This report examines the North American Mobile Elevating Work Platform (MEWP) market and updates our June 2017 Aerial Work Platform report. Aerial work platforms will be renamed Mobile Elevating Work Platforms in 2019 when the revised ANSI A92 and CSA B354 standards go into effect. MEWPs are primarily distributed through rental houses at their various rental locations. Aerial work platform suppliers rely on the rental equipment industry for much of their success. We estimate that x– x percent of work platform sales are made to the rental equipment industry each year Work platforms are the “bread and butter” of the rental industry. Work platforms represent more than one third of the total fleet at five of the top 10 U.S. rental equipment companies and accounts for as much as x to x percent of annual revenues of a number of large rental companies.
A statistical summary of each major section of this report as of calendar year-end 2018 is shown. It lists North American aerial work platform sales, production, estimated field population data, and a long-term forecast. Yengst Associates estimates the approximate 2018 market value (wholesale basis) for sales in the U.S. and Canada to be approximately $X.Z billion. This dollar amount is based on our estimates of unit sales in North America during 2018.
The North American rental equipment replacement cycle is the most significant driver of MEWP demand. We forecast MEWP unit sales to increase modestly in the range of XX percent during 2019 then stabilize and move through a cyclical period through 2023 during which sales will slow and plateau. Overall, sales of scissor and boom lifts will be approximately XX—XX percent higher by 2023 versus sales in 2018. One must understand that we are at the top of a cycle for these machines. However, we have a strong economy and ample construction activities ongoing, which we believe will carry the cycle further.