The global Aerial Work Platform (AWP) Truck Market was valued at US$ 11643.3 Million in 2021 and is expected to surpass US$ 29747.7 Million by 2030, registering a CAGR of 11.2% during the forecast period (2022-2030), according to the Global Aerial Work Platform (AWP) Truck Market, By Type (Boom lifts, Scissor lifts, Vertical mast lifts, and Personal portable lifts), by Power Type (Electric and Engine Powered), By Platform (Below 10 M, 10-20 M, 20-30 M, and Above 30 M), By Application (Rental, Construction and Mining, Government, Telecommunication, Transportation & Logistics, Utility, and Others), by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa), published by Coherent Market Insights.
The rising popularity of rental 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. Rental companies are offering cheap and easy renting options to buyers compared to direct 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. Aerial work platform manufacturers are generating majority of their revenue through rental companies. Aerial work platform manufacturers are focusing on strategic partnerships with rental companies to increase their market share. Rental companies are offering value-added services and training courses which are expected to drive demand for rental services.
Furthermore, the rapid expansion of the construction industry is expected to drive the growth of the global aerial work platform market during the forecast period. The construction industry has witnessed significant growth in the recent past, especially in emerging economies such as China and India owing to increasing disposable income, rapid urbanization, and industrialization. As a result, demand for aerial work platform (AWP) trucks has increased in these countries. According to the National Bureau of Statistics (NBS), in China, the rural and urban per capita disposable income reached US$ 5,658.45 from US$ 2,107.2 in 2018. The development of firefighter equipment and machinery is driving market growth. These factors are expected to drive the growth of the global aerial work platform (AWP) truck market during the forecast period.
Key Developments
- Major companies are focused on new product development, in order to expand their product portfolio. For instance, in August 2022, Dinolift, a mobile elevating work platforms manufacturer, has launched DINO RXT Series an all-electric aerial work platform truck to their fleet.
Global Aerial Work Platform (AWP) Truck Market- - Impact of Coronavirus (Covid-19) Pandemic:
Several countries have been affected by the COVID-19 pandemic and governments have implemented nationwide lockdowns. Moreover, several industries had witnessed a significant shift in their businesses. Construction and logistics companies had been directly affected by the COVID-19 pandemic due to shortage of manpower and supply of raw materials. And also due to pandemic, demand and price of crude oil has fallen. In March 2020, the price of crude oil decreased from US$ 61.06 to US$ 23.36 in the U.S. Additionally, every country has banned international and domestic travel and which has hampered demand for aerial work platform (AWP) trucks as these are used for maintenance and safety of aircraft.
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Key Trends and Analysis of the Global Aerial Work Platform (AWP) Truck Market:
- North America held dominant position in the global aerial work platform (AWP) truck market in 2021 and is expected to retain its dominance throughout the forecast period due to implementation of regulations for worker safety by government agencies, increasing maintenance and construction activities in the region, and investments in the manufacturing of AWP trucks.
- Asia Pacific is expected to exhibit significant growth during the forecast period due to increase in population, and urbanization in the region. According to the World Bank report, the population in India reached US$ 1,341.0 million in March 2020, from 1,327.0 million in March 2019.
- Based on product, the boom lift segment held a dominant position in the market in 2021 and is expected to retain its dominance during the forecast period due to the increasing use of these lifts in tricky or limited space areas. There are many benefits offered by boom lifts such as compact design, additional platform height, mobility and others. For instance, in December 2016, Snorkel, a manufacturer of aerial work platforms launched mid -size Telescopic Boom LIFT that provide durability, loaded with innovative features and offer excellent rough terrain performance.
- Major players operating in the global aerial work platform (AWP) truck market are XCMG Group, SANY Group, Zoomlion Heavy Industry Science&Technology Co., Ltd., AICHI CORPORATION, Altec Industries, Bronto Skylift, Hunan RUNSHARE Heavy Industry Company, Ltd., Dinolift, HAULOTTE GROUP, Hunan Sinoboom Intelligent Equipment Co, Ltd., JLG Industries, Inc., Manitou Group, Niftylift (UK) Limited, Skyjack, Zhejiang Dingli Machinery Co, Ltd., Linamar Corporation, Manitex International
