Global Aerial Work Platform Market Size, Share, Growth Analysis, By Product(Boom Lifts, Scissor Lifts), By Propulsion Type(ICE, Electric), By Lifting Height(Less than 20 ft, 21-50 ft), By Application(Construction, Utilities) - Industry Forecast 2024-2031

Report ID: SQMIG20G2023 | Region: Global | Published Date: March, 2024
Pages: 202 | Tables: 118 | Figures: 77

Global Aerial Work Platform Market Dynamics

Aerial Work Platform Market Drivers

Increasing Construction and Infrastructure Development

The growth of the aerial work platform market is driven by the increasing construction activities and infrastructure development projects worldwide. Aerial work platforms provide efficient and safe access to heights, facilitating construction, maintenance, and repair tasks.

Growing Maintenance and Repair Activities

The need for regular maintenance and repair of infrastructure, industrial facilities, and utilities is contributing to the demand for aerial work platforms. These platforms enable workers to reach elevated areas and carry out tasks such as equipment maintenance, painting, and cleaning efficiently.

Aerial Work Platform Market Restraints

High Initial Investment

The capital-intensive nature of aerial work platforms poses a restraint to market growth. The cost of purchasing new equipment or maintaining a fleet of aerial work platforms can be significant, limiting the adoption of these machines, especially for small and medium-sized enterprises.

Stringent Regulatory Standards

Compliance with stringent safety and environmental regulations poses challenges to manufacturers and users of aerial work platforms. Adhering to regulations related to equipment design, operator training, and emissions can increase costs and complexity, restraining market growth.

Global Aerial Work Platform Market Report Snapshots

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Global Aerial Work Platform Market size was valued at USD 17.46 billion in 2022 and is poised to grow from USD 19.01 billion in 2023 to USD 37.61 billion by 2031, growing at a CAGR of 8.90% during the forecast period (2024-2031).

Key manufacturers place a strong emphasis on providing quality-certified technology to ensure worker safety and protection. Companies are additionally making investments in the research and development of high-quality AWPs. Furthermore, industry participants engage in mergers and acquisitions to broaden their footprint and increase market share. For example, MEC announced the release of the new electric NANO10-XD in February 2023. Using its all-electric lift, steer, & drive system, this compact lift is meant to reduce environmental impact by reducing the chance of oil leaks. 'JLG Industries, Inc. (Oshkosh Corporation)', 'Genie (Terex Corporation)', 'Haulotte Group', 'Skyjack (Linamar Corporation)', 'Aichi Corporation', 'Snorkel', 'Niftylift', 'Teupen', 'Manitou Group', 'Holland Lift International B.V.', 'Riwal', 'Bronto Skylift', 'CTE Group', 'Tadano Ltd.', 'Ruthmann GmbH & Co. KG', 'Dinolift Oy', 'Socage Srl', 'Oil & Steel', 'Platform Basket', 'Palfinger Platforms'

The growth of the aerial work platform market is driven by the increasing construction activities and infrastructure development projects worldwide. Aerial work platforms provide efficient and safe access to heights, facilitating construction, maintenance, and repair tasks.

Growing Demand for Electric Aerial Work Platforms: There is an increasing focus on environmental sustainability and reduced emissions in the construction and industrial sectors. As a result, there is a rising demand for electric aerial work platforms that offer zero or low emissions, reduced noise levels, and improved energy efficiency.

North America has a significant share of the market of more than 38.0% in 2023. This expansion might be ascribed to the fast-growing investments in the building of various business and residential complexes. Furthermore, the IT and telecom sectors in the United States and Canada are anticipated to promote the use of AWPs for setting up telecommunications towers and servicing and repairing operations at great heights; thus, the growth of the supply chain and logistics industry has led to the creation of distribution centers, warehouses, and retail locations, augmenting the demand for AWPs. The US market is predicted to grow fast during the forecast period due to factors such as rapid investment in logistics businesses and rapid infrastructure development of renewable energy systems.

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Global Aerial Work Platform Market Size, Share, Growth Analysis, By Product(Boom Lifts, Scissor Lifts), By Propulsion Type(ICE, Electric), By Lifting Height(Less than 20 ft, 21-50 ft), By Application(Construction, Utilities) - Industry Forecast 2024-2031

Global Aerial Work Platform Market Dynamics

Global Aerial Work Platform Market Report Snapshots

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