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Aerial Work Platform Global Market Report 2023

Time : 2023-08-09 Hits : 14

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Major players in the aerial work platform market are Terex Corporation, MEC Aerial Work Platforms, JLG Industries Inc., Galmon (S) Pte Ltd., Aichi Corporation, Haulotte Group SA, EdmoLift AB, Wiese Inc.

The global aerial work platform market is expected to grow from $11.77 billion in 2022 to $12.51 billion in 2023 at a compound annual growth rate (CAGR) of 6.25%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The aerial work platform market is expected to reach $16.17 billion in 2027 at a CAGR of 6.62%.

The aerial work platform market consists of sales of golf carts, scissor lifts, vertical mast lifts, trailer-mounted boom lifts, and personnel lifts.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

An aerial work platform (AWP), also known as an aerial lift, refers to a type of mechanical equipment used to provide temporary access to elevated work areas. It is typically used in construction, maintenance, and repair work where workers need to access elevated areas that are difficult to reach by ladder or scaffold.

North America was the largest region in the aerial work platform market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of products in aerial work platform are scissor lifts, boom lifts, telehandlers, and others.A scissor lift refers to a piece of mechanical machinery that promotes or unloads objects while being powered by electricity.

It uses hybrid, electric, and fuel-based fuels and lifts height on the basis of 20 feet, 20 to 50 feet, 50 to 70 feet, and above 70 feet. The main end-users are construction, utilities, logistics and transportation, and others.

A rise in residential and commercial construction activities is expected to propel the growth of the aerial work platform market.Residential and commercial construction refer to two broad categories of construction projects that involve the building of structures for different purposes.

Residential construction typically refers to the construction of homes, apartments, and other buildings used primarily for residential purposes, while commercial construction refers to the building of structures that are used for commercial or business purposes.Aerial work platforms (AWPs) are primarily used in both residential and commercial construction to provide temporary access to elevated areas, making it easier and safer for workers to perform tasks at height, such as roofing, painting, window cleaning, electrical work, and construction.

So, these factors boost the aerial work platform market. For instance, in February 2022, according to Construct connect, Inc., a US-based software company, in 2021, US construction starts increased 5.9 percent to $747 billion, and residential construction grew 14.5 percent. Additionally, in 2021, Canadian commercial and residential construction starts increased 6.5 percent to $91.8 billion. Both the residential and non-residential sectors saw growth in residential construction, which increased by 19.7 percent. Therefore, the rise in residential and commercial construction activities is driving the growth of the aerial work platform market.

Technological advancements are a key trend gaining popularity in the aerial work platform market.Major companies operating in the aerial work platform market are focused on developing innovative technologies to strengthen their position in the market.

For instance, in September 2021, JLG Industries Inc., a US-based company, launched the JLG 670SJ self-levelling boom lift. This innovative boom lift technology instantly adapts to terrain on slopes up to 10 degrees in every direction using a fully integrated, smart-adapting steel chassis with self-levelling technology. Additionally, it has automated single-sensor load detection with zero-load calibration, which limits range based on the load on the platform to maintain the machine within the authorized work envelope. and It ensures users are better informed about what’s happening at ground level when they are at height by continually receiving performance data from sensors and then displaying the information on a digital display in the platform.

In August 2022, Manitou Group., a France-based company that manufactures material handling and mobile elevating work platforms, acquired ATN Platforms’ intellectual property for an undisclosed amount. Through this acquisition, Manitou Group hopes to give its customers even more options for aerial work platform solutions while also gaining access to the expertise of about a dozen ATN Platforms employees, who will remain based in tonneins. ATN Platforms is a France-based company that manufactures aerial work platforms intended to meet the needs and requirements of rental companies.

The countries covered in the aerial work platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The aerial work platform market research report is one of a series of new reports that provides aerial work platform market statistics, including aerial work platform industry global market size, regional shares, competitors with a aerial work platform market share, detailed aerial work platform market segments, market trends and opportunities, and any further data you may need to thrive in the aerial work platform industry. This aerial work platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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