According to the Market Statsville Group, the global aerial work platform market size is expected to grow from USD 8.5 billion in 2021 to USD 15.4 billion by 2030, at a CAGR of 7.7% from 2022 to 2030. One of the primary factors driving the aerial work platform market is the rise in the construction industry. The building sector in developing countries such as India, Brazil, and others has a lot of promise in the near future, which pushes the demand for aerial work platforms. Aerial work platforms are also in great demand due to the large number of accidents caused by defective scaffolding erection and the risk of falling. The AWP provides a safe and stable platform for the operator, which decreases site deaths and enhances job quality. Furthermore, strong demand from China and other Asian countries propels the aerial work platform market forward. AWP was first implemented in China in the early 2000s, adoption in the Asia-Pacific region has been much slower. However, China’s rapid infrastructure and industrial development are predicted to enhance demand for AWP, propelling the aerial work platform market forward.
However, Battery technology advancements are projected to bring up new growth potential for the aerial work platform industry. The advent of fully electric AWPs is gaining traction in indoor applications, and the aerial work platform industry is projected to grow in the future.
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Global Aerial Work Platform Market Definition
An aerial work platform, also known as an elevating work platform, cherry picker, aerial device, bucket truck, or mobile elevating work platform, is a mechanical device used for providing temporary access for people or equipment to inaccessible areas, usually at height.
Working on heights is an extremely risky task, especially in outdoor activities such as construction, maintenance, utilities, and others. Previously, these activities were conducted using non-mechanical devices such as ladders, wooden scaffolding, and others. However, with the development in aerial work platforms, elevating personnel has become much easier. AWPs generally offer a stable working platform against the traditional methods. Although the risk of accidents such as electrocuting and tipping is possible on AWPs, operation of the equipment by trained professionals can reduce the risk of accidents significantly. Factors such as operator training, experience, inspection of the equipment, analysis of possible accidents, and others can assist in achieving better safety while using aerial work platforms. Thus, the reduction in accidents and improved safety offered by aerial work platforms over traditional methods drives the market growth of the aerial work platform.
Aerial work platforms are complex work equipment with respect to other means of elevation equipment. Thus, aerial work platforms are more expensive than its alternatives. For instance, the average price for scissor lifts can be $5,000 to $80,000, depending upon the brand, type of engine, lifting weight, lifting weight, and other factors. This restrains its penetration for small- and medium-sized companies, which do not require AWP on daily basis or have lower project costs. Thus, the high price of aerial work platforms hinders the growth of the aerial work platform market.
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The study categorizes the aerial work platform market based on type, operation, lift height, end-users, and regions.
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By type, the aerial work platform market is classified into scissor lift, boom lift, vehicle-mounted platform, and others. In 2021, The boom lifts segment was the highest contributor to the market, with 61.0% of share in the global aerial work platform market. A boom lift consists of a bucket or a platform attached to a hydraulic lift system, which is further attached to a grounded base. Boom lifts are available as telescopic boom lifts and articulating boom lifts or knuckle lifts.
There are various advantages of boom lifts over scissor lifts that assist them in gaining a significant share in the aerial work platform market. Boom lifts offer the highest reach than any other aerial work platforms. For instance, the China-based manufacturer, Sinoboom offers the GTZZ46EJ articulating boom lift, which is claimed to be the highest reaching articulating boom lift in the aerial work platform market. It provides a working height of 153 feet and is specially designed for heavy-duty applications in the petrochemical sector.
Asia Pacific accounts for the highest CAGR during the forecast period
Based on region, the aerial work platform market is segmented into five key regions North America, Asia– Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is estimated to hold the highest CAGR of 9.1% in the global aerial work platform market during the forecast period. Asia-Pacific includes China, India, Japan, and the Rest of Asia-Pacific. China and Japan own the maximum share within the aerial work platform market in the region.
North America is the fastest-growing region, after the Asia Pacific. The U.S. was the largest consumer of aerial work platforms, especially due to various local and international players in the country, such as JLG Industries Ltd. (Oshkosh Corporation), Genie (Terex Corporation), and others. Moreover, the well-established construction and utility industry promotes the demand for aerial work platforms in the country. Moreover, Canada is expected to drive the demand for scissor lifts due to developing a supply chain hub. The availability of transportation infrastructures such as roads, water, and railways has enhanced the logistics industry in the country. This is expected to drive the region’s demand for aerial work platforms.
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The aerial work platform market is semi-fragmented with various manufacturing and distribution industry players. These players have been adopting various strategies to gain higher shares or to retain leading positions in the market. Top winning strategies are analyzed by thoroughly studying the leading players in the aerial work platform market. Comprehensive analysis of various companies’ recent developments and growth curves helps understand the growth strategies and their potential effect on the market.
The key market players profiled in the report include Aichi Corporation, Altec Inc., Haulotte Group, J.C. Bamford Excavators Limited, Niftylift (UK) Limited, Oshkosh Corporation (JLG Industries, Inc.), Skyjack (Linamar Corp.), Terex Corporation (Genie), Teupen, and Zhejiang Dingli Machinery Co., Ltd.