Aerial Work Platforms Market size worth $11 Bn by 2027
Published Date: February 12, 2021 Authors: Preeti Wadhwani, Prasenjit Saha
Aerial Work Platforms (AWP) Market size is set to surpass USD 11 billion by 2027, according to a new research report by Global Market Insights, Inc. Global shipments are anticipated to grow at more than 6% CAGR from 2021 to 2027.
Growing popularity of rental equipment services coupled with a positive outlook of the global economy will drive the AWP market revenue. Presence of various prominent players, such as Sunbelt Rentals, Herc Holdings Inc., and United Rentals, offering rental services will contribute to the escalating industry growth.
A rapid increase in the development of smart cities will create market growth opportunities. An increasing inclination of government authorities toward the integration of smart technologies to improve the living standards of citizens will spur market demand for AWPs. The UAE has been at the frontline of blending innovative smart city solutions and technologies in the country’s infrastructure with strategies such as the UAE Energy Strategy 2050, Dubai Smart City Project, and Dubai Plan 2021.
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One of the major factors challenging the market growth is the high initial purchasing cost of Mobile Elevating Work Platforms (MEWPs). Various construction projects with limited budgets choose to opt for low-cost alternatives, which include scaffolds and ladders at work locations. The availability of used aerial work platforms at low costs is also expected to add to the industry challenges.
Analyst view: “A rapid increase in infrastructural development across the globe will accelerate the market. The adoption of electric AWPs due to rising emission concerns will fuel the market growth.”
The demand and sales of AWPs have been adversely impacted in 2020 due to the rapid spread of the COVID-19 pandemic in several countries globally. OEMs in this industry have faced numerous challenges such as raw material shortage and suspension of manufacturing operations. The rise in financial uncertainty is impacting the growth of the manufacturing industry, hindering the market representation of AWPs. According to the forecast, the market will witness a slow growth post the reduction in impacts of COVID-19.
Demand for scissor lifts will proliferate during the forecast timeline
The Europe scissor lifts market held a share of around 20% in 2020. These access platforms have witnessed a steady demand owing to their affordable prices and bigger size compared to their counterparts. Large working platforms offered by these lifts along with crisscross braces that expand vertically upward are accountable for the increasing market revenues.
Scissor lifts are widely used in repair & maintenance repair activities for both outdoor and indoor applications. These lifts are also witnessing a surging demand in the warehouse & logistics sector to stack and lift heavy materials and boxes. Industry players are focused on new product launches to gain maximum market share and enhance their product portfolio. For instance, in January 2021, JLG launched the electric DaVinci AE1932 scissor lift. The scissor lift consists of steering & drive systems and a controlled lift to reduce energy consumptions.
Browse key industry insights spread across 250 pages with 423 market data tables & 25 figures & charts from the report, “Aerial Work Platform (AWP) Market Size By Product (Boom Lifts, Scissor Lifts, Vertical Mass Lifts, Personal Portable Lifts), By Type (Electric, Engine-Powered), By Platform Height (Below 10 Meters, 10 to 20 Meters, 20 to 25 Meters, Above 25 Meters), By Application (Rental, Construction & Mining, Government, Transportation & Logistics, Utility), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Enhanced operational capabilities offered by engine-powered AWPs
The North America engine powered segment is poised to witness CAGR of more than 4.5% through 2027. Growing consumer demand for access platforms with enhanced performance and torque for deployment in critical environments will support product adoption. The market is majorly driven by enhanced operational and lifting capabilities offered by these access platforms.
Proliferation of rental services will fuel the industry expansion
The Europe AWP rental market is projected to grow rapidly at 9% CAGR during 2021 to 2027 propelled by the proliferation of various rental service providers globally. These rental companies offer affordable renting options with a vast portfolio of technologically advanced equipment. Market factors including high initial purchase cost, transportation cost, and maintenance cost associated with the purchase of new equipment will provide growth opportunities for the rental segment.
Rising infrastructural developments in North America will augment AWP demand
The North America AWP market is anticipated to reach USD 3.5 billion by 2027. Increasing infrastructural developments in North America including the U.S. and Canada are expected to support the regional market adoption. Increasing government initiatives and investments are fueling the industry growth. For instance, in 2018, Windsor-Detroit Bridge Authority (WDBA) began the construction of the Gordie Howe International Bridge under a Public-Private Partnership (P3) project with The Transtec Group. The project will link I-75 in Detroit with Highway 401 in Windsor Canada to ensure transportation improvements.
AWP companies are focusing on new product launches and geographic expansion to gain a competitive edge. For instance, in October 2020, Niftylift opened its new custom-built North American distribution center in Greer in South Carolina. Industry players are also focusing on enhancing their service offerings by integrating new technologies in their products. For instance, in January 2019, Genie launched its new fleet management solution, the Lift Connect program that offers flexibility & transparency to AWP lift operations.
Players operating in the AWP market include JLG Industries, CTE, Haulotte Group, Aichi Corporation, Manitou Group, Holland Lift International, Skyjack, Ltd., Hunan Runshare Heavy Industry Company, Ltd., Dinolift OY, Niftylift Limited, Snorkel, and Socage Srl.
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