The aerial work platforms (AWPs) market is set for rapid growth over the forecast period. In terms of revenue, the global aerial work platforms (AWPs) market accounted for USD 10.5 Billion in 2019 and is anticipated to reach around USD 15.9 Billion by 2026, growing at a CAGR of 6.2%.
Global Aerial Work Platforms (AWPs) Market: Overview
Aerial work platforms (AWPs), also known as mobile elevated work platforms (MEWP), are essential for secure access to places with heights and are used in a variety of work applications, including building repairs and construction, as well as tree care and electric repairs. It's widely used in the electricity and telecommunications sectors, as well as in the arboriculture industry. Advanced features such as connectivity and transportation, as well as electrical outlets and compressed air plugs for power equipment, could be available on aerial work platforms. It can also be equipped with advanced equipment such as underbridge units and window glass frames for lifting operators to the appropriate height for any working area.
Global Aerial Work Platforms (AWPs) Market: Growth Factors
The increasing demand from the construction and building industry is expected to drive the aerial work platforms market. In developing countries such as India, China, Brazil, Mexico, Vietnam, and Indonesia, population growth and urbanization are pushing the residential construction market. Based on the data published by U.S. Census Bureau, the U.S. construction sector spending in November 2020 was USD 1,459.4 billion even though the year was not favorable for the construction industry. Alongside the unprecedented COVID-19 epidemic, China's government has been concentrating on the construction of "new infrastructure" such as big transportation, urbanization, water management projects, and informational networks, both of which would result in increased infrastructure investment. According to FinanceAsia, China's main capital spending plans have been declared for the next five to seven years by approximately 31 provinces, autonomous regions, and municipalities. This would also ensure consistent demand for aerial work platforms.
Global Aerial Work Platforms (AWPs) Market: COVID-19 Impact
Since the majority of the aerial work platforms industry's manufacturing staff is employed in on-site positions that cannot be handled remotely, it can be particularly fragile. If COVID-19 infections disperse across the workforce, plant capability can be harmed unless appropriate preventative steps are taken. Furthermore, considering the complexities of the market, businesses may need to explore ways to establish social distancing in workplaces where workers are frequently crowded. The aerial work platforms industry as a whole was affected by market volatility, supply chain disruptions, unpredictable demand, and labor shortages.
The end-use sectors are expected to be fully operational by the beginning of 2021, resulting in high demand for aerial work platforms. As a result, over the projected period, demand is projected to rise at a rapid pace. Aerial work platform products have been endorsed by many applicants in the construction, retail, transportation, and utility sectors because they can improve occupational safety. Having something more familiar and desirable to a customer plays a vital role in increasing sales.
Global Aerial Work Platforms (AWPs) Market: Segmentation
The global aerial work platforms market is bifurcated into its type, product type, platform working height, end user, and regions. Based on the type, the global market is divided into hybrid, engine-powered, and electric. Based on product type, the market is bifurcated into scissor lifts, personal portable lifts, boom lifts, vertical mast lifts, and others. Based on the platform working height category, the global market is divided into 10 to 20 meters, above 30 meters, below 10 meters, and 20 to 30 meters. Based on the end user, the global market is divided into retail, storage, and warehouses, manufacturing, utility, construction, transportation and logistics, mining, and others. Geographically, the global aerial work platforms market is divided into North America, Asia-Pacific, Europe, Latin America, and Middle East & Africa.
The construction category in end user segmentation held the largest market share in 2019 with a market share of more than 50%. The aerial work platforms market is expected to grow due to increased public infrastructure development and reconstruction activities. Governments and airport authorities are their investments in the growth and building of new airports, which are important driving forces. Similarly, ongoing railway infrastructure projects in Europe, such as the Rail Baltica greenfield railway infrastructure initiative, would create opportunities for business growth.
Global Aerial Work Platforms (AWPs) Market: Regional Analysis
North America region dominated the global aerial work platforms market in 2019 with a market share of around 38% and is anticipated to continue its dominance in the upcoming years. The growth of the North America market can be attributed to stringent safety regulations in the region coupled with the development of new advanced products. The Occupational Safety and Health Administration (OSHA) and other organizations have amended many standards to encourage the use of aerial work platforms, resulting in industry expansion. Furthermore, hybrid aerial work platforms, which combine a power battery and an engine, are becoming increasingly popular, especially in this region. Based on the data published by the Federal Statistics Office, Destatis, construction turnover in Germany increased by 2.2 percent in October 2020 compared to the same month in 2019. Construction investment, which has been steadily growing, will help to promote industry growth in Germany.
The Asia Pacific aerial work platforms market is anticipated to grow at a significant rate in the forecast period. The growth of the Asia Pacific region can be attributed to the rapid industrialization and the growing construction industry in the region. The APAC region's economic development, particularly in emerging markets like India, Indonesia, Vietnam, Thailand, Malaysia, and Taiwan, is leading to an increase in the number of infrastructure projects, which is expected to drive demand for adhesion promoter in the building and construction industry. Private equity and venture capital investment in infrastructure in India crossed USD 14.5 billion in 2019, based on data published by India Brand Equity Foundation (IBEF). Furthermore, between 2019 and 2023, India expects to spend nearly USD 1.4 trillion in infrastructure construction and expansion, presenting a highly attractive growth opportunity for the aerial work platforms industry.
Global Aerial Work Platforms (AWPs) Market: Competitive Players
Some of the key players in the aerial work platforms market are EdmoLift AB, Zhejiang Dingli Machinery Co, Ltd., Mantall Heavy Industry Co., Ltd., IMER International SpA, Haulotte Group, Advance Lifts, Inc., Dinolift OY, Linamar Corporation, MEC Aerial Work Platforms, Oshkosh Corporation, Aichi Corporation, JLG Industries, Noblelift Intelligent Equipment Co., Ltd., Galmon (S) Pte Ltd, Shandong Qiyun Group Co., Ltd., Wiese USA, Terex Corporation, LGMG North America, Inc., and Palfinger AG among others.
Global Aerial Work Platforms (AWPs) Market: Regional Segment Analysis
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
