The Growing Construction Industry Is Driving The Aerial Work Platform (AWP) Market


Aerial work platforms, also known as aerial lift platforms or aerial devices are mechanical devices used to provide temporary access for workers to inaccessible areas, usually at height. AWPs are used extensively in various construction, maintenance, commercial and domestic applications for tasks such as painting, cleaning windows, replacing light bulbs, maintenance and repair works. Rapid growth of the global construction industry due to infrastructural developments and increasing investments in commercial real estate is a major driver for the AWP market.

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 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increasing adoption of battery-powered aerial work platforms is one of the major trends observed in the AWP market globally. Battery-powered AWPs emit zero emissions and are safer and more efficient to operate indoors without concerns of emission of toxic fumes. Major AWP manufacturers have introduced various electric scissor lifts and boom lifts with lithium-ion batteries that offer extended runtimes compared to traditional fuel-powered machines. For instance, Genie, a brand of Terex Corporation offers S-70 Scissor Lifts with lithium-ion batteries that provide up to 8 hours of runtime on a single charge. Growing environmental awareness and stringent emission regulations for construction machinery are propelling the demand for clean, green and sustainable battery-powered AWPs.

Porter’s Analysis
Threat of new entrants: The aerial work platform (AWP) market requires high initial capital investments and reliance on established distribution channels which limits threat of new entrants.
Bargaining power of buyers: The presence of several established players gives buyers bargaining power in terms of pricing and product differentiation.
Bargaining power of suppliers: Suppliers have moderate bargaining power owing to availability of substitute materials and fragmented supplier base.
Threat of new substitutes: Risk of substitution is moderate as AWPs have no close substitutes that can replace their functionality in accessing elevated work areas.
Competitive rivalry: The AWP market is highly competitive with players differentiating based on product performance, quality and pricing.

Key Takeaways
The Global Aerial Work Platform (AWP) Market Growth is expected to witness high. 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 5.5% over the forecast period 2023 to 2030.

Regional analysis: North America accounts for the largest share of the global AWP market owing to stringent workplace safety regulations and density of construction and infrastructure projects in the region. Asia Pacific is expected to grow at the fastest pace during the forecast period with increasing investments in infrastructure, construction and energy sectors in countries like China and India.

Key players related content comprises
Key players operating in the aerial work platform (AWP) market are Quest Diagnostics, Eurofins Scientific, SYNLAB International, Sonic Healthcare, LabCorp, Unilabs, Lifelabs, Healthscope, Clinical Reference Laboratory, ACM Medical Laboratory. Quest Diagnostics and LabCorp dominate the market while SYNLAB International and Sonic Healthcare have significant presence across regions. The key players are focusing on new product launches and partnerships to strengthen their distribution networks and service offerings.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it