An aerial work platform (AWP) Market are commonly used for all kinds of maintenance and construction activities, especially when it needs to be done at a certain height. It is used extensively in maintaining overhead lines in the power and telecommunications and in arboriculture industries.
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Increasing the number of urban and rural infrastructure projects to meet the needs of the increasing population around the world is generating endless growth avenues for the aerial work platforms market. According to Future Market Insights (FMI), the aerial work platform market is expected to surpass US$ 7.09 Bn by 2021. The demand for aerial work platforms is increasingly growing in the general infrastructure and manufacturing sectors. It has become popular between small & giant construction firms and maintenance agents.
Moreover, the rapid development for equipment from myriad industries has pushed manufacturers to sell technically fitted instruments such as electrification and hybridization technology, thus further widening the potential of development over the near future for the market for aerial work platforms. Scissor lifts are likely to remain highly preferred, accounting for over half of aerial work platform sold through 2031.
Key Takeaways of Aerial Work Platforms Market Study
Between 2021 and 2031, the aerial work platform market will expand at a CAGR of 12.0%, The U.S. will emerge as a highly lucrative pocket, accounting for over 90% of North America market in 2021, in terms of value, The U.K. will exhibit steady growth post slowdown in 2020. FMI projects it to record above 1.5% Y-o-Y growth in 2021, Rising construction spending will continue supporting demand from Germany and France, Investment in infrastructural development will boost growth in Japan, South Korea, and China.
“While investment towards technological improvements remains a key focus, key market players are expected to mostly rely on rental businesses to expand their footprint. Besides this, some of the companies are incorporating sensors in aerial work platforms to help them detect potential obstruction averting risk of accidents on site,” said a lead analyst at FMI
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Competitive Landscape:
Some of the leading companies operating in the aerial work platforms market are Terex Corporation, J C BAMFORD EXCAVATORS Ltd., Aichi Corporation, Haulotte Group, Linamar Corporation, Hunan Sinoboom Heavy Industry Co. Ltd., Manitou Group, Tadano Limited, Zhejiang Dingli Machinery Co., Ltd., OSHKOSH CORPORATION, MEC AERIAL WORK PLATFORMS, PALFINGER AG, IMER INTERNATIONAL SpA, MANTALL HEAVY INDUSTRY CO., LTD, NOBLELIFT INTELLIGENT EQUIPMENTCO.,LTD. These companies have been focusing on product launches besides strategic collaborations to gain competitive advantage.
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The U.S. is expected to remain one of the chief markets for sale of aerial work platform. The increasing investment in commercial and residential construction will present lucrative growth opportunities in the country. According to the U.S. Census Bureau, the country’s construction spending stood at US$ 1,459.4 Bn in November 2020, despite 2020 being not so favorable year for the industry.
With steady private and public spending on construction activities, America’s position is sealed in the AWP market as a key pocket for sale. FMI also projects the U.S. to remain dominant in the North America market for AWP through the forecast period.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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