The global aerial work platforms market size was valued at USD 9.7 bn in 2019 and expected to reach USD 19.9 bn by 2027 with a CAGR of 9.4% from 2020 to 2027

OTTAWA, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Precedence Research, Latest Market Report on “Aerial Work Platforms Market (By Type: Engine Powered and Electric; By Product: Scissor Lifts, Boom Lifts, Personal Portable Lifts, and Vertical Mass Lifts; By Platform Height: Above 25 Meters, 20 to 25 Meters, 10 to 20 Meters, and Below 10 Meters; By Application: Construction & Mining, Rental, Transportation & Logistics, Government, and Utility) - Global Market Size, Trends Analysis, Segment Forecasts, Regional Outlook 2020 - 2027”.

Introduction

Aerial Work Platform (AWP) is commonly referred as an Elevating Work Platform (EWP) are mechanical devices that provide a temporary access to inaccessible areas for workers or equipment by lifting them to a particular height. AWP witness significant popularity owing to the incorporation of advanced technical features that include sensors, telematics, and CAN bus, this improves the safety level in the machine compared to the traditional one.

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Within the past few years, the AWP manufacturers have leveraged combination of such machines and technologies as it improves the operational efficiency of the AWP. For instance, manufacturers have included combination of sensors and controllers by integrating CAN bus technology that has become an emerging trend among the workers as it provides advanced benefits over other models.

Growth Factors

Aerial Work Platform (AWP) is cost-effective as well as easy to use that has resulted into escalating adoption of AWP in various sectors that include repair, maintenance, manufacturing, construction, and other industrial sectors. The aforementioned factor expected to fuel growth of the global AWP market in the coming years. In addition, persistent rise in the demand for AWP from construction sector has led to an increased focus of market players on product enhancement and development that contributes as another key factor anticipated propelling the market growth for aerial work platform.

Moreover, growing demand for flexible equipment and automation in several industries projected to boost the market growth for AWP. Furthermore, mandatory safety standards from governments of various countries along with enhanced infrastructure of AWP expected to drive the AWP market growth in the near future.

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Apart from this, increasing awareness related to safety issues coupled with AWP increasing cost are some of the major factors likely to hamper the growth of the global aerial work platform market. For instance, scissor lifts and electric-powered lifts incorporated with advance features have higher price range as compared to traditional towers and ladders.

Regional Snapshots

In terms of consumption and demand, North America was projected as the front-runner in the global Aerial Work Platform (AWP) market and projected to hold significant value share in the year 2019. Rapid growth in infrastructural projects at the residential as well as commercial areas is one of the important factors that results in escalating growth of AWP demand. In addition, availability of potential disposable income along with rapid adoption of equipment such as AWP to maintain safe and secure working environment for workers boosts the adoption of these platforms in this region.

Besides this, Europe expected to follow North America in terms of volume utilization of the AWP owing to significant growth in the construction of residential and commercial buildings in the region. Further, the industries present in this region are more inclined towards the safety improvement of workplaces coupled with workflow process optimization to uphold an efficient process.

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Report Highlights

• In 2019,North America dominated the global market in terms of revenue and volume both followed by Europe owing to rising construction activity in the regions.
• The Asia Pacific emerged as the most lucrative region in the global market owing to presence of numerous under-developed regions that offer significant development opportunities for construction and transportation infrastructure
• Boom lifts dominated the product segment in the global market accounting for nearly 70% of value share due to the rising demand of boom lifts because of their fast & flexible operations
• Based on platform height, below 10 meters segment exhibits prominent growth its increasing utilization in the in-house maintenance & construction activities
• By type, electric Mobile Electric Work Platform (MEWP) held nearly 65% of the value share in the year 2019, as they are helpful in reducing carbon footprint
• Rental application has gained notable traction in the recent past in the AWP industry owing to the emergence of numerous market players providing rental service across the globe

Key Players & Strategies

The global aerial work platforms market players are more focused towards the adoption of inorganic growth strategies that include partnership, collaboration, and merger & acquisition activities. Furthermore, product development & innovation is other most important strategy driving the growth of AWP market players.

Some of the key players operating in the market are CTE, Aichi Corporation, Haulotte Group, Dinolift OY, Hunan Runshare Heavy Industry Company, Ltd., Zhejiang Dingli Machinery Co, Ltd., Holland Lift International bv, JLG Industries, Hunan Sinoboom Heavy Industry Co. Ltd., Niftylift Limited, Manitou Group, Snorkel, Skyjack, Tadano Limited, SocageSrl, Teupen, Genie, and Zoomlion Heavy Industry Science & Technology Co. Ltd.among others.

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