Product ID: SQMIG20G2023
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 Insights
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).
The primary driver of the market is the expansion of the building industry, particularly in developing nations. Rapid urbanization, growth in infrastructure projects, and the need to maintain and repair existing structures have spurred the demand for effective and safe aerial lifts. These platforms allow workers to readily access elevated places, increasing productivity and safety requirements on building projects. Aerial Work Platforms (AWPs) provide access to difficult regions for people, equipment, or an amalgamation of both.
They are mostly used in building and upkeep work across a variety of industries, assisting with duties such as product placement, product storage in warehouse units, and various other applications. The usefulness and effectiveness of AWPs have been greatly improved as a result of technological developments. Innovative features such as telescoping booms, flexible arms, self-leveling abilities, and modern control systems are being incorporated by manufacturers. These advancements have broadened the uses of AWPs while also improving their general performance, rendering them more appealing to end users. In industrialized countries, for example, automated warehouses have grown in popularity, necessitating the employment of several single-scissor lifts, double-scissor lifts, & various lifting tables for product & pallet placement.
Major finance and investment in warehouse building construction by various e-commerce & logistics enterprises worldwide contribute considerably to total industry growth. The AWP market is influenced by economic and geopolitical issues. Economic downturns, recessions, and foreign exchange rate variations can all have an influence on building and infrastructure construction endeavors, resulting in lower demand for AWPs. Furthermore, geopolitical conflicts, trade disputes, & regulatory uncertainty can disrupt global supply chains, making it difficult for manufacturers to get raw materials and efficiently deliver their goods.
The market is expected to increase significantly due to widespread product use in industries including transportation, logistics, sales, storage, building, and warehousing. Boom lifts are predicted to be in great demand due to their versatility, numerous applications, and maneuverability around obstacles, particularly for servicing electric utilities, communications, and building projects. As a result, the growing importance of efficient and safe elevated work solutions will drive up AWP demand over the forecast period.
Furthermore, the American National Standards Institute (ANSI) issued new requirements that apply to all aerial lift operators, owners, and supervisors, including scissor lifts, boom lifts, and under-bridge inspection devices. These standards are intended to increase safety precautions and to harmonize North American equipment requirements with international standards. Companies and equipment makers can improve their worldwide competitiveness by embracing these standards.
US Aerial Work Platform Market is poised to grow at sustainable CAGR for the next forecast year.
Global Aerial Work Platform Market Report Snapshots
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