Aerial Work Platform Market Growth Analysis | 2023-2028

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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Market Dynamics

Introduction

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.

Market Drivers

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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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

Note: The above list does not necessarily include all the top players in the market.

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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, as well as in the 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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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s aerial work platform market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• 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 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

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 market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

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 aerial work platform 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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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.

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