The global aerial work platforms market size was exhibited at USD 18.2 billion in 2022 and it is expected to be worth around USD 35.9 billion by 2032 with a compound annual growth rate (CAGR) of 7.02% in the forecast period 2023 to 2032.
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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.
| Report Highlights | Details |
| Growth Rate from 2023 to 2032 | CAGR of 7.02% |
| Market Size in 2023 | USD 19.48 Billion |
| Market Size by 2032 | USD 35.9 Billion |
| Largest Market | Asia Pacific |
| Fastest Growing Market | North America |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Type, Product, Application, Region |
| Companies Mentioned | CTE, Aichi Corporation, Haulotte Group, Dinolift OY, Hunan Runshare Heavy Industry Company, Ltd., Zhejiang Dingli Machinery Co, Ltd., Holland Lift International bv, JLG Industries, Hunan Sinoboom Heavy Industry Co. Ltd. |
Market Drivers
INCREASING CONSTRUCTIONAL AND INFRASTRUCTURAL ACTIVITIES
Rising improvement in urban and rural infrastructure, coupled with government initiatives to provide the technological facilities such as electrical utilities and telecommunication network to the rapidly increasing population in the various countries including China, India, Brazil, Bangladesh, Indonesia, the U.S., and others are expected to propel the growth of end-use industries such as construction, electric & telecommunication, retail, and others. This, in turn, is anticipated to increase the demand for aerial work platforms as a large number of end-use industries across the globe use aerial lifts for new and daily maintenance work.
A large number of boom and scissor lifts are used at airports for the placement and storage of luggage and cleaning and maintenance work of aircraft. Articulated electrical boom lifts are used on a large scale for work on the interior of the airport premises to reach the overhead of an aircraft for cleaning, maintenance, and inspection work. Their trend is like to continue in the coming years with rise in the number of flyers and construction of new airports which, in turn, is expected to lead to the requirement for different types of lifts, thus propelling the growth of the overall aerial work platform market.
INCREASING NUMBER OF RETAIL AND WAREHOUSE UNITS
An attempt to provide uninterrupted supply of products and equipment requires storage and warehouse units, especially by e-commerce and logistics companies. Keeping and storing the required products reduces the shortage of materials and helps in maintaining the inventory up to date. Rising e-commerce platforms are the major drivers fueling the growth of warehouse units across the globe. Promised shipping standards by various e-commerce giants require near-by storage and warehouse units that employ a large number of scissor, vertical, and boom lifts for product handling and transportation from one place to another. These aerial platforms promote easy material handling and lookup in bulk orders and help retain a company’s delivery promises.
Fully automated warehouses are gaining popularity in various developed countries. These warehouses are equipped with several aerial lifts and platforms that need minimum human intervention. They require the deployment of a large number of single scissor lifts, double scissor lifts, and other lifting tables for product and pellets placement. Massive funding and investment in the construction of warehouse buildings by various e-commerce and logistics companies across the globe are expected to significantly contribute to overall market growth. For instance, Walmart and eBay spend heavily on logistics and warehousing to compete with Amazon in terms of fulfilling product delivery to consumers. Moreover, Amazon India established 10 new warehouses in the country in 2020, which is likely to increase the demand for different types of lifts in these warehouses, thereby adding to the overall growth prospects of the aerial work platform market.
Market Restaint
LACK OF SKILLED LABOR
The demand for various mechanical and electrical equipment for aerial lifts production has witnessed an upward trend in recent years. Manufacturers are forced to offer technically advanced machines or lifts such as hybrid and electricity-driven machines to conserve fuel. However, the penetration of such advanced and technologically enhanced aerial platforms has not been widespread owing to the lack of skilled labor.
Several companies such as Wiese USA, MEC Aerial Work Platforms, JLG Industries, and various other market players conduct training and certification courses to ensure the proper use of different types of aerial platforms. This becomes a major challenge which hampers the growth of the market. Untrained worker or operator increases the safety concern in the working area which may lead to an unexpected incident. Moreover, ANSI A92 has strict regulations and standards in place for the use and operations of aerial work platforms as training and maintenance contribute to the safe and efficient operation of aerial lifts.
Market Challenges
HIGH DEPENDENCY ON RAW-MATERIAL SUPPLIERS AND VENDORS
ENVIRONMENTAL HEALTH AND SAFETY IMPACT
CHANGES IN IMPORT/EXPORT REGULATORY REGIMES
HIGH COMPETITION
In 2022, boom lifts segment accounted largest revenue 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.
The engine-powered segment is poised to grow at a CAGR of 5.9% during the forecast period.
Based on the application, the aerial work platforms market is segmented into construction & mining, rental, transportation & logistics, government and utility. The construction segment accounted the largest revenue holder in 2022.
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 transportation and logistics segment is poised to reach at a CAGR of 8.2% over the forecast period.
Based on the geographical area, the aerial work platforms market is segmented into North America, Europe, Asia Pacific, and the LAMEA. North America region has generated the largest revenue share in 2022.
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.
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 2020 to 2032. This report contains market breakdown and its revenue estimation by classifying it on the basis of type, product, platform height, application, and region:
By Type
By Product
By Lifting Height
By Platform Height
By Application
By Regional Outlook
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