AERIAL WORK PLATFORM (AWP) MARKET ANALYSIS

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.

Aerial Work Platform (AWP) is a specialized machine that is used to provide access to difficult and inaccessible areas. The main features of aerial work platforms are high operational efficiency, accessibility to remote areas, and the ability to perform multipurpose operations. Aerial work platforms are frequently utilized for various types of maintenance and construction works, including arboriculture to provide an autonomous work platform. It is also used in the power and telecommunications sectors for initiating intensive overhead line maintenance work.

The increasing number of infrastructure transformation projects across the globe are factors that are expected to drive growth of the global aerial work platform (AWP) market during the forecast period.

Global Aerial work platform (AWP) Market- Regional Insights

The Aerial work platform (AWP) Market size of North America is expected to increase during the forecast period owing to the rise in investment in the construction of commercial and residential buildings in the region. The IT and telecommunication industry is growing rapidly in the region. Aerial work platforms are being used for building telecommunications towers and aerial maintenance and repair operations. The rapid development of the logistics & supply chain sector has led to the growth in the establishment of warehouses, distribution centers, and retail outlets. This is expected to drive the demand for aerial work platforms in North America.

Asia Pacific is anticipated to record significant market expansion during the forecast period, owing to the rise in construction activities in developing economies such as India and China.

Figure 1. Global Aerial work platform (AWP) Market Share (%), By Region, 2022

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Global Aerial work platform (AWP) Market- Impact of Coronavirus (COVID-19) Pandemic

The COVID-19 pandemic severely hampered the market demand for AWP in 2020, as end-use industries such as construction and transportation & logistics came to a standstill during the peak of the pandemic. However, the recovery of the economy from the pandemic has enabled companies to increase their production capabilities and thus overcome market limitations.

Global Aerial work platform (AWP) Market– Drivers

Growing Construction and Infrastructure Development

The Aerial work platform (AWP) Market is strongly influenced by the construction industry's growth and infrastructure development worldwide. As construction projects become more complex and buildings reach greater heights, the need for aerial work platforms increases. These platforms provide safe and efficient access for workers and equipment, enhancing productivity and speeding up construction timelines. For instance, in 2022, the Indian Union budget has proposed to spend about US$ 130 billion on infrastructural developments, which, in turn, drives the growth of the Aerial work platform (AWP) Market.

Increasing Demand for Maintenance and Repair

Aerial work platforms play a vital role in maintenance and repair activities across various sectors, including manufacturing, transportation, energy, and utilities. With aging infrastructure and the need for regular inspections, aerial work platforms are extensively used for tasks such as equipment maintenance, painting, cleaning, and inspection. The demand for these platforms is driven by the need to ensure safety and efficiency in these maintenance operations.

Global Aerial work platform (AWP) Market– Opportunities

Focus on Telematics and Data Analytics

The integration of telematics and data analytics in aerial work platforms can provide valuable insights into equipment performance, usage patterns, and maintenance needs. By collecting and analyzing data, companies can optimize fleet management, improve operational efficiency, and reduce downtime. There is an opportunity for manufacturers and rental companies to develop advanced telematics systems and data analytics platforms tailored specifically for AWPs.

Integration with Other Industries

Aerial work platforms can find applications beyond traditional construction and maintenance sectors. There are opportunities to integrate AWPs with other industries such as entertainment, film production, events, and telecommunications. For instance, AWPs can be utilized for setting up temporary structures, stage installations, and film production sets. Exploring partnerships and collaborations with different industries can open up new avenues for growth in the Aerial work platform (AWP) Market.

Global Aerial work platform (AWP) Market– Trends

Rising Construction of Residential and Commercial Buildings

The high purchasing power and rapid growth of middle-class populations in developing nations is anticipated to increase demand for new residential and commercial buildings. As a result, major companies are spending a lot of money to improve their current product lines or develop new ones.

For further developed wellbeing, stage load detecting highlights are being introduced in all gear as per the new ANSI A92.20 necessities, alongside dynamic helper watching for administrator security. It is a significant aspect that is expected to benefit the global market.

CANbus Technology

CANbus technology leverages a combination of sensors and controllers to provide new functions and features for workers. Today, many aerial work platforms have load-sensing capabilities that will disable the lift if the weight is too much.

