The market for aerial work platforms is expanding gradually and is anticipated to grow at a CAGR of about 6% through 2032. By 2022, the market is predicted to be worth US$ 9.3 billion, according to the analysis. Boom lift preference will continue to dominate, with an absolute opportunity valued at US$ 16.6 billion during the forecast period.
Given the downturn in global construction output during the first half, aerial work platform sales significantly decreased as the coronavirus pandemic unfolded through 2020. Residential and non-residential construction activities decreased by 27% and 38.7%, respectively, according to the Bureau of Economic Analysis.
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Key Takeaways from Fact.MR’s Aerial Work Platforms Study
- By product type, scissor lifts to enjoy substantial market share, attributed to longer lifespans and quiet working environment
- Construction industry to remain primary end-use segment, mining and agriculture to emerge as some of the other application areas
- U.S likely to account for nearly two-fifths of the revenue share by 2021
- U.K to experience modest Y-o-Y growth, attributed to declining construction output by over a third due to the pandemic crisis
- Stimuli packages unfurled by governments to render French and German markets stable
- Immense growth opportunities likely to present themselves in the Chinese, Japanese and Korean markets
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 trucksare 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
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How will be insights and market estimations provided in the Fact.MR report on the Demand of Aerial Work Platforms make a difference?
- The study takes a closer look at the major economic turmoil, with a focus on the recent COVID-19 pandemic disruptions
- The assessment of key growth dynamics highlights the attractiveness of new automation technologies and offers readers insight on the prospect of these during the forecast period
- The study tries to offer a balance perspective of the opportunities in mature and the most lackluster markets
- Provides scrutiny of the industry trends that have shaped recent government policies
- Provides an account of major breakthroughs in all segments that might change the course of the market considerably
- Provides an incisive analysis of socio-political milieu in which the key markets operate, and how will that influence the lucrativeness of the overall Aerial Work Platforms Market
- Analyzes how collaborations and partnerships among players from different industries shape the key growth dynamics in the near future
- Evaluates the role of various stages of funding on new growth avenues in key regional markets
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