Aerial Work Platforms Market (By Type: Engine Powered and Electric; By Product: Scissor Lifts, Boom Lifts, Personal Portable Lifts, and Vertical Mass Lifts; By Platform Height: Above 25 Meters, 20 to 25 Meters, 10 to 20 Meters, and Below 10 Meters; By Application: Construction & Mining, Rental, Transportation & Logistics, Government, and Utility) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2023 - 2032


The global aerial work platforms market size was accounted for USD 10 billion in 2020 and it is expected to hit around USD 19.90 billion by 2027 with a compound annual growth rate (CAGR) 9.4% during the forecast period 2020 to 2027. Boom lifts segment has accounted for 63.8% revenue share in 2022.

Aerial Work Platforms Market Size 2020 to 2027

Growth Factors

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.

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

  • High dependency on raw material suppliers or third-party suppliers for assembled parts such as drive trains, engines, tires, hydraulics, electric controls and motors, and various others makes manufacturers vulnerable to supply shortages and price increments. Delays in receiving supplies may affect the manufacturers' ability to deliver the product to customers, which, in turn, may affect a business entity’s mode of operation, finance, and market positioning.

ENVIRONMENTAL HEALTH AND SAFETY IMPACT

  • Environment Health and safety is a global industry concern and high risk is involved in aerial work platform as the related work is performed above the ground at a certain height. Therefore, strict guidelines need to be followed while operating different types of aerial lifts. Approved aerial lift trainers are provided to guide and train workers & controllers to effectively work at a certain height. This directly increases the overall spending of the manufacturers and often leads to delay in work, if proper guidelines are not followed.
  • Diesel or gasoline-based lifts are restricted from use in indoor premises. They are being replaced with aerial lifts that run on electricity to reduce carbon footprints. Hence, the manufacturer is forced to spend more on remanufacturing and maintenance of aerial platform for changing of engines that complies with stage V emission norms. This increases the maintenance and repair cost of companies to a certain level.

CHANGES IN IMPORT/EXPORT REGULATORY REGIMES

  • The imposition of different tariffs by various countries and global trade conflicts may negatively affect business on a global scale. For example, the U.S. administration imposed tariffs on certain foreign goods from a number of countries, especially China, which led to an increase in the overall cost of products as prices of certain raw materials, including steel, aluminum, or iron, get affected due to imposed tariffs. In addition, same happens for the Chinese market. For instance, as per Terex Corporation, tariffs imposed by the Chinese government on U.S. imports have made the cost of some of the company’s products more expensive for Chinese customers.

HIGH COMPETITION

  • To successfully introduce a product in the market, the manufacturer has to take into account various factors such as high quality, reliability, features, price, ease of use, and comfort to fulfill customer demands in terms of machine specifications. This has created a need for higher financial resources for major competitor present in the market, which puts them at a competitive disadvantage. In addition, competition from countries such as China and other developing markets providing low-cost alternatives often creates hindrance to a majority of the key players and creates a higher competition in the overall aerial work platform market.

Product Insights

In 2022, boom lifts dominated the product segment in the global aerial work platform market accounting for nearly 72% 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.

Aerial Work Platforms Market Share, By Product, 2020 (%)

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.

Application Insights

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 revenue share of 55% in 2022.

Aerial Work Platforms Market Share, By Application, 2020 (%)

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.

Regional Insights

Based on the geographical area, the aerial work platforms market is segmented into North America, Europe, Asia Pacific, and the LAMEA. North America accounted largest revenue share of around 54% in 2022.

Aerial Work Platforms Market Share, By Region, 2020 (%)

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:

  • 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.
  • Niftylift Limited
  • Manitou Group
  • Snorkel
  • Skyjack
  • Tadano Limited
  • SocageSrl
  • Teupen
  • Genie

Report Scope of the Aerial Work Platforms Market

Report Highlights Details
Market Size USD 19.90 Billion by 2027
Growth Rate CAGR of 9.4% from 2021 to 2027
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.

 

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

  • Engine Powered
  • Electric

By Product

  • Scissor Lifts
  • Boom Lifts
  • Personal Portable Lifts
  • Vertical Mass Lifts

By Platform Height

  • Above 25 Meters
  • 20 to 25 Meters
  • 10 to 20 Meters
  • Below 10 Meters

By Application

  • Construction & Mining
  • Rental
  • Transportation & Logistics
  • Government
  • Utility

By Regional Outlook

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Frequently Asked Questions

What is the current size of aerial work platforms market?
The global aerial work platforms market size was valued at USD 10 billion in 2020 and expected to reach USD 19.90 billion by 2027.
What is the CAGR of aerial work platforms market ?
The global aerial work platforms market is growing at a CAGR of 9.4% during the forecast period 2020 to 2027.
Why aerial work platform?
Aerial Work Platform (AWP) is commonly referred as an Elevating Work Platform (EWP) are mechanical devices that provide a temporary access to inaccessible areas for workers or equipment by lifting them to a particular height. AWP witness significant popularity owing to the incorporation of advanced technical features that include sensors, telematics, and CAN bus, this improves the safety level in the machine compared to the traditional one.
Which region dominated the global aerial work platform market?
In 2019,North America dominated the global market in terms of revenue and volume both followed by Europe owing to rising construction activity in the regions.
Why Asia Pacific emerged as the most lucrative region in the global aerial work platform market?
The Asia Pacific emerged as the most lucrative region in the global market owing to presence of numerous under-developed regions that offer significant development opportunities for construction and transportation infrastructure.
Who are the key players operating in the aerial work platforms market?
Some of the key players operating in the market are 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., Niftylift Limited, Manitou Group, Snorkel, Skyjack, Tadano Limited, SocageSrl, Teupen, Genie, and Zoomlion Heavy Industry Science & Technology Co. Ltd. among others.
Which segment accounted for the largest aerial work platforms market share?
By type, electric Mobile Electric Work Platform (MEWP) held nearly 65% of the value share in the year 2019, as they are helpful in reducing carbon footprint
  • Report Code:1083
  • Category:Machinery and Equipment
  • No. of Pages:150+
  • Format:PDF/PPT/Excel
  • Published:March 2023

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