Global Mobile Elevated Work Platform (MEWP) Market (2024 Edition): Analysis By Value and Volume, Product Type (Boom Lift, Scissor Lift, Vertical Mast Lift), Propulsion (Engine-Powered, Electric, Hybrid), By Height, By End-user, By Region, By Country: Mark

Global Mobile Elevated Work Platform (MEWP) Market (2024 Edition): Analysis By Value and Volume, Product Type (Boom Lift, Scissor Lift, Vertical Mast Lift), Propulsion (Engine-Powered, Electric, Hybrid), By Height, By End-user, By Region, By Country: Market Insights and Forecast (2019-2029)

Executive Summary

Azoth Analytics has released a research report titled “Global Mobile Elevated Work Platform (MEWP) Market (2024 Edition)” which provides a complete analysis of the Global Mobile Elevated Work Platform (MEWP) industry in terms of value (USD Billion) and Volume (Units). The market has been comprehensively segmented by Product Type (Boom Lift, Scissor Lift, Vertical Mast Lift), Propulsion (Engine-powered, Electric, Hybrid), Height (<10 Meter, 10 to 20 Meter, >20 Meter) and by End-user (Rental Companies, Construction & Mining, Transportation and Logistics, Manufacturing, Other End-users). The market has been analyzed for the historical period of 2019-2022, estimates of 2023 and the forecast period of 2024-2029.

The research study also assesses market growth indicators, restraints, sales growth and demand risk, and other important statistics, as well as a full assessment of current and future market trends that are relevant to the market's evolution. During the forecast period, 2024-2029, the Global Mobile Elevated Work Platform (MEWP) Market is expected to expand at a CAGR of 8.6%. Global Mobile Elevated Work Platform (MEWP) market is expected to grow at an extraordinary rate driven by significant expenditures from industry players. The Global Mobile Elevated Work Platform (MEWP) market is expected to increase from USD 1481 million in 2022 to USD 2626 million in 2029, according to Azoth Analytics estimates.

Sales are expected to surpass x thousand units in 2023, with a stunning 8.9% CAGR during the forecast period. Demand is expected to remain high, though revenue growth is expected to slow down over the next few years.

After a significant increase in 2021, MEWP rental companies can further increase investment in the forecast period. The global Mobile Elevated Work Platform (MEWP) market has been experiencing notable sales growth driven by the demand for MEWPs, including scissor lifts, boom lifts, and other elevated work platforms. MEWPs are essential for maintenance activities across various sectors, including manufacturing facilities, logistics warehouses, and commercial buildings. The need for regular inspections and upkeep drives the sales of MEWPs.

The development of infrastructure and construction are two key factors propelling the global Mobile Elevated Work Platform (MEWP) market's expansion. Global population expansion and urbanization are driving up demand for new roads, bridges, buildings, and other essential infrastructure. MEWPs are essential to these projects because they offer productive and secure access to elevated work locations, which facilitates the easier and faster completion of activities like installation, maintenance, and inspection by construction workers. The need for MEWPs is expected to increase in pace with the global expansion of construction activities, strengthening their place as a necessary tool in today's construction instruments.

The need for MEWPs is driven by both new construction projects and the maintenance and renovation of existing infrastructure. An ongoing requirement for elevated work platforms comes from the necessity for routine maintenance and inspections of ageing buildings, bridges, and other structures. The MEWP market is expected to earn benefits from the continuous and changing needs of the worldwide construction and development scenario as long as governments and private businesses continue to invest in modernizing and maintaining existing infrastructure.

However, financial barriers limit market expansion because companies have the option of rental or less expensive options over complete purchase, which affects the general consumption and penetration of MEWPs in sectors that need elevated work platforms. It can be difficult for MEWP manufacturers to convince potential consumers that the benefits of their products exceed the initial expenditure, particularly when compared with competitors' lower-cost products or other access alternatives.

Scope of the Report:

• The report analyses the Global Mobile Elevated Work Platform (MEWP) Market by Value (USD Million).
• The report analyses the Global Mobile Elevated Work Platform (MEWP) Market by Volume (000’ Units).
• The report presents the analysis of the Global Mobile Elevated Work Platform (MEWP) Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.
• The report analyses the Global Mobile Elevated Work Platform (MEWP) Market by Product Type (Boom Lift, Scissor Lift, Vertical Mast Lift).
• The report analyses the Mobile Elevated Work Platform (MEWP) Market by Propulsion (Engine-powered, Electric, Hybrid).
• The report analyses the Mobile Elevated Work Platform (MEWP) Market by Height (<10 Meter, 10 to 20 Meter, >20 Meter).
• The report analyses the Mobile Elevated Work Platform (MEWP) Market by End-user (Rental Companies, Construction and Mining, Transportation and Logistics, Manufacturing, Other End-users).
• The report analyses the Mobile Elevated Work Platform (MEWP) Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa).
• The report analyses the Mobile Elevated Work Platform (MEWP) Market by Country (United States, Canada, Germany, France, United Kingdom, Italy, China, Japan, South Korea, India).
• The key insights of the report have been presented through the frameworks of SWOT and Porter’s Five Forces Analysis.
• Also, the major opportunities, trends, drivers and challenges of the industry have been analyzed in the report.
• The report tracks competitive developments, strategies, mergers and acquisitions and new product development. The companies analysed in the report include Haulotte Group, Tadano Ltd., Terex Corporation, TVH, Linamar Corporation, JLG Industries, Inc., Snorkel International, Inc., Mtandt Limited, Zhejiang Dingli Machinery Co, Ltd., MEC Aerial Work Platforms.