Global aerial work platform market growth is projected to receive a boost by the factors such as rising infrastructure facilities in developing nations and increasing adoption of advanced time saving equipment in order to reach inaccessible zones.
Further, the global market of aerial work platform is believed to register a CAGR of 6.2% over the forecast period i.e. 2016-2023 on the back of economic growth in developing nations especially in Asian countries. The aerial work platform market is expected to garner USD 14.2 Billion by 2023, globally.
Rapid growth in building construction and rising urbanization with rapid pace, Asia-Pacific region is estimated to witness the highest growth during the forecast period i.e. 2016-2023 across the globe. Moreover, presence of growing economies such as China, Japan, India, South Korea along-with their growing need of better infrastructure facilities are expected to expand the demand for aerial work platform in near future.
Growth Building construction: Structural Growth
Rapid expansion in infrastructure and building construction across the globe, advancements in telecommunication sector, growth in power sector and urbanization across the globe are some of the major catalysts which are expected to swell the demand of aerial work platform across the globe over the forecast period i.e. 2016-2023. Increasing large projects for better infrastructure facilities and construction of skyscrapers across the globe are expected to foster the growth of aerial work platforms in near future.
Introduction of advanced and safe aerial work platform, increasing demand for high-end aerial work platforms, growing maintenance, repair and installation activities in numerous sectors such as power and telecommunication sector are some of the key elements which are expected to bolster the demand for aerial work platform in near future.
On the other hand, high cost of aerial work platforms, lack of skilled machine specific engineers, technicians and operators, unawareness in underdeveloped nations and high maintenance cost of aerial work platforms are the major factors hindering the growth of aerial work platform market across the globe.
The report titled "Global Aerial Work Platform Market Outlook 2023";delivers detailed overview of the Global Aerial Work Platform Market in terms of market segmentation by Mechanism type, by Product type, by Fuel type, by platform height, and by End-user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the vendors of the Global Aerial Work Platform Market which includes company profiling of Aichi Corporation, Time Benelux, Teupen, Ruthmann, and Bronto Skylift, etc. 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 on 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.
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