Stratview Research, a global market research firm announces the release of the report titled – Aerial Work Platform Market which provides an in-depth analysis of the market dynamics, current and emerging trends, industry forecast, and competitive landscape.
Stratview Research has segmented the market by Product Type (Boom Lifts, Scissor Lifts, Vertical Mast Lifts, and Personal Portable Lifts), Engine Type (Electric, Engine-Powered), by End-User Type (Construction, Retail, Storage, and Warehouses, Transportation and Logistics, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
According to this report, the aerial work platform market was estimated at USD 17.59 billion in 2022 and is likely to grow at a CAGR of 6.17% during 2023-2028 to reach USD 25.26 billion in 2028.
What is an aerial work platform?
An aerial work platform (AWP) is a mechanical employed to provide temporary access to unreachable or elevated areas. Also known as aerial lifts or elevated work platforms, these platforms enable users to perform tasks at a certain height with safety. Scissor lifts, boom lifts, vertical mast lifts, etc. are a few types of aerial work platforms.
COVID-19 IMPACT
The aerial work platform market witnessed negative growth due to the Covid-19 pandemic in the year 2020. The pandemic has led to supply chain disruptions which ultimately lead to supply shortages and lower demand for the aerial work platform market.
Key Players
- Advance Lifts, Inc.
- Aichi Corporation
- EdmoLift AB
- Galmon (S) Pte Ltd
- Haulotte Group
- JLG Industries
- Linamar Corporation
- MEC Aerial Work Platforms
- Terex Corporation
- Wiese USA
Market Dynamics
There are several factors contributing to the growth of the global aerial work platform sector. Below given are a few –
- Growing real estate sector – The construction industry is one of the major end-users of aerial work platforms. The global real estate sector is growing rapidly and is expected to grow in the coming years too owing to the growing urbanization. This growth in turn demands more investment in the aerial work platform.
- Increasing Renewable Energy Projects: The renewable energy sector is growing faster than ever. It is estimated that by 2035, renewables will generate 60 percent of the world’s electricity. Wind farms, solar installations, etc. are growing rapidly to meet this demand. Aerial work platforms are utilized for maintenance and installation tasks in these projects contributing to the global aerial work platform market growth.
- Growing electric aerial work platform demand – Construction projects are growing rapidly and worldwide, there has been a demand for zero-emission control work solutions, and hence the electric aerial work platforms are increasing. Recently, in May 2023, JCB launched a full electric boom lift and updated its hydraulically driven scissor range with six electric drive versions.
- Rising airport constructions – According to the center for Aviation report published in January 2023, ~225 new airport projects broke the ground. A large number of aerial work platforms are used for cleaning, maintenance, and inspection work during such large-scale work at airport premises. Hence, rising airport projects are expected to lead to the requirement for different types of aerial work platforms.
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Segment Analysis
Based on the product type, the market is segmented as boom lifts, scissor lifts, vertical mast lifts, and personal portable lifts. Boom lifts held the largest share of the market in 2022, due to their versatile nature as they can be used in utilities and construction to storage and shipping industries.
Based on the end-user type, the aerial work platform market is segmented as construction, retail, storage, warehouses, transportation and logistics, and others. The construction segment dominated the market in 2022. Aerial work platforms are majorly used in the maintenance and construction of mining infrastructure and high demand for new infrastructure investment in the metals and mining sector is likely to drive the segment’s market.
Based on the engine type, the aerial work platform market is segmented as electric and engine-powered. The electric aerial work platform segment dominates the market and is likely to grow at an excellent rate in the coming years, due to the increasing demand for maintenance and repair services in the residential construction sector.
In terms of regions, North America dominated the market in 2022, whereas Asia-Pacific is expected to grow at the fastest pace during the forecast period. China and India are the key growth engines of the Asia-Pacific market. Europe is also expected to offer lucrative growth opportunities during the forecast period.
Customize this report –
- Which are the factors impacting the Aerial Work Platform Market?
- How can any business develop revenue streams?
- What should be the growth strategy and strategy to make top customers shift towards your brand?
- Which noteworthy steps can one take to stay ahead of competitors?
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