Global Aerial Work Platform (AWP) Market is valued at US$ 10.13 Billion in 2023. By 2030, the market is projected to reach US$ 18.63 Billion, exhibiting a CAGR of 9.1% over the forecast period (2022–2030). By type, (Telescopic, Articulating, Trailer Mounted, Self-Propelled) Scissor Lifts, Vertical Mass Lifts, (Double Mast AWP, Single Mast AWP), Personal Portable Lifts. By Fuel type (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 (Below 10 Meters, 10 to 20 Meters, 20 to 25 Meters, Above 25 Meters); By Application (Construction & Mining, Government, Transportation & Logistics, Utility, Others); By region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa)
Aerial work platform, also known as an aerial machine, bucket truck, or mobile elevating work platform, is a mechanical device that can provide temporary access to inaccessible locations, usually at height, for equipment and people.
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.
Advanced features, including transport and access, as well as electrical outlets and compressed air hookups for power tools, may be found on innovative aerial work platforms. Additionally, some of the latest platforms are equipped with window glass frames. Operators can frequently be lifted to a working position by underbridge units with the help of these frames.
Global Aerial Work Platform (AWP) Market– Drivers
Growth in E-commerce and Warehousing
The rapid growth of e-commerce and the need for efficient warehousing and logistics operations have increased the demand for aerial work platforms. These platforms are essential for tasks like order picking, inventory management, and high-level racking system maintenance in warehouses. The e-commerce boom, coupled with the expansion of distribution networks, drives the demand for aerial work platforms to optimize operations and improve efficiency.
Expansion of Rental Market
The rental market for aerial work platforms has been expanding steadily due to various factors such as cost-effectiveness, flexibility, and reduced maintenance and ownership responsibilities for end-users. Rental companies offer a wide range of aerial work platforms, making them easily accessible to businesses and contractors. The availability of rental services has significantly contributed to the growth of the Aerial work platform (AWP) Market, as it allows companies to access equipment on a project basis without substantial upfront investments.For Instance,in April 2023 Dubai-based aerial work platform rental firm Manlift Group ( Middle East and Indian subcontinent's leading supplier of Access Platforms on both rental and sales basis) has planned an additional investment of up to 25 Billion euros in India as it is eying massive expansion in the country over the next five years. Manlift India has been operational since 2010 and has already invested up to 70 Billion euros in the country by replacing machinery of the equivalent amount.
Global Aerial Work Platform (AWP) Market– Opportunities
Adoption of Electric and Hybrid AWPs
With increasing emphasis on environmental sustainability and reduced carbon emissions, there is a growing demand for electric and hybrid aerial work platforms. These platforms offer lower noise levels, zero emissions, and improved energy efficiency compared to traditional fuel-powered platforms. The shift towards greener technologies presents an opportunity for manufacturers to develop and market electric and hybrid AWPs to cater to the environmentally conscious market.
Technological Advancements
Continuous technological advancements present opportunities for innovation in the Aerial work platform (AWP) Market. Manufacturers can focus on developing advanced features and technologies to enhance the performance, safety, and efficiency of AWPs. This includes integrating artificial intelligence, IoT (Internet of Things), and advanced control systems to provide real-time monitoring, predictive maintenance, and improved operator experience. New materials, such as lightweight composites, can also be explored to develop more compact and versatile platforms
Global Aerial Work Platform (AWP) Market- Restraints
Economic Uncertainty and Volatility
The Aerial work platform (AWP) Market is influenced by economic conditions, and uncertainties in the global economy can impact the market's growth. During periods of economic downturn or instability, investments in construction and infrastructure projects may decline, leading to reduced demand for AWPs. Economic factors such as fluctuating interest rates, inflation, and currency exchange rates can affect the purchasing power of buyers and influence their decisions regarding the acquisition of AWPs.
Global Aerial Work Platform (AWP) Market-Trends
Rising popularity of rental equipment
The rising popularity of rental AWP equipment services is expected to drive the market growth during the forecast period. This is attributed to the presence of several rental providers across the globe. AWP rental companies such as Eagle Rentals Inc., Rental One LLC, and others are offering affordable and easy renting options to buyers compared to direct AWP purchasing methods. This has led consumers to shift their preference to rental operators as they save a huge amount of transportation, maintenance, and operational costs associated with the new machinery equipment.
Self-Propelled Aerial Work Platforms
Absolute Reports says that self-propelled aerial work platforms is a market to watch through 2022. Here technology can be leveraged as well to ensure safety of workers on these platforms.
Global Aerial work platform (AWP) Market- Impact of Coronavirus (Covid-19) Pandemic
COVID-19 has significantly disrupted almost all the industries including construction, mining, transportation, logistics, manufacturing, and others. To combat COVID-19 pandemic, most of the countries had implemented lockdown and are now easing it phase-wise and industry wise. This has significantly impacted manufacturing sector, as the facilities across the globe were temporarily shut down.
North America region is one of the worst effected regions due to COVID-19 pandemic. For instance, according to the U.S. Bureau of Economic Analysis, in month of April to June 2020, the U.S. economy shrank around 32.9% resulting in increased unemployment, shrinking revenue of businesses, and others. Due to COVID-19 pandemic, the demand for aerial work platforms from the end-use industries such as construction, mining, and transportation & logistics has reduced and most of the aerial work platform players experienced disturbance in supply chain mainly in the U.S. and Canada.
Global Aerial Work Platform (AWP) Market: Competitive Landscape
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.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/aerial-work-platform-market-3148
Key Takeaways
Global Aerial Work Platform (AWP) Market is estimated to be valued at US$ 10.13 Billion in 2023 and is estimated to reach US$ 18.63 Billion by 2030 exhibiting a CAGR of 9.1% between 2023 and 2030.
Global Aerial Work Platform (AWP) Market- Recent Developments
In September 2021 JLG Industries, Inc. introduced its new JLG 670SJ self-leveling boom lift. It is equipped with the company’s state-of-the-art patented and exclusive self-leveling technology. The 670SJ is specially engineered to automatically adapt to terrain on slopes up to nearly 10 degrees in any given direction.
In March 2021, MEC Aerial Work Platforms unveiled the MEC Mast Electric (MME) Series, its new product range of vertical mast lifts. The new product line would provide higher product residual value, longer duty cycles, and high efficiency.
In October 2022, a lithium-ion battery option has been made available by Genie for GS E-Drive slab scissor lifts. The device was introduced in response to consumer demand for equipment that is more durable, quieter, and able to resist the rigors of construction sites. Genie lithium-ion batteries were created specifically for MEWPs and have received approval from the unbiased testing laboratory Underwriters Laboratories (UL) for their resistance to fire, electric shock, and explosion. They have undergone reliability and operation in challenging conditions testing.
