The mobile elevating work platform (MEWP) rental market grew in both the US and Europe in 2024 but that growth is now expected to slow amid rising global uncertainty, the International Powered Access Federation’s (IPAF) 2025 MEWP Global Rental Market Reports reveals.

The report is published annually and estimates the size of the MEWP rental fleet internationally, as well as key market metrics including rental revenue and rates, fleet size, utilisation rate, fleet mix, machine power sources, investment and annual retention period. 

The 2025 MEWP Global Rental Market Reports is compiled by Ducker Carlisle exclusively for not-for-profit organisation IPAF, and is based on interviews with rental companies and other industry experts globally.

“While Europe's MEWP rental market continued to grow in 2024, the pace of expansion slowed notably compared to 2023,” IPAF states. 

“Modest rental rate increases, stabilised utilisation, and a more cautious approach to fleet expansion characterised the year across most countries. 

“In contrast, the US market marked the end of its recent high-growth cycle. High interest rates and reduced construction investment contributed to cost pressures, limiting rental rate increases to just 1%. Utilisation declined, and fleet growth plateaued, indicating signs of market saturation. 

“As the MEWP rental sector sits at the intersection of public and private investment cycles, it is increasingly affected by global geopolitical tensions, ongoing inflation, and variable construction spending. These pressures are beginning to weigh on overall market performance and future growth potential.”

The report shows the European MEWP rental market recorded a 3% revenue increase in 2024, reaching EUR3.5 billion (USD4.2 billion), falling short of expectation. IPAF attributes this to rising interest rates, inflation, and delays in public infrastructure projects. 

The North American MEWP rental market saw a 1% year-on-year revenue increase, signalling a plateau after three years of expansion. Modest growth is expected over the next two years.

In 2024, the Chinese MEWP rental market experienced a significant downturn, with revenues declining by 19.6% y-o-y, “driven by oversupply, reduced demand, and intense competitive pressure”, IPAF states.

By contrast, the market in India grew by 32% y-o-y, driven by a 24% increase in fleet size and a 4% rise in utilisation. 

IPAF believes this growth “is largely due to the expanding use of MEWPs in construction projects, driven by their operational efficiencies”. 

Saudi Arabia's MEWP rental market in 2024 also grew, by 33%, driven by a 18% increase in fleet size and a 2-point rise in utilisation, helped by the construction boom supporting Saudi Arabia's Vision 2030, a long-term government initiative to transform the country.