Aerial Work Platform Market by Type (Boom Lifts, Scissor Lifts, Vertical Mass Lifts, Personal Portable Lifts), Operation (Fuel Powered, Electric, and Hybrid), End-User (Construction, Utilities, Logistics & Transportation, and Others)Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2021 to 2028
Newark, NJ, Oct. 22, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global Aerial work platforms market is expected to grow from USD 9.2 billion in 2020 and to reach USD 17.03 billion by 2028, growing at a CAGR of 8% during the forecast period 2021-2028.
Aerial work platforms are mechanical devices that allow people or equipment to obtain temporary access to challenging areas from a height. Because of its compact size and wide range of applications, Aerial Work Platform is in high demand in the construction industry. Compact and easy to move, articulated boom lifts, telescopic boom lifts, scissor lifts, and other types of lifts are ideal for both inside and outdoor construction tasks. Aerial Work Platforms are safer than traditional scaffolding because they help prevent accidents and fatalities on construction sites. These devices are both safe and convenient, making them suitable for use in construction and maintenance. Aerial work platforms must be inspected before each work shift to ensure that the equipment and its components are in safe working order. Operator training is provided on an annual basis, however, it is required at the very least every five years.
A change is taking place in the globe of aerial work platforms. CAN bus technology, a combination of sensors and controllers is being used by many manufacturers to deliver new features and functionalities to workers to prevent work-related accidents. Furthermore, in the following years, increased demand for self-propped aerial work platforms in developed nations is likely to provide Aerial Work Platform manufacturers possibilities. However, falls from heights, electrocution, tip-overs, and being crushed or injured by falling weights are among risks that can be increased by incorrect or defective equipment use. The majority of the time, the outcomes of such incidents are sad.
Growing Aerial Work Platform across the globe, increased public infrastructure construction, renovation activities, airport authorities for the development and construction of new airports, improved safety measures, advancements in logistics and transportation, and increased government investments are the factors driving the market. However, high startup and maintenance costs, a lack of experienced staff to run the equipment, and a labor and raw material scarcity produced challenges in the construction and design of new equipment, limiting the market growth. Advances in completely electric and hybrid aerial work platforms, rising use of new technologies, and incorporating safety features and telematics solutions are projected to drive market expansion.
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Key players operating in the global Aerial Work Platform market include are Aichi Corporation, Altec Inc., Haulotte Group, J.C. Bamford Excavators Limited, Holland Lift International bv, Haulotte Group, Niftylift Limited, Oshkosh Corporation, Skyjack, Terex Corporation, Zhejiang Dingli Machinery Co., Ltd., Toyota Industries Corporation, Heavy Industry Co. Ltd., Oshkosh Corporation, Manitou Group, Zoomlion Heavy Industry Science & Technology Co., Ltd. To gain a significant market share in the global Aerial Work Platform market, the key players now focus on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Boom Lifts segment dominated the market and held the largest market share of 33.9% in the year 2020
Based on type, the global Aerial work platforms market is segmented into Boom Lifts, Scissor Lifts, Vertical Mass Lifts, Personal Portable Lifts. The boom Lifts segment dominated the market and held the largest market share of 33.9% in 2020. This growth is attributed to flexibility & fast operations. Several characteristics of boom lifts, such as their ability to operate in difficult terrain and reach greater heights, contribute to their expanding market share.
The hybrid segment dominated the market and held the largest market share of 42.15% in the year 2020
Based on operation, the global Aerial work platforms market is segmented into Fuel Powered, Electric, and Hybrid. The hybrid segment dominated the market and held the largest market share of 42.15% in 2020. This growth is attributed to two modes in hybrid, the demand for maintenance and repair services in the residential construction segment. Several advantages of electric segments, such as zero-emission and the capacity to manoeuvre in tight spaces and increased awareness of the benefits of using electric lifting equipment to reduce the environmental effect
The construction segment dominated the market and held the largest market share of 31% in the year 2020
Based on End User the global Aerial work platforms market is segmented into Construction, Utilities, Logistics & Transportation, and Others. The hybrid segment dominated the market and held the largest market share of 31% in 2020. This growth is attributed to a rapid increase in infrastructural developments and increased government projects.
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Regional Segment of Aerial work platforms Market
North America (U.S., Canada, Mexico)
Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
Asia-Pacific (China, Japan, India, Rest of APAC)
South America (Brazil and Rest of South America)
Middle East and Africa (UAE, South Africa, Rest of MEA)
Based on geography, the global Aerial work platforms market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America region holds the largest market share of 38% in the year 2020. This growth is ascertained by the U.S. in the North America region owing to the growing construction industry and government projects. On the other hand, the Asia-Pacific region is anticipated to grow and holds the largest share in China, despite a stagnant construction market, Chinese construction firms have recognized and embraced a wide range of aerial work platforms. Furthermore, rather than extending their physical store space to Western saturation levels, China's retail business is focusing on the omnichannel network, which has boosted the storage and warehousing market in recent years.
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About the report:
The global Aerial work platforms market is analyzed based on value (USD billion). All the segments have been analyzed on a global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining key insights into the market. In addition, the study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitors' position grid analysis.
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