NEW YORK, Oct. 29, 2021 /PRNewswire/ — As per the latest data released by Fact.MR, a leading market research and competitive intelligence provider, the aerial work platforms (AWPs) market is estimated to reach US$ 9.3 Bn in 2021. With increasing focus on infrastructural expansion worldwide, the overall market is projected to expand at 6% CAGR between 2021 and 2031, surpassing a valuation of US$ 16.6 Bn by the end of 2031.
The rising demand for AWPs across various industries such as construction, mining, transport & logistics, aerospace, and defense will aid the growth of the market. Aerial work platforms are mechanical equipment used to provide temporary access for people and equipment to inaccessible areas, usually at height. They are commonly used for temporary and flexible access in maintenance and construction work or by firefighters for emergency access.
Sometimes they also provide additional features beyond transport and access. For instance, they can be equipped with electrical outlets or compressed air connections for power tools.
Increasing worker safety concerns across the world are acting as a catalyst for the swift growth of AWPs market. Working at height remains the biggest causes of fatalities and severe injuries across labor intensive industries. AWPs are ideal alternatives for ladders and scaffolding, which allow workers to complete tasks at heights without any risk.
According to the National Institution for Occupational Safety and Health (NIOSH) and Centers for Disease Control and Prevention (CDC), more than 500,000 people are treated while more than 300 people die from ladder related injuries annually in the United States. Moreover, the country recorded 113 deaths and 34,000 non-fatal injuries due to work-related ladder fall injuries in 2011.
Introduction of advanced technologies such as tilt sensors and automatic self-checking instruments in AWPs is revolutionizing the market. Manufacturers are continuously focusing on developing smart AWPs to decrease the risk of accidents and enhance the overall performance of the equipment.
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For instance, in August 2021, Toyota Material Handling Japan developed SEnS+ operator assist system that detects and distinguishes pedestrians and objects behind the forklifts and automatically controls the travelling speed and prevents the truck from moving backward.
Construction remains the most attractive end-use industry for AWPs. Rapidly growing population and urbanization are encouraging countries to develop both private and public infrastructure. As a result, demand for AWPs is projected to rise during the forecast period.
As per the report, boom lifts will continue to remain the most preferred products due to their versatility and flexible nature. Rising sales of boom lifts will create an incremental opportunity of US$ 2.5 Bn during the forecast period. These lifts can be used for diverse applications, ranging from utilities and construction to manufacturing and storage.
“Increasing investments towards the expansion of public and private infrastructure, especially across developing regions will create a plethora of opportunities for key market players. In order to increase their sales, AWP manufacturers are focusing on production of hybrid and electric systems,” says the Fact.MR analyst.
Key Takeaways from Aerial Work Platforms Market Survey
- North America will continue to dominate the AWPs market, accounting for around 40% of the total revenue.
- With increasing construction activities across countries like Germany and U.K., Europe is projected to account for 27% revenue throughout the forecast period.
- Sales of AWPs in Asia are likely to account for around 33% of global revenue, on the back of increasing infrastructure activities and rising government support. The Asia market is primarily dominated by China.
- In term of end-use industry, the construction segment is anticipated to remain most lucrative, accounting for 37% market share.
- Based on product type, boom lifts are projected to grow at a value CAGR of 4% during the assessment period.
Key Drivers
- Increasing public infrastructure and renovation activities will boost the sales of AWPs. Government and private authorities are investing increasingly on the development and construction of new airports, railway station and other structures, which will fuel the demand for AWPs.
- Growing popularity of electric and hybrid AWPs is projected to accelerate the growth of the market.
- Implementation of stringent worker safety regulations and rising adoption of advanced lifting technology are expected to stimulate the demand for AWPs in the future.
- Rapidly growing number of rental equipment service providers also supports the market growth. Some of the end users are increasingly shifting their preference towards rental AWPs in order to minimize the expenditure.
Key Restraints
- Unavailability of skilled personnel to operate AWPs is expected to restrain the growth of the market.
- Sales of AWPs witness huge decline during the COVID-19 pandemic as most of the construction projects were halted or cancelled.
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Competitive Landscape
Key companies operating in the aerial work platforms market are focusing on developing new AWPs with additional features. They have adopted various strategies such mergers, partnerships, establishment of new facilities, and integration of new technologies in systems to gain a competitive edge in the global market.
- In October 2021 Cascade Corporation, a subsidiary of Toyota Industries Corporation, acquired Lift Technologies, Inc. (USA) and Lift-Tek Elecar S.p.A (Italy), which manufactures and sells forklift masts. The acquisition will help the company to expand its AEP portfolio.
- In May 2021, MEC Aerial Work Platforms launched first 20ft & 25ft vertical mast lifts in the MEC Mast Electric (MME) series.
- In March 2021, JLG Industries, Inc., an Oshkosh Corporation company and leading global manufacturer of mobile elevating work platforms (MEWPs) and telehandlers, introduced the new 450AJ HC3 boom lift. Designed to offer more flexibility to get work done at height, the 450AJ HC3 product line’s three capacity zones- 660/750/1000lb, giving it the ability to carry up to three occupants and tools to height in every zone.
Some of the prominent players operating in the aerial work platforms market profiled by Fact.MR are:
- Terex Corporation
- Haulotte Group
- Oshkosh Corporation
- JLG Industries Inc.
- Linamar Corporation
- Tadano Limited
- Aichi Corporation
- MEC Aerial Work Platforms
- Palfinger AG
- Hunan Sinoboom Heavy Industries Co. Ltd.
- Zhejiang Dingli Machinery Co. Ltd.
- Manitou Group
- Mantall Heavy Industry Co. Ltd.
- Noblelift Intelligent Equipment Co. Ltd.
- IMER International S.p.A
- J C Bamford Excavators Limited
More Insights on the Global Aerial Work Platforms Sales Outlook
Fact.MR provides an unbiased analysis of aerial work platforms market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for aerial work platforms with a detailed segmentation on the basis of:
Product
- Scissor Lifts
- Boom Lifts
- Other AWPs
End Use Industries
- AWP Rental Service Providers
- End Use Industries
- AWPs for Construction
- AWPs for Entertainment
- AWPs for Commercial Uses
- AWPs for Manufacturing
- AWPs for Others (Public Administration, Mining, Agriculture, etc.)
Key Questions Covered in the Aerial Work Platforms Market Outlook Report
- The report offers insight into aerial work platforms demand outlook for 2021-2031
- The market study also highlights projected sales growth for aerial work platforms market between 2021 and 2031
- Aerial work platforms market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
- Aerial work platforms market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others
Explore Fact.MR’s Coverage on the Industrial Goods Domain –
Forklift Work Platforms Market– Forklift work platforms are commonly used to elevate or lift personnel to accomplish a variety of tasks that must be completed at specified heights. Forklift work platforms give the utmost support required in accordance with safety requirements, resulting in high demand from a variety of industries. Forklift work platforms are desired for a variety of reasons, including safety and operational efficiency. This is one of the driving forces behind the increased demand for forklift work platforms. New technology developments are assisting providers in establishing a strong presence in the market for forklift work platforms.
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