Aerial Work Platforms Market Recent Trends and Growth 2022-2032
Global aerial work platforms market size stood at around US$ 9,614.3 Mn in 2021, and is set to expand at a CAGR of 6.3% during the forecast period from 2022 to 2032. The global market is anticipated to reach a valuation of US$ 18,658.0 Mn by 2032.
According to FMI, China is predicted to generate an additional opportunity worth more than US$ 1.5 billion over the next ten years. With the county’s population expected to grow, there will likely be a lot of construction activities, which will increase the demand for efficient platforms for elevated construction. In order to provide a self-contained work platform for a variety of maintenance and construction tasks, including arboriculture, global aerial work platforms are frequently used. It is also used to launch intensive overhead line maintenance work in the power and telecommunications sectors.
Over the next ten years, manufacturers doing business in China can anticipate new growth opportunities due to the country’s expanding aerial work platform rental industry and rising construction spending.
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With the completion of infrastructure projects and the growth of the regional economies in the Middle East and Africa, aerial access tools like scissor lifts are becoming more prevalent. Aerial work platform sales are increasing as more infrastructure projects are implemented in urban and rural areas to meet the soaring demand from the expanding population globally.
Aerial work platforms are in high demand across all sectors, but particularly in manufacturing and general infrastructure. Due to their advantages, these platforms are anticipated to be adopted by both small and large construction companies, as well as maintenance personnel and agents.
However, lack of experienced machine operators and high equipment acquisition prices may hamper demand for aerial work platforms in the next decade.
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Key Takeaways: Aerial Work Platforms Market
- The global aerial work platforms market holds about 12% of the global crane market share.
- From 2012 to 2021, the market for aerial work platforms exhibited 8% CAGR.
- The U.S. held around 3% of the North America aerial work platforms market share in 2021.
- China is expected to create an incremental opportunity of more than US$ 1.5 Bn in the coming decade.
- By product type, the scissor lifts segment is estimated to account for more than 32% of the global aerial work platforms market share by 2032.
“Increasing demand for rental aerial work platforms among construction companies to reduce initial purchasing and maintenance costs is expected to augment the global market,” says a Future Market Insights analyst.
Competitive Landscape: Aerial Work Platforms Market
The aerial work platforms market is highly competitive and is dominated by various international and domestic companies offering competitively priced products. Key players are also focusing on product innovations to expand their geographic presence and strengthen their positions in the global market.
- In August 2022, Manitex International, Inc. started the delivery of nearly 200 oil & steel aerial work platforms to Enel, LLC. The equipment will be utilized for supporting the latter’s power-line maintenance fleet.
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Get More Insights on Aerial Work Platforms Market:
According to FMI, the market research report offers an impartial analysis of the aerial work platform market which contains a global industry analysis for 2012–2021 and market forecasts for 2022–2032. The research report analyzes on global aerial work platform market through different categories. The global market analysis of the aerial work platform provides pricing information through various life cycle studies, product life cycle, key market developments, and innovations that are being introduced in the development of the aerial work platform and product acceptance in various end-use.
The global market was divided into various segments, including product type (boom lifts, scissor lifts, vertical mast lifts, and push around & spider lifts), fuel type (gas or diesel, electric, and hybrid), platform height (below 10 meters, 10 to 20 meters, 20 to 30 meters, and above 30 meters), sales channel (OEM and rental service providers), and end use (construction, mining, transportation & logistics, manufacturing, and aerospace & defense) across seven regions in the world.
Aerial Work Platforms Market Outlook By Category
By Product Type:
- Boom Lifts
- Trailer Mounted
- Scissor Lifts
- Vertical Mast Lift
- Double Mast AWP
- Single Mast AWP
- Push Around and Spider Lifts
By Fuel Type:
- Gas / Diesel
By Platform Working Height:
- Below 10 Meters
- 10 to 20 Meters
- 20 to 30 Meters
- Above 30 Meters
By Sales Channel:
- Rental Service Providers
By End Use:
- Transportation and Logistics
- Aerospace and Defence