IPAF’s 2025 MEWP Rental Market Report Shows U.S. Market Slowdown
The International Powered Access Federation (IPAF) has published its 2025 Rental Market Reports, featuring expert insight into the MEWP rental markets across North America, Europe, and Asia.
In 2024, the North American MEWP rental market experienced a notable shift, as its high-growth cycle ended, according to the latest analysis conducted for IPAF by Ducker Carlisle.
Faced with mounting cost pressures, a slowdown in construction investment amid high interest rates, and general uncertainty, most key indicators failed to register growth. Revenue increased by only 1 percent year-over-year to $15.2 billion, signalling a plateau following three years of rapid expansion. A subdued final quarter, coupled with high interest rates, rising material costs, and broader economic uncertainty, weighed heavily on the market.
Fleet growth halted, with the total MEWP fleet holding steady at around 857,000 units, marking the first year without net expansion. Projections suggest the fleet will stay near this level for the foreseeable future, with a marginal increase of around 500 units anticipated in 2025. Utilization declined to 71 percent, returning to more typical levels after the overheated conditions of 2023.
Rental rates rose by only 1 percent, and companies prioritized utilization and cash flow over price increases. Investment also dropped significantly, falling from 13-percent growth in 2023 to 5 percent in 2024, with firms shifting toward fleet renewal and more cautious planning. As the market enters a correction phase, only modest rental rate growth and limited fleet expansion are forecast over the next two years.
Cross hire activity decreased further in 2024, with current levels particularly low. While the overall need for cross hire has declined in some areas following years of fleet expansion, it remains a consistent feature of the U.S. market. Several companies operate with a dedicated re-rental model, supplying equipment for long-term projects, specialized high-cost MEWPs with limited local demand, or to support rental firms with constrained financing.
European aerial fleet slow down
By way of comparison, the European fleet stood at a total of approximately 365,000 units at the end of 2024. In 2024, rental companies reduced purchasing activity amid shorter lead times, market saturation in larger countries, and uncertainty in the construction sector. France’s fleet remained flat, UK fleets contracted by 2 percent, while growth in Italy and the Netherlands also slowed.
Euan Youdale, editor of Access International magazine, wrote: “While growth is expected to continue in the USA rental market, it is slowing. So says the American Rental Association in its updated forecast, released in May. Although there will be positive growth in 2025, it will be tempered by uncertainty due to potential changes in government policy under President Donald Trump’s administration, including tariffs.”
“[The rental sector] is positive and we don’t have any kind of a boom bust scenario, but there’s a lot of uncertainty out there which is triggering a lot of wait and see,” said Scott Hazelton, managing director at S&P Global, which provides forecasts for the ARA.
With continued uncertainty around Trump’s tariffs, some manufacturers have vowed to expand manufacturing in the U.S. to avoid potential future rises. In April, UK-based OEM JCB said that it will double the size of a new 500,000-square-feet factory currently under construction in Texas to one million square feet.
Peter Douglas, CEO and managing director of IPAF, said: “The indicators, trends, and forecasts featured in these reports offer essential insights for anyone operating in the powered access market – not only rental companies, but also equipment manufacturers, suppliers, and investors. They provide the data needed to make informed decisions on investment planning, strategic growth, and overall business direction. Don't miss this opportunity to access the latest market intelligence in the powered access industry.”
For detailed analysis of the North American, European and Asian markets, the 2025 IPAF Rental Market Reports are available now. IPAF manufacturer, supplier, distributor and rental company members can apply for a free copy of the relevant report by filling in the form at www.ipaf.org/reports; non-members are able to purchase the report.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.