Aerial work platforms Market Is Expected to Expand at a CAGR of 12% from 2021– 2031

Increasing the number of urban and rural infrastructure projects to meet the needs of the increasing population around the world is generating endless growth avenues for the aerial work platforms market. According to Future Market Insights (FMI), the aerial work platform market is expected to surpass US$ 7.09 Bn by 2021. The demand for aerial work platforms is increasingly growing in the general infrastructure and manufacturing sectors. It has become popular between small & giant construction firms and maintenance agents.

In addition, massive government spending on infrastructure projects such as highways, rail, water conservation, and power generation is likely to create lucrative business opportunities over the next few years. However, low availability of qualified machine operators and massive costs incurred during the procurement of equipment are some of the factors that might impede the growth.

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Moreover, the rapid development for equipment from myriad industries has pushed manufacturers to sell technically fitted instruments such as electrification and hybridization technology, thus further widening the potential of development over the near future for the market for aerial work platforms. Scissor lifts are likely to remain highly preferred, accounting for over half of aerial work platform sold through 2031.

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Key Takeaways of Aerial Work Platforms Market Study

  • Between 2021 and 2031, the aerial work platform market will expand at a CAGR of 12.0%
  • The U.S. will emerge as a highly lucrative pocket, accounting for over 90% of North America market in 2021, in terms of value
  • The U.K. will exhibit steady growth post slowdown in 2020. FMI projects it to record above 1.5% Y-o-Y growth in 2021
  • Rising construction spending will continue supporting demand from Germany and France
  • Investment in infrastructural development will boost growth in Japan, South Korea, and China

Aerial Work Platform (AWP) Market Competitive Landscape

The aerial work platform market exhibits a high degree of consolidation. Companies operating in the market have been focusing on technology improvements and strategic collaborations to gain competitive advantage.

For instance:

Haulotte Group launched an auto-power of system to limit the power consumption while the boom is idle. This new system was launched in 2019. To achieve this, the company incorporated its diagnostic tool, called Haulotte ActivScreen Cat 2 with novel feature to enable auto power off

In 2019, Tadano Limited announced the launch of a compact rough terrain crane, available for sale in North America and named it GR-150XL-3

Some of the leading companies operating in the market are:

Terex Corporation

J C BAMFORD EXCAVATORS Ltd.

Aichi Corporation

Haulotte Group

Linamar Corporation

Hunan Sinoboom Heavy Industry Co. Ltd.

Manitou Group

Tadano Limited

Zhejiang Dingli Machinery Co., Ltd.

OSHKOSH CORPORATION

MEC AERIAL WORK PLATFORMS

PALFINGER AG

IMER INTERNATIONAL SpA

MANTALL HEAVY INDUSTRY CO.,LTD

NOBLELIFT INTELLIGENT EQUIPMENTCO.,LTD

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About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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