Aerial Work Platform Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Product, Type, Application and Region

Aerial Work Platform Market Overview:

Aerial Work Platform market was valued at USD 9.16 billion in 2021, and is predicted to grow at a CAGR of 7.7 percent to USD 14.3 billion by 2027. The Aerial Work Platform Market is studied by segments like Product (Boom lifts, Scissor lifts, Vertical mass lifts, Personal portable lifts), Type (Electric and Engine Powered), Application (Rental, Construction & mining, Government, Transportation & logistics, Utility) and Region (North America, Europe, Asia-Pacific, and Rest of the World). The report consists of the Trend, Forecast, Competitive Analysis, and Growth Opportunities of the market.

 

For the forecast period of 2022 to 2027, the report provides a complete analysis that reflects today's Aerial Work Platform Market realities and future market prospects. To provide a comprehensive perspective of the market, the research segments and analyses it in great detail. The key data and observations offered in the study can help market participants and investors identify low-hanging fruit in the market and build growth strategies.

 

 

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COVID-19 Impact

The COVID-19 outbreak forced the temporary closure of several construction sites and other industrial sites across the United States in order to prevent the virus from spreading among workers. The COVID-19 epidemic harmed market revenue by wreaking havoc on the supply chain and logistics industries, as well as delaying construction projects around the world. Delivery timeframes were further slowed by the complete closing of some regions as containment zones. However, the government has made significant investments in the development of numerous modular hospitals and other health care and medical facilities in order to strengthen and expand the country's healthcare system, resulting in increased demand for AWPs.

 

Aerial Work Platform Market Dynamics:

During the forecast period, the worldwide aerial work platform market is predicted to develop due to a growing construction sector driven by the global megatrend of urbanization. An aerial work platform, also known as an elevating work platform, is a device that allows operators or equipments to gain temporary access to regions that are otherwise inaccessible. Aerial work platforms are commonly used for loading, lifting, and transportation in the construction sector. One of the most important drivers for the global aerial work platform market is projected to be the rising construction industry. Due to rising disposable income, fast urbanization, and industrialization, the construction sector has seen tremendous expansion in recent years, particularly in emerging markets such as China and India. As a result, there is an increase in demand for aerial work platforms in these countries.

 

Key manufacturers are seeing significant development potential as new technology becomes more widely adopted. To differentiate their product offerings, most competitors in the aerial work platform market focus on integrating the newest technology and launching innovative products. The integration of safety features and telematic solutions in aerial work platforms is a significant opportunity for industry participants, and it may help them increase their market share and earnings.

 

During the forecast period, the global aerial work platform market is likely to be restrained by high initial and maintenance expenses. High maintenance costs are a major stumbling block to the worldwide aerial work platform (AWP) market's growth. The aerial work platform (AWP) is utilized in transportation, logistics and other applications that demand a lot of upkeep. As a result of the large capital expenditure, corporations find it difficult to invest in aerial work platforms.

 

When compared to traditional towers and ladders, scissor lifts with modern functions are more expensive. Because of the high initial and ongoing expenses, there has been a substitution effect, causing customers to rent aerial work platforms rather than buy them. Renting equipment rather than buying it, relieves a contractor's asset register of a significant load.

 

Aerial Work Platform Market Segment Analysis:

Based on Type, the Aerial Work Platform is classified into Electric and Engine Powered. In 2023, the electric AWP dominated the market, accounting for 71.7 percent of global revenue. Because electric AWPs have a smaller turning radius, they are typically employed for indoor applications. Because of its high capacity and zero-emission, electrical aerial lifts are predicted to grow at a rapid pace over the projection period. These electric lifts' compact dimensions make them ideal for warehousing applications with narrow aisles and tight locations. Electric AWPs have lesser downtime than diesel machines since they have fewer components. A fewer number of components lowers the system's maintenance costs significantly. As electric AWPs do not consist of a hydraulic system that can overheat, it reduces the operating time for the diesel operated lifts.

 

Based on Product, the Aerial Work Platform is classified into Boom lifts, Scissor lifts, Vertical mass lifts and Personal portable lifts. Boom lifts dominated the market in 2023, accounting for 63.5 percent of global revenue. Due to the fact that boom lifts are roughly six times more expensive than scissor lifts, the former has a bigger revenue share. The high price of these lifts is due to their increased weight carrying capacity and ability to reach greater heights while remaining stable.

