The global aerial work platforms market was valued at USD 9.7 billion in 2019 and expected to reach USD 19.90 billion by 2027 and poised to grow at a compound annual growth rate (CAGR) 9.4% during the forecast period 2020 to 2027.
Government authorities of several regions have imposed stringent worker safety norms expected to surge the adoption of advanced lifting technologies across the globe. Further, rising investments in construction and infrastructure sectors by the private and government authorities again propels the market growth. Government authorities across various regions are significantly investing for the development of public transportation infrastructure that includes airports, railway stations, and residential buildings. Mobile elevating work platforms (MEWPs) are prominently used at construction sites to lift tools, workers, and other light materials at an elevated height safely and efficiently.
The accessibility of Aerial Work Platforms (AWP) rental services provides an impetus to the growth in market size. Companies renting AWP offer a wide range of equipment from various equipment manufacturers to augment their product portfolio that provides a positive market outlook. Moreover, the advent of electrification in the global construction industry prominently supports the industry growth of aerial work platform market. Electric AWPs notably aid in reducing the carbon footprint as well as offer noiseless performance compared to diesel-powered equipment anticipated to boost the demand for AWP in the coming years.
Besides this, unavailability of skilled workers for operating the equipment challenges the industry growth. Numerous AWP manufacturers operating in the industry provide operator training courses to address the challenge. Moreover, the high cost of MEWPs anticipated to hamper the market growth over the forecast timeline.
In 2019, boom lifts dominated the product segment in the global aerial work platform market accounting for nearly 70% of the market value share. This is mainly due to the rising demand of boom lifts because of their fast & flexible operations.These access platforms provide improved convenience and portability owing to their capability to reach greater heights compared to other models. Boom lifts have also gained significant popularity in repair and maintenance applications. Workers are more and more utilizing these platforms for window washing, painting, and façade maintenance operations.
Boom lifts offer high-power performance along with the ability to operate in rough terrains that supports their adoption in the global construction and other industries. The machines have durable & strong structure and strong stabilizer leg that makes them suitable for heavy-duty construction activities. This makes boom lifts an ideal option for large construction works.
Rental application has gained notable traction in the recent past in the AWP industry owing to the emergence of numerous market players providing rental service across the globe. Rental companies provide low cost & easy renting options in contrast with direct purchasing options. Consumer preference is shifting toward rental operators to save huge amounts of maintenance, transportation, and operational costs related to new machines. AWP manufacturers gain a majority of revenue share from rental companies in accordance to the same they are expanding their partnerships with local rental service providers to gain high market share in various regions. Value-added services along with training courses are also offered by the rental companies and AWP manufacturers that expected to attract more customers toward rental options, thereby propelling the industry growth.
The Asia Pacific emerged as the most lucrative region in the global aerial work platforms market owing to presence of numerous under-developed regions that offer significant development opportunities for construction and transportation infrastructure. Furthermore, increasing penetration of various industries in the region to grab the untapped market gives rise to the development of industrial buildings that again propels the market growth. Several construction equipment manufacturers have penetrated in the China region that include XCMG, LGMG, and SANY.
Key Companies & Market Share Insights
The global aerial work platforms market participants are investing prominently on the research & development (R&D) activities to develop new products and enhance the safety of workers along with the lifting capacity of the AWP. Moreover, the industry players are also focusing on the development of electric AWPs and MEWPs. For instance, in July 2019, MEC Aerial Work Platform launched its new Micro 26 slab scissor lift. The new AWP features a 36-inch roll out extension deck with incremental lock positions that maximizes productivity and material usage.Besides this, market players also focus strictly towards inorganic growth strategies that include partnership, merger & acquisition, and collaboration.
Some of the prominent players in the aerial work platforms market include:
Segments Covered in the Report
This research study comprises complete assessment of the market by means of far-reaching qualitative and quantitative perceptions, and predictions regarding the market. This report delivers classification of marketplace into impending and niche sectors. Further, this research study calculates market size and its development drift at global, regional, and country from 2016 to 2027. This report contains market breakdown and its revenue estimation by classifying it on the basis of type, product, platform height, application, and region:
By Platform Height
By Regional Outlook
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