The aerial work platform market comprises boom lifts, scissor lifts, vertical mast lifts, and personnel portable lifts that are used for services such as maintenance, repair, construction, and installation activities at height. Rental businesses extensively use AWPs as they offer a safe, productive, and cost-effective alternative to traditional rigid or hanging scaffolding. AWPs provide easy and quick access to elevated worksites and facilitate work in confined spaces. Other advantages include improved worker safety, flexibility, durability, and reduced setup and teardown time compared to scaffolding.
The Global aerial work platform market is estimated to be valued at US$ 26.41 Billion in 2024 and is expected to exhibit a CAGR of 9.1% over the forecast period 2024-2029.
Increased investments in infrastructure development projects for commercial buildings, shipyards, power generation plants drive the demand for AWPs.
Key Takeaways
Key players operating in the aerial work platform are JLG Industries, MEC Aerial Work Platforms, Terex Corporation, Haulotte Group, and Snorkel.
Growing infrastructure development activities across the globe is a key factor propelling the demand for AWPs. Rapid urbanization and investments in public infrastructure will continue to boost consumption.
North America dominates the Aerial Work Platform Market Demand owing to strong demand from the construction and utilities industries. However, Asia Pacific is expected to witness the fastest growth on account of increasing infrastructure spending in China and India. Many international players are expanding their presence in Asia Pacific to tap lucrative opportunities.
Market Key Trends
One major trend gaining traction is the increased adoption of battery-powered Electric AWPs. They offer advantages such as zero emissions, low noise, and reduced maintenance costs. Major players have introduced electric scissor lifts and boom lifts to capitalize on the rise in green construction and reduce dependence on fossil fuels. With ongoing technology advances, the performance of electric AWPs is surpassing gasoline/diesel-powered equipment in terms of speed, gradeability, and lifting capacity. This will further accelerate their adoption over the forecast period.
Porter’s Analysis
Threat of new entrants: The aerial lift industry requires significant capital investment and has stringent safety compliance standards which act as entry barriers.
Bargaining power of buyers: Many customers such as construction and utility companies have considerable purchasing power and bargaining leverage over suppliers.
Bargaining power of suppliers: Suppliers of raw materials and components like steel, electronics and hydraulic components have some bargaining power as there are few substitutes.
Threat of new substitutes: Equipment like truck-mounted platforms and scaffolding can be substituted for certain applications but aerial lifts have advantages for versatility and heights.
Competitive rivalry: The aerial lift market is dominated globally by few major players and competition is based on product performance, quality, pricing and service.
Geographical Regions
North America accounts for the largest share of the aerial work platform market value owing to the strong construction and infrastructure spending. The United States accounts for majority of the aerial lift sales in North America driven by repair and maintenance of aging utility and telecom infrastructure.
The Asia Pacific region is projected to be the fastest growing market during the forecast period led by increasing construction activity in emerging economies like China and India. Government investment towards power transmission and distribution networks modernization is fueling demand for aerial work platforms in Asia Pacific.
Geographical Regions
Europe is another major geographical region concentrating significant aerial work platform market value led by Germany, France and United Kingdom. Presence of leading manufacturers, stringent workplace safety regulations and demand from maintenance of aging buildings and infrastructure support market growth.
Latin America and Middle East & Africa are expected to witness steady growth rates driven by rising construction of commercial buildings, power plants and oil & gas facilities. Urbanization and investments in improving public infrastructure offer potential opportunities for aerial lift suppliers targeting these regions over the forecast period.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)