Aerial Work Platform (AWP) Truck Market Size By Application (Construction, Telecommunication, Transport & Logistics, Government), By Product (Boom Lifts, Scissor Lifts, Vertical Mast Lifts, Personal Portable Lifts), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, India, China, Mexico, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: August 2016 | 103 Pages | Report ID: GMI689 Report Format: PDF
(AWP) Aerial Work Platform Truck Market size was valued at USD 2.47 billion in 2015 and is estimated to register gains at around 18.3% CAGR over the forecast timeframe.
China (AWP) Aerial Work Platform Truck market size, by product, 2013-2024 (USD Million)
Rising infrastructure development to cater to the varied requirements of the global population such as housing, electricity, water, and other utilities are expected to be the primary factors driving AWP truck market size. Factors such as convenience, safety, ease of use and cost effective solutions offered for the installation and maintenance of these systems will positively influence the global aerial work platform truck market size.
Infrastructure spending in the BRIC countries has witnessed significant growth over the past few years and is expected to continue over the forecast timeframe. Mexico Colombia, Poland and Kenya will witness significant growth owing to the attractive business scenario in these countries. This would provide momentous gains to the construction and aerial work platform truck market size through 2024.
Construction industry in Europe and the U.S. is suffering a gradual slowdown owing to the saturation in the region. However, requirement for renovation of old structures coupled with increasing demand for electricity would mandate the utilization of AWP trucks and provide stable growth platform to the industry.
High initial capital incurred on training the professionals or hiring them is one of the major factor hindering the revenue growth. Moreover, lack of skilled workforce and technological awareness may challenge AWP truck market share from 2016 to 2024.
(AWP) Aerial Work Platform Truck Market, By Product
Boom lifts contributed over 37% of the overall aerial work platform truck market share and will continue to maintain its dominance with gain estimated at 18.7% CAGR from 2016 to 2024. The featured applications constitute industrial, commercial, and even residential set ups.
Scissor lift market size was valued at USD 660 million in 2015. The segment has a featured capability of reaching heights at over 50 feet with high speed and precision. Incorporation of additional features in order to enhance safety, function ability and mobility will garner huge profits over the coming years.
(AWP) Aerial Work Platform Truck Market, By Application
Construction segment represented the largest aerial work platform truck market size, accounting for over 34% industry share in 2015. The segment is estimated to continue its dominance over the coming years owing to rising demand for infrastructure development across distinct regions. Escalating demand from material handling and logistics in manufacturing and industrial applications are likely to offer potential growth opportunities over the forecast timeframe.
Investment in telecommunication applications has witnessed dramatic surge over the last few years, owing to technological developments and rising demands for connectivity across the globe. Telecommunication segment held 25% of the global aerial work platform truck market share in 2015.
(AWP) Aerial Work Platform Truck Market, By Region
Asia Pacific aerial work platform truck market size was valued at USD 648 million in 2015 and is forecast to grow at the highest CAGR till 2024. Increasing need for telecommunication and architecture in China, India, Indonesia, and Malaysia will support the regional growth from 2016 to 2024.
U.S. AWP truck market share accounted for over 80% of North America. Private infrastructure along with renovation of old infrastructures will support the regional growth. Rising regulatory mandates for worker safety would further boost the industry growth over the forecast timeframe. Disaster management training and preparation for protection against unexpected natural and manmade circumstances will provide stabilized growth prospects.
Competitive Market Share
Aerial work platform truck market share is highly consolidated owing to high initial capital requirements. Key industry participants include Haulotte, Terex Corporation, Tadano Limited, and Aichi Corporation. Other industry participants include Ruthmann, CTE, Hunan Runshare, Shen Yang, Time Benelux, and Teupen.
Manufacturers are focusing on establishing effective partnership and developing innovative product portfolios for varied applications including segments such as construction, telecommunication networking, and transportation & logistics.
(AWP) Aerial Work Platform Truck Industry Background
Aerial work platform truck market, also known as mobile elevating work platform (MEWP) or elevating work platform (EWP), provide provisional access for equipment or people to inaccessible areas at heights. AWP plays a significant role at worksite, mainly for the construction of telecommunication and electrical infrastructures which are essential for daily life.
Manufacturers are increasingly designing aerial lifts incorporated with boom-support and personal fall protection system in order to avoid fatal incidents. Hybrid-electric equipment attributed with low carbon emission and increased fuel efficiency. Technological innovation and advancements made in the direction offer viable growth opportunities over the forecast timeline.
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