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  • Aerial Work Platform Market Growth & Forecast Analysis | 2023-2028

    Aerial Work Platform Market Growth & Forecast Analysis | 2023-2028

    Aerial Work Platform Market Growth & Forecast Analysis | 2023-2028
    Report code - SRCE214 Delivery - 2 Weeks
    Aerial Work Platform Market Size, Share, Trends, Dynamics, Growth, & Forecast Ana See more...

    Market Insights

    The aerial work platform market was estimated at USD 17.59 billion in 2022 and is likely to grow at a CAGR of 6.17% during 2023-2028 to reach USD 25.26 billion in 2028.

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    What is an aerial work platform?

    An aerial work platform (AWP) is a mechanical employed to provide temporary access to unreachable or elevated areas. Also known as aerial lifts or elevated work platforms, these platforms enable users to perform tasks at a certain height with safety. Scissor lifts, boom lifts, vertical mast lifts, etc. are a few types of aerial work platforms.

    COVID-19 IMPACT

    The aerial work platform market witnessed negative growth due to the Covid-19 pandemic in the year 2020. The pandemic has led to supply chain disruptions which ultimately lead to supply shortages and lower demand for the aerial work platform market.

    Aerial Work Platform Market Highlights

    Market Size in 2022

    USD 17.59 billion

    Market Size in 2028

    USD 25.26 billion

    Market Growth (2023-2028)

    6.17% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    There are several factors contributing to the growth of the global aerial work platform sector. Below given are a few -

    • Growing real estate sector – The construction industry is one of the major end-users of aerial work platforms. The global real estate sector is growing rapidly and is expected to grow in the coming years too owing to the growing urbanization. This growth in turn demands more investment in the aerial work platform.
    • Increasing Renewable Energy Projects: The renewable energy sector is growing faster than ever. It is estimated that by 2035, renewables will generate 60 percent of the world’s electricity. Wind farms, solar installations, etc. are growing rapidly to meet this demand. Aerial work platforms are utilized for maintenance and installation tasks in these projects contributing to the global aerial work platform market growth.
    • Growing electric aerial work platform demand – Construction projects are growing rapidly and worldwide, there has been a demand for zero-emission control work solutions, and hence the electric aerial work platforms are increasing. Recently, in May 2023, JCB launched a full electric boom lift and updated its hydraulically driven scissor range with six electric drive versions.
    • Rising airport constructions – According to the center for Aviation report published in January 2023, ~225 new airport projects broke the ground. A large number of aerial work platforms are used for cleaning, maintenance, and inspection work during such large-scale work at airport premises. Hence, rising airport projects are expected to lead to the requirement for different types of aerial work platforms.

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    Segment Analysis

    By Product Type

    Based on the product type, the market is segmented as boom lifts, scissor lifts, vertical mast lifts, and personal portable lifts. Boom lifts held the largest share of the market in 2022, due to their versatile nature as they can be used in utilities and construction to storage and shipping industries.

    By End-User Type

    Based on the end-user type, the aerial work platform market is segmented as construction, retail, storage, warehouses, transportation and logistics, and others. The construction segment dominated the market in 2022. Aerial work platforms are majorly used in the maintenance and construction of mining infrastructure and high demand for new infrastructure investment in the metals and mining sector is likely to drive the segment’s market.

    By Engine Type

    Based on the engine type, the aerial work platform market is segmented as electric and engine-powered. The electric aerial work platform segment dominates the market and is likely to grow at an excellent rate in the coming years, due to the increasing demand for maintenance and repair services in the residential construction sector.

    Regional Insights

    In terms of regions, North America dominated the market in 2022, whereas Asia-Pacific is expected to grow at the fastest pace during the forecast period. China and India are the key growth engines of the Asia-Pacific market. Europe is also expected to offer lucrative growth opportunities during the forecast period.

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    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories.

    By Product Type

    • Boom Lifts
    • Scissor Lifts
    • Vertical Mast Lifts
    • Personal Portable Lifts

    By End-User Type

    • Construction
    • Retail, Storage, and Warehouses
    • Transportation and Logistics
    • Others

    By Engine Type

    • Electric
    • Engine-Powered

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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    Key Players

    Some of the major aerial work platform manufacturers are-

    • Advance Lifts, Inc.
    • Aichi Corporation
    • EdmoLift AB
    • Galmon (S) Pte Ltd
    • Haulotte Group
    • JLG Industries
    • Linamar Corporation
    • MEC Aerial Work Platforms
    • Terex Corporation
    • Wiese USA

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Aerial Work Platform Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Market Segmentation

    • Current market segmentation of any one of the product types by end-user type.

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The aerial work platform market was estimated at USD 17.59 billion in 2022.

    The aerial work platform market is likely to reach USD 25.26 billion in 2028.

    The aerial work platform market is expected to witness an impressive growth of 6.17% CAGR in the foreseeable future.

    Advance Lifts, Inc., Aichi Corporation, EdmoLift AB, Galmon (S) Pte Ltd, Haulotte Group, JLG Industries, Linamar Corporation, MEC Aerial Work Platforms, Terex Corporation, and Wiese USA are among the key players in the market.

    Asia-Pacific is expected to grow at the fastest pace in the market during the next five years.

    The major factors contributing to the growth of the market are the growing real estate sector, increasing renewable energy projects, growing electric aerial work platform demand, rising airport constructions.

    An aerial work platform (AWP) is a mechanical employed to provide temporary access to unreachable or elevated areas. Also known as aerial lifts or elevated work platforms, these platforms enable users to perform tasks at a certain height with safety. Scissor lifts, boom lifts, vertical mast lifts, etc. are a few types of aerial work platforms.