 

There are many different varieties of boom lifts, including articulating boom lifts, towable boom lifts, telescoping boom lifts, and cherry pickers, all of which are used for diverse outdoor applications. In comparison to scissor lifts, boom lifts offer more versatility. They employ hydraulic arms that can navigate around obstructions, allowing for greater flexibility.

 

Due to their small design and capacity to conduct repetitive loading duties at fast speed, scissor lifts have a lower price and a greater operating efficiency. They are frequently used in material positioning and vertical lifting operations. Their ergonomic designs aid worker productivity while also reducing the risk of workplace injuries.

 

Scissor and boom lifts installed on vehicles are examples of vehicle-mounted platforms. Over the forecast period, this segment is projected to grow at a CAGR of 5.8%. When compared to traditional methods of reaching heights such as ropes and ladders, vehicle-mounted platforms are gaining in favour because to their amazing endurance, better accessibility and reach, and superior safety levels.

 

 

Based on Application, the Aerial Work Platform is classified into Rental, Construction & mining, Government, Transportation & logistics, Utility. In 2023, the rental end-use sector dominated the market, accounting for 92.6 percent of global revenue. The cost of AWPs being so high, they require a significant amount of capital to use and maintain. Because not all end customers require these platforms on a daily basis, the majority of them lease or rent them. Renting decreases the need for routine maintenance and lowers the associated costs.

 

Aerial Work Platform Market Regional Insights:

The Aerial Work Platform is classified into North America, Europe, Asia-Pacific, and Rest of the World. Due to the fast-expanding investments in the development of various residential and commercial complexes, North America held the largest and accounted for 52.3 percent of worldwide revenue share in 2023. Over the forecast years, government measures for infrastructural development, such as bridge construction and power transmission network development, are likely to fuel regional market growth.

 

Over the forecast period, Asia Pacific is expected to have the highest CAGR of 8.6%. The demand for AWPs in the region is likely to be driven by factors such as rising government investments in infrastructure development, the construction of affordable housing, and the development of commercial complexes.

 

 

To understand the Aerial Work Platform industry and study the market trends. Focusing on the Product and Application of Aerial Work Platform, knowing the drivers and challenges of the same. Understanding the market segment geographically to gauge the growth potential.

 

The report includes analytical models like the Porter’s Five Forces, which helps in understanding the operating environment of the competition in the Aerial Work Platform Market and thereby study the stakeholders to derive an efficient strategy; and PESTLE Analysis to gain a macro perspective of the Aerial Work Platform Industry in terms of political aspects like Government stability, policies, trade regulation and economic aspects like market trends, taxes and inflation. It also provides the effect of environmental factors and influence of social and legal aspects on the Aerial Work Platform Market.

 

Aerial Work Platform Market Scope:

 

Aerial Work Platform Market
Market Size in 2023	USD 11.44 Bn.
Market Size in 2030	USD 19.61  Bn.
CAGR (2024-2030)	8%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	By  Product   Boom lifts Scissor lifts Vertical mass lifts Personal Portable lifts
	By Type Electric Engine Powered
	By Application Rental Construction & Mining Government Transparent & logistics Utility
Regional Scope	North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aerial Work Platform Market Key Players:

•    Terex Corporation (USA)
•    Aichi Corporation (Japan)
•    J C BAMFORD EXCAVATORS Ltd. (UK)
•    Haulotte Group (France)
•    Hunan Sinoboom Heavy Industry Co. Ltd. (China)
•    Linamar Corporation (Canada)
•    Manitou Group (France)
•    Zhejiang Dingli Machinery Co. Ltd. (China)
•    Tadano Limited (Japan)
•    OSHKOSH CORPORATION (USA)
•    PALFINGER AG (Austria)
•    MEC AERIAL WORK PLATFORMS (USA)
•    IMER INTERNATIONAL SpA (Italy)
•    MANTALL HEAVY INDUSTRY CO. LTD (China)
•    NOBLELIFT INTELLIGENT EQUIPMENTCO. LTD (China)