Aerial Work Platform Market
Aerial Work Platform Market Segmentation by Product Type (Boom Lifts, Scissor Lifts, Telehandlers/Forklifts, Vertical Mast Lifts, And Others) - Global Demand Analysis & Opportunity Outlook 2028
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Aerial Work Platform Market Segmentation by Product Type (Boom Lifts, Scissor Lifts, Telehandlers/Forklifts, Vertical Mast Lifts, And Others) - Global Demand Analysis & Opportunity Outlook 2028
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In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
An aerial work platform (AWP) is a mechanical device which is used for providing temporary access to people or equipment in unapproachable areas. Also known as an elevating work platform (EWP), aerial device, mobile elevating work platform (MEWP) or bucket truck, these equipment include lifts, scissor lifts, boom lifts, articulated boom lifts and vertical lifts among others. In the year 2019, the global aerial work platform market accounted for USD 10,072.9 Million and is estimated to garner USD 15,820.83 Million by the year 2028 at an expected CAGR of 5.98% during the forecast period, i.e., 2020-2028. Additionally, the fleet size of aerial work platforms recorded in the year 2019 was 1,605.93 thousand.
The global aerial work platform market is segmented by region into North America, Europe, China and Rest of the World. Among these regions, the market in North America is anticipated to hold the highest share in the year 2021. For the new demand for aerial work platforms, the market in North America is anticipated to register a share of 40.55% in the year 2021, whereas, for the replacement demand, a share of 41.18% in the year 2021 is expected to be attained. On the other hand, the total fleet size of aerial work platforms in North America is further anticipated to grow with a CAGR of 7.49% during the forecast period.
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The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global aerial work platform market is segmented by product type into boom lifts, scissor lifts, telehandlers/forklifts, vertical mast lifts, and others. Among these segments, the scissor lifts segment, which accounted for USD 4,052.85 million in the year 2019, is estimated to hold a significant share of the market. Scissor lifts possess numerous benefits over other aerial work platforms, such as, it can operate in rough terrains as it provides high-power performance. Additionally, the replacement demand for scissor lifts is anticipated to grow with a CAGR of 10.39% during the forecast period, whereas the new demand for the same is anticipated to fall and reach a value of USD 1082.56 million by the end of 2028.
The market for aerial work platforms is thriving on account of the increasing number of construction activities around the globe and the need for the maintenance of existing civil infrastructures, backed by growing urbanization worldwide and the increasing spending on construction. Aerial work platforms are used by construction companies widely as it can be used to reach heights which is not possible otherwise. These platforms help the civil workers to easily complete their tasks as these platforms allow the operator greater mobility and flexibility, which further contributes to enhanced work efficiency. The organizations in the construction industry use aerial work platforms by purchasing it or taking it on rent. In the recent years, owing to the increasing capitalization costs, there is a rising popularity for rented machineries. On the other hand, the increasing number of equipment rental providers is further adding to the demand for new aerial work platforms. Such factors are anticipated to drive the growth of the global aerial work platform market.
For the maintenance of buildings & infrastructures, for industrial and construction projects, especially for the maintenance jobs at enormous heights, government and private bodies have imposed strict regulations on the use of aerial work platform. Utilization of aerial work platforms reduces the number of casualties as there is no need to move up and down the scaffold. On the other hand, with the fear of the stringent government norms for old aerial work platforms, the platform providers are focusing on upgrading their existing fleet with better machinery. The platforms that are currently available in the market utilize CAN-bus technology, which is known to offer better functions to the workers and also reduces work related casualties. The increasing focus of the government and private entities towards the safety of workers upon the use of aerial work platforms are anticipated to drive the growth of the market during the forecast period.
Modern aerial work platforms are made up of advanced technologies that need skilled working class to handle and operate the platforms. When lifted to a certain height, the operator needs to handle the platform very carefully and skillfully to avoid accidents. Such a factor is anticipated to hamper the growth of the global aerial work platform market.
Ans: Rising number of construction and maintenance activities of heightened infrastructures is one of the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of 5.98% over the forecast period, i.e. 2020-2028.
Ans: The major players in the market are Terex Corporation, JLG Industries (Oshkosh Corporation, Inc.), Skyjack (Linamar Corporation), Zhejiang Dingli Machinery Co, Ltd., Haulotte Group SA, Calcanto Werbeagentur, Niftylift (UK) Limited, Manitou BF and others.
Ans: The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The aerial work platform market is majorly segmented by product type and by region.
Ans: The scissor lifts segment, which is a sub-segment of the product type segment, accounted for USD 4,052.85 million in the year 2019, and is estimated to display significant growth during the forecast period.
Ans: High demand for skilled and trained working class for operating the aerial work platform is one of the major factors estimated to act as barriers to the growth of the market.
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