The global Aerial Work Platform market size is expected to be worth around US$ 30.91 billion by 2030, according to a new report by Vision Research Reports.
The global Aerial Work Platform market size was valued at US$ 16.64 billion in 2020 and is anticipated to grow at a CAGR of 7.5% during forecast period 2021 to 2030.
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Aerial Work Platform Market (By Product: Electric, Engine-powered; By Product: Scissor Lifts, Boom Lifts, Vehicle-mounted Platforms; By End-use: Rental, Construction & Mining, Transportation & Logistics) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
Report Coverage
| Report Scope | Details |
| Market Size | US$ 30.91 Billion by 2030 |
| Growth Rate | CAGR of 7.5% From 2021 to 2030 |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Engine type, product type, end use |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | Terex Corp.; MEC; JLG Industries; Galmon (Singapore); Aichi Corp.;EdmoLift AB; Wiese USA; Linamar Corp.; Advance Lifts, Inc.; Haulotte Group |
Growth Factors
The rising demand for aerial work platforms (AWPs) is attributed to their widespread utilization in end-use industries, such as construction, transportation & logistics, retail, storage, and warehouse. Increasing construction activities across the globe are expected to open new growth avenues for the market. Rising government investments in the construction of residential buildings, commercial complexes, and public transport infrastructure, are expected to propel the demand for aerial lifts over the forecast period.
The demand for AWP witnessed a serious disruption owing to the unprecedented effect from the global pandemic in the majority of its end-use industries, such as construction and transportation & logistics.
By Engine Type Analysis
The electric AWP led the market and accounted for 71.7% of the global revenue share in 2020. Electric AWP is primarily used for indoor applications as they have a lower turning radius. Electric aerial lifts are expected to witness a high growth rate over the forecast period owing to their high capacity and zero emission.
The engine-powered AWP segment is expected to witness a CAGR of 5.7% over the forecast period, which is driven by the higher demand for diesel engine-operated lifts used for outdoor applications with a heavy load.
By Product Type Analysis
Boom lifts led the market and accounted for 64.5% of the global revenue share in 2020. Boom lifts are approximately 6 times more expensive than scissor lifts leading to a higher revenue share of the former.
Boom lifts include various types, such as articulating boom lifts, telescopic boom lifts, towable boom lifts, and cherry pickers used for various outdoor applications. Boom lifts provide greater flexibility compared to scissor lifts. They use hydraulic arms that are capable of maneuvering around obstacles leading to higher flexibility.
Vehicle-mounted platforms include scissor as well as boom lifts, which are mounted on the vehicles. The segment is expected to grow at a CAGR of 6.8% over the forecast period.
By End-use Analysis
The rental end-use segment led the market and accounted for 93.6% of the global revenue share in 2020. As the costs of AWPs are very high, a large amount of investment is required to use and maintain these platforms. Not all end users require these platforms daily and hence a majority of them acquire these platforms on lease or rent.
Construction sites involve accessing higher heights and majorly use rough terrain aerial platforms. These sites are prone to accidents related to workers operating at high heights. AWPs offer increased safety and flexibility to workers and operators as compared to conventional solutions.
The demand for AWPs in the transportation and logistics sector is projected to register aCAGR of 9.0% over the forecast period. A rising number of supermarkets and the growing e-commerce industry have increased the number of warehouses and logistic centers around the globe.
Manufacturing facilities require timely maintenance as well as repair. These facilities need an AWP platform to carry out maintenance work of machinery and material handling equipment. AWPs facilitate better access to difficult-to-reach areas in manufacturing plants and other commercial places.
By Regional Analysis
North America led the market and accounted for 52.3% of the global revenue share in 2020 owing to rapidly rising investments in the construction of various residential and commercial complexes.
Asia Pacific is expected to register the fastest CAGR of 8.6% over the forecast period. Factors, such as increased government investments towards infrastructure development, construction of affordable residences, and development of commercial complexes, are expected to drive the demand for AWPs in the region.
China is one of the largest economies in the Asia Pacific region. The country is one of the major players in various industries, such as construction, power generation, telecom, and clean energy, on the global level.
The product demand in Middle East & Africa (MEA) is expected to rise rapidly owing to the increasing construction activities in several countries, such as Saudi Arabia, United Arab Emirates (UAE), South Africa, Kuwait, and Nigeria.
Key Players
Market Segmentation
The study objectives of this report are:
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