The global aerial work platforms market, the market is gaining traction steadily, expected to ascend at around 6% CAGR through 2032. As per the report, the market is likely to be valued at US$ 9.3 Bn by 2022. Preference for boom lifts will remain dominant, with a predicted absolute opportunity worth US$ 16.6 Bn during the forecast period.
The market is driven by a rise in the number of construction projects worldwide, especially in developing countries, growth of the oil and gas sector, and advancements in technology that are leading to the development of more efficient and cost effective aerial work platforms. The rising demand for rental solutions is also expected to have a positive effect on the market over the forecast period. Moreover, the rising demand for aerial work platforms with enhanced safety features, increasing inclination towards automation, and growing need for energy infrastructure are some of the key factors that are likely to drive the market during the forecast period.
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Market Development:
Factors, such as the growing demand for rental services of aerial work platforms, rapid urbanization, growing infrastructure activities in developing countries, and increasing use of telehandlers in the agricultural industry, are expected to drive the market studied. However, the outbreak of COVID-19 is expected to hinder the market’s growth in 2020. The rental model segment is expected to dominate the market studied during the forecast period, due to the growing demand for rental equipment among end-users. Rental models provide flexible solutions to end-users, which is expected to further support the market’s growth.
Market Opportunities:
The rising demand for aerial work platforms in the ropeway construction and maintenance is expected to offer opportunities for the aerial work platforms
Key Companies Profiled in this Report:
- Skyjack
- Snorkel
- JLG Industries
- Genie
- Haulotte Group
- Manitou Group
- Aichi Corporation
- Cormach
- Xtreme Manufacturing
- Tianjin China Resources Group
Competitive Landscape
Key players involved in the market are rigorously investing in the development and launches of new products to gain a competitive advantage and expand their consumer base. Mergers & acquisitions along with diversification of product portfolios are key business strategies implemented by participants in the industry.
- In September 2021, JLG Industries, Inc. announced the launch of the JLG® 670SJ self-leveling boom lift, equipped with JLG’s exclusive and patented self-leveling technology. The 670SJ is engineered to automatically adapt to terrain on slopes up to 10 degrees in any direction, while driving with full functionality at a class-leading 67-ft platform height.
- In March 2021, MEC Aerial Work Platforms introduced its newest product line of vertical mast lifts; the MEC Mast Electric (MME) Series. The MME Series leads with direct electric drive for high efficiency, longer duty cycles, and higher product residual value. It offers two heights to choose from: the MME20 with a platform height of 20 feet and the MME25 with a non-rotating vertical mast lift platform height of 25 feet.
- Zhejiang Dingli Machinery Co., Ltd. acquired 24% of Trupen’s stock rights in August 2020. Trupen is a dominant player in spider Aerial Work Platform design, research, development, industrial production, and marketing.
- Terex Corporation introduced the ‘Genie® Z-45 Substation Utility Boom,’ a mobile elevated work platform, in January 2021. It is specifically built for power substation tasks where an insulated device is necessary but conventional bucket trucks are not permitted.
Key Segments Covered in Aerial:
· By Product:
- Scissor Lifts
- Boom Lifts
- Other AWPs
· By End Use Industries:
- AWP Rental Service Providers
- End Use Industries
- Construction
- Entertainment
- Commercial Uses
- Manufacturing
- Others (Public Administration, Mining, Agriculture, etc.)
· By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- APEJ
- Japan
- Middle East & Africa
Key Questions Covered in the aerial work platforms Market Report:
- What was the aerial work platforms Market size in 2022 and 2032; what are the estimated growth trends and market forecast;
- What will be the CAGR of the aerial work platforms Market during the forecast period (2022-2023)?
- Which segments (product type/applications/end-user) were most attractive for investments in 2022? How these segments are expected to grow during the forecast period (2022-2032).
- Which manufacturer/vendor/players in the aerial work platforms Market was the market leader in 2022?
- Overview of the existing product portfolio, products in the pipeline, and strategic initiatives taken by key vendors in the Market.