helps businesses to improve their efficiency and productivity, which leads to a competitive advantage.

“High Cost of Equipment Maintenance and Repair to Affect the Growth of the Material Lift Rental Market”

Material lifts require regular maintenance and repair to ensure they are functioning correctly and safely. However, the maintenance and repair costs are going to be more, especially for older equipment. Rental companies have to bear these expenses, which cuts into their profits.

Material lift rental companies are likely to face difficulties in obtaining replacement parts for certain equipment, particularly if the equipment is older or less common. These factors increase the operational costs for rental companies, reducing their competitiveness and profitability in the market.

Country-wise Insights

What are the Factors Driving Material Lift Rental Demand Across China?

China is continuously investing in infrastructure and construction projects that are increasing the need for material lifts to lift the heavy material and perform other tasks creating growth opportunities for the material lift rental market. For instance:

• It is estimated that the total investment in new infrastructure during the 14th Five-Year Plan Period will be roughly 27 trillion yuan (US$ 4.2 trillion).

Hence, the growing construction industry drives the material lift rental market. Additionally, the growth of the equipment rental industry in China indicates that more businesses are turning to rental services as a cost-saving strategy, which could further drive demand for material lift rental services.

China’s material lift rental market is likely to grow at a CAGR of 5.4% creating an absolute $ opportunity of US$ 5.0 billion.

Why Indian Material Lift Rental Market is Flourishing?

India is undergoing massive infrastructure development, with the government investing in various construction projects like the improvement of highways, the Smart Cities Mission, and the Atal Mission for rejuvenation and urban transformation. With this robust expansion, the demand for material lifts in various construction applications, including high-rise building construction, bridge construction, and road construction, has increased. This trend is expected to continue in the foreseeable future.

The Indian e-commerce industry is also growing, leading to an increase in the demand for warehousing and logistics services. Material lifts are vital equipment used in these facilities for loading and unloading goods and materials. This increased usage in warehouses is likely to drive the demand for material lift rental services.

The Indian material lift rental market is likely to reach a valuation of US$ 2.3 billion in 2033 from a valuation of US$ 3.9 billion in 2023.

Category-wise Insights

Why are Forklift Material Lift Gaining Traction?

Many companies and industries are looking to cut costs in a bid to increase their profitability. Purchasing a forklift is a significant investment, making renting a more viable option. The flexibility and convenience of renting a forklift type material lift help companies respond to unforeseen changes in their operations.

The increasing popularity of just-in-time inventory systems requires the need for fast and reliable logistics support. Renting a forklift helps companies to meet these demands driving the segment growth and supporting the material lift rental market.

The forklift-type segment is expected to create an absolute $ opportunity of US$ 6.5 billion between 2023 and 2033.

How Growing Construction and Infrastructure Industry Drives Material Lift Rental Market?

The construction and infrastructure industry plays a vital role in driving the growth of the material lift rental market. Material lifts are an essential tool for lifting and transporting heavy materials on construction sites, as well as in other areas of the infrastructure sector, such as highways and bridges.

This equipment is typically expensive to purchase, and maintenance costs can be high, making renting a more cost-effective solution for the companies involved. Additionally, the fluctuating demand for material lifting equipment can make purchasing it an unsuitable solution. Some projects require the use of material lifts during a specific stage of construction, meaning that a company might not need ongoing access to this equipment. Renting material lifts meets these needs, offering flexibility and allows for companies to scale their usage up or down according to their needs.

The forklift segment is expected to grow from a valuation of US$ 10.3 billion in 2023 to US$ 16.3 billion in 2033 growing at a CAGR of 4.7% between 2023 and 2033

Eminent Player’s Key Stratagems

BlueLine Rental, Boels Rental, Coates Hire Limited, H&E Equipment Services, Haulotte Group, Herc Rentals, Kennards Hire, NES Rentals, Riwal, Speedy Hire PLC, Sunbelt Rentals, United Rentals are among the prominent players operating in the material lift rental service market.

Rental service providers aim to meet the varying needs of their customers by offering a wide range of equipment. Material lift rental providers offer routine inspections, maintenance, and repair services to ensure that the equipment remains in top condition. Material lift rental companies focus on expanding and modernizing their fleets to provide customers with the latest and most advanced equipment. This involves investing in new material lifts, upgrading existing equipment with modern features, and retiring older models. By offering well-maintained and up-to-date lifts, market players are focused on attracting customers who prioritize reliability, safety, and efficiency.

Fact.MR has provided detailed information about the key rental service providers of material lift rental, their total fleet, service portfolio, and revenue growth, in the recently published report.

Segmentation of Material Lift Rental Industry Research

• By Type :

  • Scissor Lifts
  • Boom Lifts
  • Forklifts
  • Pallet Jacks
  • Vertical Mast Lifts
  • Material Hoists
  • Mobile Lift Tables
  • Others

• By Functionality :

  • Lifting only
  • Lifting and Reach
  • Lifting and Carrying

• By Operational Features :

  • Manual Lifts
  • Electric Lifts
  • Hydraulic Lifts
  • Pneumatic Lifts
  • Self-Propelled Lifts

• By Lift Height :

  • Less than 50 Feet
  • 50-100 Feet
  • 100-150 Feet
  • Above 150 Feet

• By End Use :

  • Construction and Infrastructure
  • Aerospace and Defence
  • Entertainment and Events
  • Facilities and Maintenance
  • Industrial and Manufacturing
  • Telecommunication and Utilities
  • Transportation and Logistics
  • Others

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa