Research Nester published a report titled “Aerial Work Platform Market: Global Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the aerial work platform in terms of market segmentation by product and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global aerial work platform market is segmented by product type into boom lifts, scissor lifts, telehandlers/forklifts, vertical mast lifts, and others, out of which, the scissor lifts segment is projected to grab a remarkable market share during the forecast period, i.e., 2020-2028, on account of the numerous benefits of scissor lifts, as compared to the other aerial work platform types. In the year 2019, the segment registered a value of USD 4,052.85 million. The global aerial work platform market, which accounted for USD 10,072.9 Million in the year 2019, is estimated to grow with a CAGR of 5.98% during the forecast period. The market is further expected to garner USD 15,820.83 Million by the year 2028.
Geographically, the global aerial work platform market is segmented into North America, Europe, China and Rest of the World, out of which, the market in North America is anticipated to hold the highest share in the year 2021. Additionally, in the same year, the market in the region is anticipated to register a share of 40.55% for the new demand for aerial work platforms. Alternatively, a share of 41.18% in the year 2021, is projected for the replacement demand for aerial work platforms in North America.
Increasing Construction Activities Worldwide to Propel the Market Growth
With the growing urbanization around the globe, the number of construction activities is also growing at a massive pace. The old civil infrastructures, which require repair and maintenance, and need for building new buildings, such factors are raising the need for the utilization of aerial work platforms, which in turn is anticipated to drive the market growth. On the other hand, the growing concerns for safety at workplaces and the increasing number of accidents caused due to working at significant heights, is raising the need amongst the construction companies to adopt safe aerial work platforms. Companies which had old platforms, are now replacing them with the modern AWPs owing to the stringent government norms for workplace safety and in order to reduce the chances of an accident.
However, unavailability of skilled labors who can operate aerial work platforms in a safe manner, is anticipated to hamper the market growth during the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global aerial work platform market which includes company profiling of Terex Corporation (NYSE: TEX), JLG Industries (Oshkosh Corporation, Inc.) (NYSE: OSK), Skyjack (Linamar Corporation) (TSE: LNR), Zhejiang Dingli Machinery Co, Ltd. (SHA: 603338), Haulotte Group SA (EPA: PIG), Calcanto Werbeagentur, Niftylift (UK) Limited, Manitou BF (EPA: MTU) and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global aerial work platform market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.