Aerial Work Platform Market: Demand and Key Manufacturers

Posted 2024-02-28 06:40:36

The Aerial Work Platform Market, estimated at USD 17.35 Billion in 2022, is expected to witness substantial growth, with projections indicating an increase to USD 33.69 Billion by 2030. This trajectory reflects a robust Compound Annual Growth Rate (CAGR) of 8.65% during the forecast period from 2023 to 2030.

The primary driver behind the market's expansion is the growth of the construction industry, particularly in emerging economies. The surge in construction activities, rapid urbanization, and infrastructure development projects contribute to the increasing demand for efficient and secure aerial lifts or Aerial Work Platforms (AWPs). These platforms play a pivotal role in facilitating access to elevated areas, enhancing productivity, and improving safety standards on construction sites.

AWPs are employed to access remote heights, providing a means for workers, equipment, or a combination of both to reach otherwise inaccessible areas. They find applications in various industries, with a significant presence in construction and maintenance work. The versatility of AWPs makes them valuable for tasks such as product placement, goods storage in warehouse units, and other elevated applications.

Technological advancements have significantly enhanced the functionality and efficiency of AWPs. Manufacturers are incorporating innovative features such as telescopic booms, articulating arms, self-leveling capabilities, and advanced control systems. These developments expand the applications of AWPs and improve their overall performance, making them more appealing to end-users.

The forecasted CAGR underscores the industry's anticipation of sustained growth in the Aerial Work Platform Market. As construction activities continue to rise globally, and safety and efficiency become paramount considerations, the demand for AWPs is expected to remain strong. The period from 2023 to 2030 holds promise for the market as it aligns with the broader trends of urbanization, infrastructure development, and technological advancements in the construction sector.

Key Players

The major key players are AICHI CORPORATION, Advance Lifts, Inc., Altec Industries, Bronto Skylift, DINOLIFT OY, EdmoLift AB, HAULOTTE GROUP, JLG Industries, Linamar Corporation, MEC, RUNSHARE Heavy Industry Company, Ltd. and others.

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KEY MARKET SEGMENTATION

- Product

Boom Lifts
Scissor Lifts
Vertical Lift

- Propulsion Type

ICE
Electric
Air

- Lifting Height

Less than 20 ft
21-50 ft
More than 51 ft

- Application

Construction
Utilities
Logistics & Transportation
Others

DRIVERS

1. Increasing Infrastructure Development and Construction:
The expansion of the aerial work platform market is propelled by the rise in global infrastructure development projects and construction activities. Aerial work platforms facilitate construction, maintenance, and repair operations by providing quick and secure access to heights.

2. Increasing Numbers of Maintenance and Repair Tasks:
The demand for aerial work platforms is influenced by the growing need for routine maintenance and repairs in utilities, industrial facilities, and infrastructure. These platforms enable personnel to efficiently carry out tasks such as painting, cleaning, and equipment maintenance at elevated locations.

OPPORTUNITY

1. Growing Rental Market:
The Aerial Work Platform (AWP) Rental Market is experiencing growth as companies opt to rent equipment for short-term projects or to avoid expensive upfront expenses. This trend opens new opportunities for rental service providers in the AWP industry.

2. Sustainable AWP Solutions:
The development of sustainable AWP solutions, such as electric or hybrid platforms, is driven by consumer demand for environmentally friendly equipment and a heightened emphasis on lowering emissions. This presents an opportunity for manufacturers to cater to the growing market demand for sustainable aerial work platforms.

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Table of Contents

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges