Construction leasing companies are gradually accelerating their development, and the increased penetration brought by substitution has improved downstream demand. The market concentration of aerial work platform continues to improve, the competition slows down, and the rent price picks up.
1. Instead of scaffold, the cost advantage gradually appears
Aerial work platform is mainly used in house repair, exterior wall repair and other scenes. Compared with the traditional new construction field, it is partial to the post construction cycle, its cycle fluctuation is small, and the demand is relatively stable. However, more increment of the industry mainly comes from two points: one is sales sublease, the other is the substitution of aerial work platform for traditional scaffold, and the last point is also the reason for the fastest development of aerial work platform leasing market. In fact, compared with the traditional scaffold, the equipment rental fee of aerial work vehicle is much higher, but it saves more than half of the labor cost and has an advantage in comprehensive cost.
It is assumed that a project with a total labor volume of 4 months requires the overall construction of 100 sets of traditional scaffolds, and the labor cost is set as 5000 yuan / person / month. Compared with scaffold, aerial work vehicle saves the installation time of equipment, and the total construction period is less than 4 months; According to the regulations of safe operation procedures for scaffolds, scaffolds must be operated by at least 3 people, while aerial work platforms generally only need 1 person to be competent; In terms of rental fee, the rental fee of scaffold is generally 100 yuan / month, and the rental fee of scissor aerial work vehicle below 10 meters is 3500 yuan / month (quoted by Huatie Bumblebee). To sum up, the total cost of the two is 6.04 million and 3.4 million respectively, and the aerial work platform has the overall cost advantage.
2. There is still a big gap between the ownership and Europe and the United States
In terms of per capita ownership, according to the data disclosed in the annual report of China railway emergency, the per capita ownership of aerial work platforms in the United States / ten European countries in 2019 was about 20.06/8.45 per 10000 people, much higher than 0.86 per 10000 people in China; From the perspective of product penetration, the penetration rate of aerial work platform products in the United States / ten European countries (the ratio of equipment units to GDP) in 2019 was about 3.07/199 units per billion US dollars, which was 0.84 units per billion US dollars higher than that of Chinese products.
Compared with the mature markets in Europe and America, the per capita ownership gap is large. Even considering the large rural population in China, the per capita ownership per 10000 people is still less than 2, which is significantly different from that in Europe and America. Among them, the per capita ownership in Europe is lower than that in the United States, mainly because there are few high-rise buildings in Europe, and the type of building structure in our country is closer to that in the United States. Therefore, further comparison between China and the United States, the total ownership of aerial work platforms in the United States is about 659000, while less than 200000 in China. However, according to the domestic construction industry, the demand for aerial work vehicles is stronger than that in the United States, In the long run, we believe that the domestic demand for aerial work vehicles will exceed that of the United States, and China's aerial work platform market has a large growth space.
3. The market is scattered, but the concentration is increasing, the competition slows down, and the rent price picks up
According to the prospectus data of Hongxin construction, the market scale of China's equipment operation services (in terms of revenue) increased from RMB 487.9 billion in 2016 to RMB 755.4 billion in 2020, with a compound growth rate of 11.5%. With the further optimization and integration of market participants, the improvement of service quality and specialization level and the increase of equipment quantity, it is expected that the market scale of China's equipment operation services (in terms of revenue) will increase to 1513 billion yuan in 2025, and the compound annual growth rate from 2020 to 2025 will be 14.9%. China's overall equipment operation service market is extremely fragmented. In terms of revenue, the top three participants accounted for only 1.2% of the total market scale in 2020, and more than 15000 small and medium-sized participants accounted for the remaining 98.8% of the market share.
