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Aerial Work Platforms Market is set to exhibit CAGR of 5.8% during the forecast period from 2018 to 2026

According to a new market research report published by Credence Research “Aerial Work Platforms (AWPs) Market (Product Type – Scissor Lift, Boom Lift (Telescopic, Articulating); Operation – Self-operated, Manual Operated; Fuel Type – Gas/Diesel, Electric and Hybrid) – Growth, Future Prospects and Competitive Analysis, 2018 - 2026”, the global aerial work platforms (AWPs) unit sales crossed 90,000 units in the year 2017; and is set to exhibit CAGR of 5.8% during the forecast period from 2018 to 2026.
Market Insights
Aerial work platforms (AWPs) are among the most indispensable equipment required in construction, transportation and other infrastructure projects. These platforms are regarded as highly convenient and safe, making them useful in wide array of construction and maintenance operations. The market growth is largely governed by the growing regulations coupled with awareness regarding labor safety. Due to their ease of handling and safety, aerial work platforms are now replacing conventional equipment (such as ladders, ropes) at construction and maintenance sites. In addition, consistent rise in construction and infrastructure projects is another major factor supporting the aerial work platforms market growth.
Aerial work platforms are used in a wide range of construction and maintenance projects worldwide. Of these, boom lifts are the most popular type of AWPs due to their higher accessibility and flexible design. In 2017, boom aerial work platforms segment led the market with more than 60% of the global market share. Boom aerial work platforms are further classified into telescopic boom and articulating boom aerial work platforms. Based on the further classification, the segment is led by the articulating boom aerial work platform. These equipment offer operation at extended heights and enhanced maneuverability. This makes them suitable for most of the applications. Thereby, the product type would continue to dominate the market throughout the forecast period.
Based on the geography, North America led the market with a market share, in terms of value, of more than 40% in 2017. The market here is backed by the existence of sophisticated construction & maintenance sector. In addition, high awareness regarding labor safety is another important factor supporting the market growth. Presence of regulatory bodies such as OSHA has ensured high labor safety awareness and expenditure on such equipment in the region. In the following years, Asia Pacific is set to register the fastest growth in the market. Apart from China and India, Southeast Asia too is a major market for aerial work platforms due to presence of sizable construction & maintenance activities.
Some of the major companies profiled in the report include JLG Industries, Inc., Terex Corporation (Genie), Tadano Ltd., Linamar Corporation (Skyjack), Palfinger AG, Haulotte Group, IMER International S.p.A., Aichi Corporation, Hunan SINOBOOM Heavy Industry Co., Ltd., Altec Industries, Inc., J C Bamford Excavators Ltd., Noblelift Intelligent Equipment Co., Ltd., Bronto Skylift Oy Ab, Manitou Group, Alimak Hek Group AB, Snorkel Lifts and others.
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