- Rising number of investments by governments across the globe for new residential and commercial buildings and complexes stimulates market growth
- Increasing demand for efficient public transportation networks and systems underscores growth
WILMINGTOM, Del., Nov. 23, 2022 /PRNewswire/ -- The Aerial Work Platform Market is estimated to register a CAGR of 6.5% during 2021 to 2031. In 2021, the market was valued at US$ 5.8 Bn. Rising utilization of products in the market can be ascribed to increasing demand for reducing casualties and serious injuries at high altitude maintenance and construction work. Furthermore, using these advanced products can also help in indoor settings, such as massive warehouses or storage facilities. Key aerial work platform types offered by companies in the market include scissor lift, and telescopic boom lift, as well as articulated boom lift.
Aerial Work Platform Market - Key Findings of the Report
- Rising Demand for Technologically Advanced Scissor Lift Products: The increasing demand for highly efficient, technologically advanced, easy to operate, flexible, and compact scissor lifts is augmenting market expansion. Also known as spider lifts, scissor lifts are considered to be perfect for both outdoor, as well as indoor maintenance, as well as construction projects and activities. In terms of market share, the scissor lift products are anticipated to garner highest demand in the industry in coming years.
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Aerial Work Platform Market - Growth Drivers
- Increasing popularity of rental aerial work platform services and equipment, owing to the presence of a large number of rental suppliers augments the market development
- Growing applications of aerial work platforms in construction and buildings sector boosts market growth
- Rising number of government-mandated worker safety standards and resulting decrease in number of work-related accidents stimulates market expansion
Aerial Work Platform Market - Key Players
Some of the prominent aerial work platform manufacturers are
- Altec Inc.,
- Diversified Technologies,
- Bronto Skylift,
- Haulotte Group,
- MEC Aerial Work Platforms,
- Skyjack (Linamar Corporation),
- Terex Corporation,
- Aichi Corporation,
- JLG Industries,
- Palfinger AG, and Tadano Ltd.
The aerial work platform rental market is somewhat consolidated in nature, owing to the presence of a smaller number of large-scaled vendors operating in the industry.
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A large number of aerial work platform manufacturers are focusing on increasing their investments aimed at research and development in order to design, develop, and market new and technologically advanced products and solutions. Some other important growth strategies employed by these industry players include mergers and acquisitions, as well as new product launches. Furthermore, the manufacturers in the market are also focusing on increasing the safety and security standards and quality of their tools and equipment to ensure proper worker safety.
Aerial Work Platform Market: Regional Growth Assessment
- Geographically, North America Aerial Work Platform Market size is expected to grow in the coming years. This trend can be ascribed to the rising investments by public and private regional players in construction of new residential and commercial buildings and complexes. Furthermore, the rapid and substantial growth and development of the regional IT and telecom industries is also anticipated to bolster market development in coming years. Apart from this, rising requirement for maintenance and upgrade of telecom towers and skyscrapers in the region is also offering lucrative revenue grab opportunities in the North America Aerial Work Platform Market.
- Along with these drivers, another crucial factor responsible for notable growth of the North America market is the fast-paced development of the supply chain and logistics sector in the region. Growing number of retail outlets, distribution centers, and storage facilities and warehouses is bolstering growth of this regional market. Apart from North America, Asia Pacific region is estimated to record substantial growth in the global marketplace in coming years. This trend can be largely attributed to the increase in the number of construction projects and building activities in the region
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Aerial Work Platform Market: Segmentation
Aerial Work Platform Market, by Product
- Boom Lift
- Articulated Boom Lift
- Telescopic Boom Lift
- Scissor Lift
Aerial Work Platform Market, by Structure
- Standard
- Insulated
Aerial Work Platform Market, by Fuel Type
- Fuel-based
- Electric
- Hybrid
Aerial Work Platform Market, by Lift Height
- Below 20 Feet
- 20 - 50 Feet
- 51 - 70 Feet
- Above 70 Feet
Aerial Work Platform Market, by End-use Industry
- Construction
- Residential
- Commercial
- Industrial & Manufacturing
- Maintenance & Repair
- Others
Aerial Work Platform Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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