The global Aerial work platform (AWP) Market is estimated to be valued at US$ 40.95 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Aerial work platforms are industrial trucks used to provide temporary access for people or equipment to inaccessible areas, usually at height. They are commonly used in construction, shipbuilding, wind turbine access and tree surgery. Access platforms include bucket trucks, scissor lifts, boom lifts and other mechanical devices used to temporarily elevate personnel, tools and materials.
Market key trends:
Growth in construction activities is one of the major trends witnessed in the AWP market. The increasing infrastructure activities across both developed and emerging economies is driving the growth in construction sector globally. According to International Construction Market Survey, the global construction output is forecast to grow by 85% to US$ 15.5 trillion worldwide by 2030. The increasing demand for commercial and residential projects is consequently supporting growth of AWP market.
SWOT Analysis
Strength: Aerial work platforms allow workers to access difficult to reach areas safely and efficiently. They provide flexibility for various applications like construction, maintenance and utilities.
Weakness: High initial investment costs associated with AWPs. Requires trained operators and regular maintenance which increases operational expenses.
Opportunity: Growing construction and infrastructure development projects globally is driving the demand for AWPs. Renovation and maintenance of existing infrastructure also creates opportunities.
Threats: Strict government regulations regarding workplace safety and emission standards. Economic slowdowns can negatively impact the demand.
Key Takeaways
The Global Aerial work platform (AWP) Market Share is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing construction activities globally. Rapid urbanization and investments in infrastructure development are the key drivers.
Regional analysis
Asia Pacific region dominates the global AWP market with a share of over 35% in 2023 led by China, India and other developing countries. The region is expected to continue its dominance during the forecast period owing to the ongoing infrastructure projects. Europe is another major market for AWPs driven by maintenance and renovation needs of existing structures.
Key players
Key players operating in the aerial work platform (AWP) market are Toyota Industries Corporation, CTE, Dinolift, Terex Corporation, Haulotte Group, Holland Lift International bv, Hunan Sinoboom Heavy Industry Co. Ltd., IMER International SpA, J C Bamford Excavators Ltd., Oshkosh Corporation, Linamar, Manitou Group, MEC, Niftylift (UK) Limited, PALFINGER AG, Snorkel, SOCAGE, Tadano Ltd., TEUPEN, Zhejiang Dingli Machinery Co, Ltd., and Zoomlion Heavy Industry Science & Technology Co., Ltd.
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