Aerial Work Platform Aftermarket size is anticipated to witness healthy growth during 2023 to 2032. The expansion can be credited to the growing adoption of safety standards related to AWP usage by government authorities across the globe.
The AWP aftermarket provides parts and accessories that allow enhanced safety for workers and noise reduction on construction sites. For instance, Genie in 2022, launched a new white noise alarm feature for its advanced Genie slab scissor lifts, AWPs, telehandlers, and runabouts. The solution offers an alternative to the traditional tonal alarms that can reduce noise emissions on job sites by up to 45%.
Aftermarket accessories, such as tool trays, help workers and operators to store their tools and fasteners in a convenient place, thus providing safe working conditions at elevated heights. Access decks attached to lift platforms provide an elevated 1m platform above the normal platform, allowing them to reach restricted spaces.
Installation of low-quality parts often results in accidents or mishaps, thus hampering the growth of aftermarket products. To protect workers from accidents, construction & rental companies rely on OEMs to provide equipment and accessories. Moreover, the availability of low-quality counterfeit parts and accessories for AWPs is emerging as a challenge for the market growth.
Increasing infrastructure projects in Asia Pacific will create an opportunity for the aerial work platform aftermarket industry. As per the Asian Development Bank estimates, nearly USD 1.7 trillion would be invested annually in infrastructure projects across the Asian continent through 2030. High infrastructure investments have allowed the procurement and usage of advanced machines for construction projects, supporting the adoption of AWPs over conventional ladders due to productivity & efficiency benefits.
The platform mesh segment will gain a significant momentum during the forecast timeline, owing to its benefits in the mobile elevating work platforms. It provides a screen outside the platform that helps in preventing objects and tools from falling at aerial worksites, which can be life threatening for workers.
Boom lifts are gaining popularity across telecommunication, construction, and electrical industry applications. These lifts offer various advantages over traditional scissor lifts such as extra-range of movement, stable foundations, indoor applications, and high accessibility.
Moreover, scissor lifts are gaining high adoption in the Asia Pacific region. These lifts are often helpful in carrying a much heavier load compared to boom lifts. External aftermarket accessories, such as material carriers, can also be installed to increase the load capacity of the scissors lift, making them beneficial in construction sites.
Regionally, the North America aerial work platform aftermarket will hold an outstanding market share through 2032, attributed to the various American standards adopted to ensure worker safety on construction sites. Expanding construction industry in the continent would further accelerate the product demand through 2032. In 2022, the American construction industry was valued at USD 2.1 trillion based on gross output.
The AWP aftermarket includes several regional and international players providing parts, accessories, installation, and maintenance services for lifting machines. Some of the key players include Genie, JLG industries, AE Filters, Mitra Setia Group, Curtiss Wright, TVH, SkyGuard, MECAWP, and Provincial-Lift. These companies have relied on product innovations and acquisitions and collaborations to acquire a higher market share. To illustrate, in 2022, JLG Industries, Inc and RE2 Robotics announced entering into a strategic partnership to bring robotics to access equipment in an effort to improve productivity and operator safety.
Inflation, caused by rising material prices, labor hiring rates, and growing machinery costs, is anticipated to have an adverse impact on the construction industry. The annual construction input inflation rate for 2021 came in at 19.6%. This will potentially impede the demand for aerial work platform aftermarket products and services. Nevertheless, ongoing efforts undertaken by governments to control inflation would provide significant opportunities for construction industry and companies.
The aerial work platform (AWP) aftermarket research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2018 to 2032, for the following segments:
The above information has been provided for the following regions and countries: