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.
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In addition, massive government spending on infrastructure projects such as highways, rail, water conservation, and power generation is likely to create lucrative business opportunities over the next few years. However, low availability of qualified machine operators and massive costs incurred during the procurement of equipment are some of the factors that might impede the growth.
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
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“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
Aerial Work Platforms Market by Category
Product Type
Boom Lifts
Scissor Lifts
Truck/Crawler Mounted Lifts
Push Around Aerial Work Platforms
Spider Lifts
Others
Platform Working Height
Below 10 Meters
10 to 20 Meters
20 to 30 Meters
Above 30 Meters
Fuel
Gas/ Diesel
Electric
Hybrid
End User
Industry
Construction
Mining
Transportation and Logistics
Manufacturing
Aerospace and Defence
Others (Utility, Government etc.)
Rental Providers
Region
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa
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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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