Aerial Work Platform Market Forecasts to 2028 – Global Analysis By Product Type (Vertical Mast Lifts, Scissor Lifts and Others), Fuel Type (Electric, Hybrid and Others), Platforms Height, Sales Channel, End User and By Geography

Aerial Work Platform Market Forecasts to 2028 – Global Analysis By Product Type (Vertical Mast Lifts, Scissor Lifts and Others), Fuel Type (Electric, Hybrid and Others), Platforms Height, Sales Channel, End User and By Geography

According to Stratistics MRC, the Global Aerial Work Platform Market is accounted for $18.34 billion in 2022 and is expected to reach $29.6 billion by 2028 growing at a CAGR of 8.3% 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. It has high operational efficiency, accessibility to remote areas and the ability to perform multipurpose operations. They have wide application in the construction industry and are used for lifting, loading, and transportation. It provides safety at work sites and reduces the burden of the workers.

According to the Occupational Safety and Health Administration (OSHA), forklifts account for 85 deaths every year in the U.S. Forklift accidents can result in a total of 34,900 serious injuries annually while 61,800 non-serious injuries each year in the country.

Market Dynamics:

Driver:

Growing adoption of new technology

The aerial work platform market focus on incorporation of newest technologies and introducing innovative products, in order to distinguish their product offerings. It has features which even provide access in inaccessible areas. It has ability to execute flexible operations. Integration of safety features and telemetric solutions are the major opportunities for the market players and helpful in fueling the growth of the market.

Restraint:

Lack of availability of technicians & skilled operators

Unavailability of skilled personnel to operate the equipment is expected to obstruct the market growth. The aerial work machines offers advanced technology and it needs technicians with high knowledge and efficiency to perform the functions. The operator should have the ability to understand all the features. Lack of awareness in technicians and operators can lead to major accidents. This hinders the growth of the AWP market.

Opportunity:

Rising popularity of rental equipment

The rising popularity of rental AWP equipment services is expected to drive the market growth. This is recognized to the presence of several rental providers across the globe. AWP rental companies are offering reasonable 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.

Threat:

High initial and maintenance costs

AWP is used in logistics, transportation, and has other applications, which require high maintenance costs. It becomes difficult for companies to invest due to high capital spending. Due to this, there has been a substitution effect which is influencing end users to opt rental platforms. This substitutes has advanced features and removes a sizeable burden. The high initial and maintenance costs are the major factors restraining growth of the aerial work platform market.

Covid-19 Impact

The COVID-19 pandemic negatively affected the market revenue. It strictly impacted the supply chain and logistics sectors and delayed construction projects globally. The complete sealing of some areas as containment zones further delayed delivery times. The demand-supply gap in the market is expected to diminish on account of rising number of construction & renovation projects and the economic incentive package provided by government bodies for economic revival.

The boom lifts segment is expected to be the largest during the forecast period

The boom lifts segment is estimated to have a lucrative growth, due to an improved outreach and efficient performance at elevated heights. It is designed to lift workers on construction sites, on farms, along utility lines, and elsewhere. Increasing investments in the construction of manufacturing facilities, airports, power plants, and roads are boosting the utilization of boom lifts and propelling the market.

The electric AWPs segment is expected to have the highest CAGR during the forecast period

The electric AWPs segment is anticipated to witness the fastest CAGR growth during the forecast period, due to the increasing demand for electric machines to reduce fuel consumption & emissions. This platform is gaining traction due to several initiatives by global construction companies, government organizations and regulatory authorities for reducing air pollution from building construction activities are also impacting the market demand.

Region with highest share:

North America is projected to hold the largest market share during the forecast period owing to the growing construction of commercial and residential buildings in the region. It has increased the regional demand for aerial work platforms such as boom & scissor lifts. Industry participants in AWP rental services are growing their product offerings by establishing strategic partnerships with AWP manufacturers which is propelling the market share.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to increasing government investments toward infrastructure development and the construction of affordable residences for the rising population. Rapid development in the logistics and supply chain sector coupled with rising e-commerce and large retail centers in this region are expected to drive product demand for the market.

Key players in the market

Some of the key players profiled in the Aerial Work Platform Market include Linamar Corporation, Manitou Group, TEREX Corporation, IMER International SpA, Tadano Ltd, J C Bamford Excavators Limited, Haulotte Group, Hunan Sinoboom Heavy Industries Co. Ltd, MEC Aerial Work Platforms, Oshkosh Corporation, Zheijiang Dingli Machinery Co. Ltd, Palfinger AG, Mantall Heavy Industry Co. Ltd, Aichi Corporation, V-Tech Hydraulics, Noblelift Intelligent Equipment Co. Ltd, Mtandt Ltd, ALP Lift, Snorkel International Inc

Key Developments:

In February 2021, HAULOTTE GROUP launched 16m working height electric articulating boom lift for indoor and outdoor applications such as industrial, maintenance, finishing, and renovation jobs.

In November 2020, Snorkel launched a new diesel-engine-powered 660SJ boom lift in China. The new boom lift offers a height of up to 20.02 meters and a restricted payload capacity of 340.19kg.

In September 2020, Zhejiang Dingli Machinery Co, Ltd. launched JCPT2223RTB scissor lift with features such as heavy load, large platform, and high chassis.

Product Types Covered:
• Vertical Mast Lifts
• Scissor Lifts
• Spider Lifts
• Boom Lifts
• Other Product Types

Fuel Types Covered:
• Electric
• Hybrid
• Diesel
• Gas
• Other Fuel Types

Platforms Heights Covered:
• Below 10 Meters
• 10 to 20 Meters
• 20 to 30 Meters
• Above 30 Meters
• Other Platforms Heights

Sales Channel Covered:
• OEM
• Rental Service Providers
• Other Sales Channels

End Users Covered:
• Mining
• Transportation
• Construction
• Aerospace
• Manufacturing
• Defense
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements