Description

According to the Market Statsville Group, the global aerial work platform market size is expected to grow from USD 8.5 billion in 2021 to USD 15.4 billion by 2030, at a CAGR of 7.7% from 2022 to 2030. One of the primary factors driving the aerial work platform market is the rise in the construction industry. The building sector in developing countries such as India, Brazil, and others has a lot of promise in the near future, which pushes the demand for aerial work platforms. Aerial work platforms are also in great demand due to the large number of accidents caused by defective scaffolding erection and the risk of falling. The AWP provides a safe and stable platform for the operator, which decreases site deaths and enhances job quality. Furthermore, strong demand from China and other Asian countries propels the aerial work platform market forward. AWP was first implemented in China in the early 2000s, adoption in the Asia-Pacific region has been much slower. However, China's rapid infrastructure and industrial development are predicted to enhance demand for AWP, propelling the aerial work platform market forward.

However, Battery technology advancements are projected to bring up new growth potential for the aerial work platform industry. The advent of fully electric AWPs is gaining traction in indoor applications, and the aerial work platform industry is projected to grow in the future.

Global Aerial Work Platform Market Definition

An aerial work platform, also known as an elevating work platform, cherry picker, aerial device, bucket truck, or mobile elevating work platform, is a mechanical device used for providing temporary access for people or equipment to inaccessible areas, usually at height.

Global Aerial Work Platform Market Dynamics

Drivers: Reduction in accidents and improved safety

Working on heights is an extremely risky task, especially in outdoor activities such as construction, maintenance, utilities, and others. Previously, these activities were conducted using non-mechanical devices such as ladders, wooden scaffolding, and others. However, with the development in aerial work platforms, elevating personnel has become much easier. AWPs generally offer a stable working platform against the traditional methods. Although the risk of accidents such as electrocuting and tipping is possible on AWPs, operation of the equipment by trained professionals can reduce the risk of accidents significantly. Factors such as operator training, experience, inspection of the equipment, analysis of possible accidents, and others can assist in achieving better safety while using aerial work platforms. Thus, the reduction in accidents and improved safety offered by aerial work platforms over traditional methods drives the market growth of the aerial work platform.

Restraints: High price of aerial work platforms

Aerial work platforms are complex work equipment with respect to other means of elevation equipment. Thus, aerial work platforms are more expensive than its alternatives. For instance, the average price for scissor lifts can be $5,000 to $80,000, depending upon the brand, type of engine, lifting weight, lifting weight, and other factors. This restrains its penetration for small- and medium-sized companies, which do not require AWP on daily basis or have lower project costs. Thus, the high price of aerial work platforms hinders the growth of the aerial work platform market.

Scope of the Global Aerial Work Platform Market Research Report

The study categorizes the aerial work platform market based on type, operation, lift height, end-users, and regions.

By Type Outlook (Sales, USD Million, 2017-2030)

• Boom Lifts
• Scissor Lifts
• Vehicle Mounted Platforms
• Others

By Operation Outlook (Sales, USD Million, 2017-2030)

• Fuel-powered
• Electric
• Hybrid

By Lift Height Outlook (Sales, USD Million, 2017-2030)

• Less than 20 Feet
• 20 to 50 Feet
• 50 to 70 Feet
• Above 70 Feet

By End-Users Outlook (Sales, USD Million, 2017-2030)

• Construction
• Utilities
• Logistics & Transportation
• Others

By Region Outlook (Sales, USD Million, 2017-2030)

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The boom lifts segment is projected to account for the largest market share, by type

By type, the aerial work platform market is classified into scissor lift, boom lift, vehicle-mounted platform, and others. In 2021, The boom lifts segment was the highest contributor to the market, with 61.0% of share in the global aerial work platform market. A boom lift consists of a bucket or a platform attached to a hydraulic lift system, which is further attached to a grounded base. Boom lifts are available as telescopic boom lifts and articulating boom lifts or knuckle lifts.

There are various advantages of boom lifts over scissor lifts that assist them in gaining a significant share in the aerial work platform market. Boom lifts offer the highest reach than any other aerial work platforms. For instance, the China-based manufacturer, Sinoboom offers the GTZZ46EJ articulating boom lift, which is claimed to be the highest reaching articulating boom lift in the aerial work platform market. It provides a working height of 153 feet and is specially designed for heavy-duty applications in the petrochemical sector.

Asia Pacific accounts for the highest CAGR during the forecast period

Based on region, the aerial work platform market is segmented into five key regions North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 9.1% in the global aerial work platform market during the forecast period. Asia-Pacific includes China, India, Japan, and the Rest of Asia-Pacific. China and Japan own the maximum share within the aerial work platform market in the region.

North America is the fastest-growing region, after the Asia Pacific. The U.S. was the largest consumer of aerial work platforms, especially due to various local and international players in the country, such as JLG Industries Ltd. (Oshkosh Corporation), Genie (Terex Corporation), and others. Moreover, the well-established construction and utility industry promotes the demand for aerial work platforms in the country. Moreover, Canada is expected to drive the demand for scissor lifts due to developing a supply chain hub. The availability of transportation infrastructures such as roads, water, and railways has enhanced the logistics industry in the country. This is expected to drive the region's demand for aerial work platforms.

Key Market Players

The aerial work platform market is semi-fragmented with various manufacturing and distribution industry players. These players have been adopting various strategies to gain higher shares or to retain leading positions in the market. Top winning strategies are analyzed by thoroughly studying the leading players in the aerial work platform market. Comprehensive analysis of various companies' recent developments and growth curves helps understand the growth strategies and their potential effect on the market.  

The key market players profiled in the report include Aichi Corporation, Altec Inc., Haulotte Group, J.C. Bamford Excavators Limited, Niftylift (UK) Limited, Oshkosh Corporation (JLG Industries, Inc.), Skyjack (Linamar Corp.), Terex Corporation (Genie), Teupen, and Zhejiang Dingli Machinery Co., Ltd.

Recent Developments

• In March 2021, Haulotte partnered with Sopadep S.A. based in French Polynesia. Sopadep is a construction and automobile company. It will be responsible for Haulotte’s training, sales, and service support activities in the country.
• In March 2021, Linamar, through its brand Skyjack, launched four new products at a self-hosted virtual tradeshow.
• In January 2021, Oshkosh, through its brand JLG, introduced the new 450AJ HC3 boom lift. The HC3 offers 45-ft. platform height and 25-ft. horizontal reach. In addition, the HC3 is available in three capacity zones, including 660 lbs., 750 lbs., and 1,000 lbs.
• In November 2020, Niftylift launched the all-electric range of mobile elevating work platforms (MEWPs). The all-electric self-propelled MEWPs offer high efficiency and zero emissions during operations.

Key Issues Addressed

• What is the market size by various segmentation of the aerial work platform by region and its respective countries?
• What are the customer buying behavior, key takeaways, and Porter's 5 forces of the aerial work platform market?
• What are the key opportunities and trends for manufacturers involved in the aerial work platform supply chain?
• What are the fundamental dynamics (drivers, restraints, opportunities, and challenges) of the market?
• What and how regulations, schemes, patents, and policies are impacting the growth of the market?
• What are the upcoming technological solutions influencing market trends? How will existing companies adapt to the new change in technology?
• The market player positioning, top winning strategies by years, company product developments, and launches will be?
• How has COVID-19 impacted the demand and sales of aerial work platform in the global market? Also, the expected BPS drop or rise count of the market and market predicted recovery period.
• Detailed analysis of the competitors and their latest launch, and what are the prominent startups introduced in the target market? Also, detailed company profiling of 25+ leading and prominent companies in the market.