Aerial Work Platform (AWP) Market Projected to Hit USD 17.26 billion at a 9.1% CAGR by 2030 - Report by Exactitude Consultancy
Increase in government investments in construction of residential buildings, commercial complexes, and public transport infrastructure is expected to fuel the demand for aerial work platforms (AWPs) during the forecast period
Luton, Bedfordshire, United Kingdom, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Aerial Work Platform (AWP) Market.
Aerial Work Platform (AWP) Market size exceeded USD 8.6 billion in 2022 and USD 17.26 billion is anticipated to witness in 2029 with 9.1% CAGR between 2023 and 2029.
An aerial work platform (AWP) is a mechanical device designed to provide access for equipment or people to a variety of applications at height. It is also known as an aerial device, elevated work platform, or mobile aerial platform. The platform provides work safety in hard-to-reach places, primarily at heights. Aerial work platforms are cost-effective and easy to use. Aerial work platform (AWP) is a specialized machine that is used to provide access to difficult and inaccessible areas. The main features of aerial work platforms are high operational efficiency, accessibility to remote areas, and the ability to perform multipurpose operations.
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In September 2021, JLG Industries, Inc. introduced its new JLG 670SJ self-leveling boom lift. It is equipped with the company’s state-of-the-art patented and exclusive self-leveling technology. The 670SJ is specially engineered to automatically adapt to terrain on slopes up to nearly 10 degrees in any given direction.
In March 2021, MEC Aerial Work Platforms unveiled the MEC Mast Electric (MME) Series, its new product range of vertical mast lifts. The new product line would provide higher product residual value, longer duty cycles, and high efficiency.
The Asia Pacific AWP market is expected to rise at a rapid pace over the forecast time span owing to several construction & infrastructure expansion projects in several countries.
The region also consists of several leading access platform manufacturers who facilitate low cost & advanced machinery for customers across China, Japan, etc. Asian countries are also witnessing the emergence of several rental providers who provide easy & cheap rental services to local customers, serving as a major driver for the access equipment market development.
Growth in Adoption of Aerial Work Platforms in End-use Industries
Aerial work platforms are also employed in industrial & manufacturing, maintenance & repair, entertainment, mining, and aerospace industries. The rise in demand for these platforms can be ascribed to their efficiency to work at greater heights.
Scissor lifts are widely adopted in the utility industry. The surge in the application of scissor lifts in electrical maintenance, water management, and renewable energy sectors is expected to fuel aerial work platform market expansion during the forecast period. Similarly, aerial lifts are used in indoor operations such as warehouses and inventories. Furthermore, an increase in the application of aerial work platforms in the entertainment sector for aerial imaging, shooting, and camera assembling is projected to accelerate market progress in the near future.
Increase in Government Investment in Infrastructure Development
Governments and private agencies are enacting stringent regulations on the usage of aerial work platforms at construction sites. Several governments are investing significantly in infrastructure development projects, which involve maintenance work at heights.
Aerial Work Platform (AWP) Market Report Scope
Market size value in 2022
USD 8.6 billion in 2022
Revenue forecast in 2029
USD 17.26 billion by 2029
CAGR of 9.1% from 2023 to 2029
Base year for estimation
2018 - 2022
2023 - 2029
Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Product, application, region
North America; Europe; China; Asia; Pacific; Central & South America; MEA
U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman
Key companies profiled
JLG Industries, Inc., Nifty lift, Terex Corporation, Aichi Corporation, Tadano, Skyjack, Manitou, Snorkel, Haulotte, and Altec.
Key Market Opportunities
Increasing construction & renovation activities are the major factors driving the industry statistics.
Key Market Drivers
Increase in the application of aerial work platforms in the entertainment sector for aerial imaging, shooting, and camera assembling is projected to accelerate market progress in the near future.
The rise in construction activities, supported by government spending in the private sector, is also boosting the market for aerial work platforms
Pricing and purchase options
The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel.
Aerial Work Platform (AWP) Market Players
The prominent manufacturers operating in the AWP market are JLG Industries, Inc., Nifty lift, Terex Corporation, Aichi Corporation, Tadano, Skyjack, Manitou, Snorkel, Haulotte, and Altec. These companies are focusing on the development of energy-efficient & technically-developed machinery to gain a major MEWP market share. To enter the untapped markets, the players are adopting partnership strategies and developing distribution network with the regional companies.
For corporate expansion, these key leaders are implementing strategic formulations such as new product development and commercialization, commercial expansion, and distribution agreements. Moreover, these participants are substantially spending in product development, which is fueling revenue generation.
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Key Market Segments: Arial Work Platform Market
Arial Work Platform Market by Type, 2023-2029, (USD Million), (Thousand Unit)
Arial Work Platform Market by Product, 2023-2029, (USD Million), (Thousand Unit)
Vertical Mass Lift
Personal Portable Lift
Arial Work Platform Market by Fuel Type, 2023-2029, (USD Million), (Thousand Unit)
Arial Work Platform Market by Configuration, 2023-2029, (USD Million), (Thousand Unit)
Arial Work Platform Market by Application, 2023-2029, (USD Million), (Thousand Unit)
Arial Work Platform Market by Platform Height, 2023-2029, (USD Million), (Thousand Unit)
Below 10 Meters
10 To 20 Meters
Above 25 Meters
Market Dynamics- Drivers
Growing construction industry supported by global megatrend of urbanization is expected to drive growth of the global aerial work platform market during the forecast period
Aerial work platform or elevating work platform is a device that is used to provide temporary access to operators or equipment to unreachable areas. Aerial work platforms have wide application in the construction industry and is used for lifting, loading, and transportation. The growing construction industry is expected to be one of the most significant drivers for global aerial work platform market growth. The construction industry has witnessed significant growth in the recent past, especially in emerging economies such as China and India, owing to increasing disposable income, rapid urbanization, and industrialization. As a result, demand for aerial work platforms (AWP) has increased in these countries. According to the National Bureau of Statistics (NBS), in China, the rural and urban per capita disposable income reached US$ 4,976.7 in 2029 from US$ 2,107.2 in 2022.
Market Dynamics- Restraints
High initial and maintenance costs is expected to restrain growth of the global aerial work platform market during the forecast period
The major factor restraining growth of the global aerial work platform (AWP) market is high maintenance costs. Aerial work platform (AWP) is used in logistics, transportation, and has other applications, which require high maintenance costs. Thus, it becomes difficult for companies to invest in aerial work platforms due to high capital spending.
Scissor lifts with advanced features are high in price as compared to conventional towers and ladders. Owing to the high initial as well as maintenance costs, there has been a substitution effect which is influencing end users to rent aerial work platform as opposed to making a purchase of the same. Renting equipment instead of owning removes a sizeable burden from a contractor's asset register.
Growing adoption of new technology is presenting lucrative growth opportunities to key manufacturers
Most players in the aerial work platform market focus on integration of latest technologies and introducing innovative products, in order to differentiate their product offerings. Incorporation of safety features and telematic solutions in aerial work platform is a major opportunity for the market players and helpful in increasing their share and profits.
Rising popularity of rental equipment
The rising popularity of rental AWP equipment services is expected to drive the market growth during the forecast period. This is attributed to the presence of several rental providers across the globe. AWP rental companies such as Eagle Rentals Inc., Rental One LLC, and others are offering affordable and easy renting options to buyers compared to direct AWP purchasing methods. This has led consumers to shift their preference to rental operators as they save a huge amount of transportation, maintenance, and operational costs associated with the new machinery equipment.
Frequently Asked Questions
What is the current market size and Compound Annual Growth Rate (CAGR) of the market during the forecast period (2023-2029)?
Which segment, based on fuel type, accounted for the highest market share in the market?
Which is the key factor driving growth of the aerial work platform market?
What is the key factor hampering the growth of the market?
Which region held the largest market share in the aerial work platform market?
Who are the key players operating in this market?
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