The aerial work platform market is focused on equipment used for various applications including construction, maintenance, and repairs carried out at heights. Skyjack, JLG Industries, Inc., Haulotte Group, Linamar Corporation, Terex Corporation, Oshkosh Corporation, Tadano Ltd., Platform Basket, Zhejiang Dingli Machinery Co., Ltd. are some of the major players in the aerial work platform market. Aerial work platforms offer advantages like enabling workers to safely perform tasks at elevated heights, reducing injury risks and improving productivity. The growing need for rental equipment to carry out maintenance works and expand infrastructure is a major driver for AWP demand.
Global Aerial work platform (AWP) Market is valued at US$ 9.81 Billion in 2022, exhibiting a compound annual growth rate (CAGR) of 9.1% from 2023 to 2030.
Key Takeaways
Key players operating in the aerial work platform market are Skyjack, JLG Industries, Inc., Haulotte Group, Linamar Corporation, Terex Corporation, Oshkosh Corporation, Tadano Ltd., Platform Basket, Zhejiang Dingli Machinery Co., Ltd. These players are focusing on new product launches and strategic partnerships to gain higher market shares.
There is a high potential for Aerial work platform (AWP) Market share in infrastructure development, building maintenance, and construction activities across developing regions. Rising investments in smart city projects, transport networks and renewable energy sectors in Asia Pacific and Latin America provide lucrative opportunities.
Leading AWP manufacturers are expanding globally with new production, service and sales facilities. For example, JLG Industries has a strong network of over 600 dealers in more than 130 countries. It aims to further penetrate growth markets like India, Brazil and Africa. Terex too has manufacturing plants and regional headquarters in various regions to better serve international clients.
Market drivers
Increased infrastructure investments- Growing construction of buildings, bridges, roads, ports etc. fueled by post-pandemic stimulus packages drive the need for versatile AWPs.
Stringent workplace safety regulations- Regulations mandating the use of equipment for working at heights to prevent accidents have boosted the compliant AWP market.
Market restrain
High production and maintenance costs- Manufacturing aerial work platforms involves advanced technical components, increasing production costs. Regular maintenance and repairs also burden operating costs.
Segment Analysis
The aerial work platform (AWP) market can be segmented by product type and end use. By product type, the boom lifts segment dominates as it provides accessibility to elevated working areas both indoors and outdoors. Boom lifts offer adjustable platform heights, making them suitable for applications involving maintenance, construction, and installation work. Scissor lifts are another major segment as they are compact, stable, and easy to operate even in confined workspaces.
Within the end-use segment, the construction industry is a key consumer of AWPs. The rising construction of bridges, roads, infrastructure, and commercial & industrial buildings globally has increased the demand for boom and scissor lifts for various construction activities. Utilities such as electricity, telecommunication also extensively use AWPs for overhead line works, installation & maintenance of transformers. AWPs provide an efficient and safer alternative to ladders for tasks carried out at overhead heights.
Global Analysis
Regionally, Asia Pacific exhibits high growth potential led by China, India. Rapid urbanization and infrastructure development projects in the region are driving the construction industry's demand. The European region currently holds a significant share led by Germany, UK, France. stringent workplace safety regulations and growing construction sector in Europe augment the market. North America is another major regional market led by the US. Presence of leading manufacturers and recovery of the construction industry post-recession are aiding growth. Rising adoption of rental and leasing business models especially in emerging markets also supports the industry's expansion.
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