Aerial Work Platform Market size is slated to cross USD 15 billion by 2028, according to a new research report by Global Market Insights Inc. The global shipments are expected to surpass 350,000 units by 2028.
Aerial work platforms are experiencing a growing demand around the globe due to the proliferation of infrastructure development activities. Industry participants are significantly investing in their R&Ds for new equipment innovations to achieve higher profitability from the AWP market.
The growing population and industrialization are driving the market share at a significant pace worldwide. Various governments, such as India, China, Japan, and Mexico, are heavily investing in construction projects to improve their economy growth, fueling the market revenue. For instance, in February 2022, the Government of China announced an investment of USD 3.95 trillion for 16,079 construction & infrastructure projects in 12 provinces. These projects are anticipated to commence by mid-2022 and will include residential projects, roadways, bridges, and other utility applications.
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The shifting focus towards safe & secure constructions is propelling the sale of aerial work platforms. Industry participants, such as Xuzhou Construction Machinery Group Co., Ltd. (XCMG) and Terex Corporation, are establishing strategic partnerships to enhance industry statistics.
Analyst view: “Rising government spending on infrastructure development and construction activities is augmenting the aerial work platform market growth globally. Industry players are introducing new innovations and expanding their dealer networks to enrich their revenues.”
High initial investments and ownership costs are the major factors hampering the sale of aerial work platforms worldwide. Moreover, the equipment needs to be maintained frequently to improve its working efficiency, thereby increasing maintenance costs. AWP rental companies are offering aerial work platform equipment & maintenance services at economical rates, thereby hampering equipment sales.
The considerable spread of COVID-19 & its variants in 2020 and 2021 adversely impacted the demand for aerial work platforms globally. Various governments imposed strict lockdowns several times to contain the virus spread and decrease the number of infected patients, thereby resulting in the delays or cancellations of various construction projects, which affected the revenues of OEMs.
Browse key industry insights spread across 300 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), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028” in detail along with the table of contents:
Rising demand for scissor lifts in repair & maintenance work
In 2021, global scissor lifts segment valued at over USD 1.5 billion. The ability of scissor lifts to efficiently work in confined spaces owing to their compact body design is accelerating their adoption. Moreover, scissor lifts offer flexible customization, thereby allowing them to work in multiple environments and improving market statistics. Aerial work platform market leaders are launching their new products to increase revenue streams.
Low costs and wider availability are creating a positive market outlook
The reasonable cost of engine-powered AWPs and their higher power output as compared to electric AWPs are fostering the demand for engine-powered AWPs. The segment is estimated to witness nearly 6.5% gains through 2028. The engine-powered AWP industry is growing considerably due to various technical strategies adopted by AWP OEMs. Companies, such as JLG Industries, Inc. and Terex Corporation, are unveiling new innovations in engine-powered AWPs to increase their equipment sales.
Increasing public & private investments in Asia Pacific
The Asia Pacific aerial work platform market is experiencing a high demand on account of rising urbanization and infrastructure investments. The region held a market share of about 25% in 2021. Various infrastructure projects, such as port development, rail network expansion, and commercial tower constructions, are adding up to the growth for AWPs.
Industry participants are focusing on adopting various business & marketing strategies to achieve higher profitability. Manufacturers, such as Hunan Sinoboom Heavy Industry Co. Ltd. and Dinolift Oy, are focusing on improving their brand presence to attract potential business clients.
Major AWP market players include JLG Industries, Zoomlion Heavy Industry Science and Technology Co., Ltd., Teupen, Tadano Limited, Snorkel, Niftylift Limited, Hunan Runshare Heavy Industry Company, Ltd., Haulotte Group, CTE, Zhejiang Dingli Machinery Co, Ltd., Terex Corporation (Genie), Socage Srl, Skyjack, Manitou Group, Hunan Sinoboom Heavy Industry Co. Ltd., and Aichi Corporation.