Aerial work platform market is expected to grow at a steady pace from 2022 to 2030 – The Bollywood Ticket

The description

According to the Market Statsville Group, the global aerial work platform market the size should go from $8.5 billion in 2021 for $15.4 billion by 2030at a CAGR of 7.7% from 2022 to 2030. The boom in the construction industry is one of the major drivers of the aerial work platform market. The construction industry in developing countries like India, Brazil and others has a lot of promise in the near future, which is pushing the demand for aerial work platforms. Aerial platforms are also in high demand due to the large number of accidents caused by faulty assembly of scaffolding and the risk of falling. The AWP provides a safe and stable platform for the operator, which reduces fatalities on site and improves the quality of work. Additionally, strong demand from China and other Asian countries is propelling 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 is expected to increase the demand for AWP, propelling the aerial work platform market forward.

However, advancements in battery technology are expected to bring new growth potential for the aerial work platform industry. The advent of all-electric AWPs is gaining momentum in indoor applications, and the aerial work platform industry is expected to grow in the future.

Global Aerial Work Platform Market Definition

A aerial work platformalso known as an elevating work platform, boom lift, aerial device, bucket truck, or mobile elevating work platform, is a mechanical device used to provide temporary access to people or equipment in inaccessible areas, usually high.

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Global Aerial Work Platform Market Dynamics

Drivers: Reduction of accidents and improvement of safety

Working at height is an extremely risky task, especially in outdoor activities such as construction, maintenance, utilities and others. Previously, these activities were carried out using non-mechanical devices such as ladders, wooden scaffolding and others. However, with the development of aerial work platforms, lifting personnel has become much easier. AWPs generally offer a stable working platform compared to traditional methods. Although the risk of accidents such as electrocution and tipping over are possible on AWPs, the use of the equipment by trained professionals can significantly reduce the risk of accidents. Factors such as operator training, experience, equipment inspection, analysis of possible accidents, and others can help improve safety when using aerial platforms. Thus, the reduction in accidents and improved safety offered by aerial work platforms over traditional methods are driving the growth of the aerial work platform market.

Constraints: High price of aerial work platforms

Aerial platforms are complex work equipment compared to other means of elevation. Thus, aerial platforms are more expensive than its alternatives. For example, the average price of scissor lifts can be $5,000 to $80,000, depending on the brand, engine type, lift weight, lifting weight, and other factors. This limits its penetration for small and medium enterprises, which do not need AWP on a daily basis or have lower project costs. Thus, the high price of aerial work platforms is restraining the growth of the aerial work platform market.

Scope of the Global Aerial Work Platforms Market Research Report

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

By Outlook type (Sales, million USD, 20172030)

By Outlook operation (Sales, million USD, 20172030)

  • Gasoline
  • Electric
  • Hybrid

By Lifting Height Outlook (Sales, million USD, 20172030)

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

From end-user perspectives (Sales, million USD, 20172030)

  • Construction
  • Utilities
  • Logistics & Transportation
  • Others

Outlook by region (Sales, million USD, 20172030)

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

The lifting platform segment is expected to account for the largest market share, by type

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

Boom lifts have various advantages over scissor lifts that help them grab a major share of the aerial work platform market. Aerial work platforms offer the greatest reach of any other aerial work platform. For example, the Chinese manufacturer Sinoboom offers the GTZZ46EJ articulated boom lift, which is considered the highest articulated boom lift in the boom lift market. It offers a working height of 153 feet and is specially designed for heavy-duty applications in the petrochemical sector.

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Asia Pacific represents the highest CAGR over the forecast period

Based on region, the aerial work platform market is segmented into five key regions North America, AsiaPacific, Europe, South America, Middle East and 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 Rest of Asia-Pacific. China and Japan hold the maximum aerial work platform market share in the region.

North America is the fastest growing region after Asia-Pacific. The United States 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 is driving the demand for aerial work platforms in the country. Additionally, Canada is expected to drive the demand for scissor lifts due to the development of a supply chain hub. The availability of transport infrastructure such as roads, water and railways has enhanced the logistics industry in the country. This is expected to boost the region’s demand for aerial work platforms.

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Main market players

The aerial work platforms market is semi-fragmented with various players in the manufacturing and distribution industry. These players have adopted various strategies to gain higher shares or maintain leading positions in the market. Top winning strategies are analyzed by thoroughly studying the major players in the Work Lifts market. A comprehensive analysis of recent developments and growth charts of various companies helps in understanding growth strategies and their potential effect on the market.

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