Global Aerial work platform (AWP) Market– Restraints

Lack of Skilled Operators

Operating an aerial work platform requires specialized skills and training to ensure safe and efficient usage. However, there is often a shortage of skilled operators in the market. Companies may face difficulties in finding qualified personnel, leading to additional training costs and potential delays in projects. The lack of skilled operators can hinder the market growth and adoption of AWPs, especially in regions with limited access to training programs.

Maintenance and Repair Costs

Aerial work platforms require regular maintenance and occasional repairs to ensure optimal performance and safety. These maintenance and repair costs can be significant, particularly for older or heavily utilized equipment. Additionally, specialized parts and components for AWPs may have limited availability or higher costs, further impacting the maintenance expenses. These costs can pose challenges for end users, especially those with tight operating budgets.

Figure 2. Global Aerial work platform (AWP) Market Share (%), By Fuel Type, 2022

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Global Aerial work platform (AWP) Market- Segmentation

Global Aerial work platform (AWP) Market report is segmented into Type, Vertical, and region

Based on Type, the market is segmented into Boom Lifts (Telescopic, Articulating, Trailer Mounted), Scissor Lifts, Vertical Mass Lifts (Double Mast AWP, Single Mast AWP), Personal Portable Lifts.

Based on Fuel Type, the market is segmented into Electric (Boom Lifts, Scissor Lifts, Vertical Mass Lifts, Personal Portable Lifts), Engine Powered (Boom Lifts, Scissor Lifts, Vertical Mass Lifts, Personal Portable Lifts)

Based on Platform Height, the market is segmented into (Below 10 Meters, 10 to 20 Meters, 20 to 25 Meters, Above 25 Meters)

Based on Application, the market is segmented into (Construction & Mining, Government, Transportation & Logistics, Utility, Others)

Electric segment held major market share, owing to growing construction industry supported by global megatrend of urbanization

Global Aerial work platform (AWP) Market: Key Developments

In September 2020, Zhejiang Dingli Machinery Co, Ltd., Machinery industry commercial company launched JCPT2223RTB scissor lift with features such as heavy load, large platform, and high chassis.

In February 2021, HAULOTTE GROUP, major French aerial work platform manufacturer, launched 16m working height electric articulating boom lift for indoor and outdoor applications such as industrial, maintenance, finishing, and renovation jobs.

In August 2022, Zhejiang Dingli Machinery Co. Ltd. (designs and manufactures industrial lifts) launched a new electric boom lift. This lift is flexible, efficient, and durable. It offers a high lifting capacity with a maximum height of up to 196 meters.

In March 2022, Haulotte Group (major French aerial work platform manufacturer), signed a partnership with Jungheinrich AG, a leading player in material handling equipment and aerial lift products. This partnership aims to introduce new service centers in Norway.

In November 2022, two new rough terrain scissor lifts from the top heavy equipment manufacturer, XCMG, were added to the product portfolio of CanLift Equipment Ltd. the aerial equipment and material handling company. The XCMG XG4390RT and XG5390RT scissor lifts would be available for purchase as well as rental right away through CanLift. As the firm uses the most cutting-edge automation production techniques, XCMG equipment offers long-term dependability, excellent quality, and affordable price to ensure that all clients can compete with established manufacturers. According to KHL Group’s “Yellow Table 2021,” XCMG is among the top three construction equipment producers worldwide.

Global Aerial work platform (AWP) Market: Key Companies Insights

Key players operating in the Global Aerial work platform (AWP) Market are Toyota Industries Corporation, CTE, Dinolift, Terex Corporation, Haulotte Group, Holland Lift International bv, Hunan Sinoboom Heavy Industry Co. Ltd., IMER International SpA, J C Bamford Excavators Ltd., Oshkosh Corporation, Linamar, Manitou Group, MEC, Niftylift (UK) Limited, PALFINGER AG, Snorkel, SOCAGE, Tadano Ltd., TEUPEN, Zhejiang Dingli Machinery Co, Ltd., and Zoomlion Heavy Industry Science & Technology Co., Ltd.

*Definition: Aerial work platform (AWP) is a specialized machine that is used to provide access to difficult and inaccessible areas. The main features of aerial work platforms are high operational efficiency, accessibility to remote areas, and the ability to perform multipurpose operations.