PRESS RELEASE: Aerial Work Platforms Market Value to Grow by Almost US$ 18,658.0 Million in 2032 | Future Market Insights, Inc.
As per a new report by FMI, the global aerial work platforms market size is anticipated to reach a valuation from US$ 10,157.9 Mn in 2022 to US$ 18,658.0 Mn by 2032 and is set to exhibit growth at a CAGR of 6.3% during the forecast period from 2022 to 2032.
Aerial access devices, such as scissor lifts, are gaining immense popularity as infrastructural developments and regional economic expansions continue across the Middle East and Africa. Sales of aerial work platforms are growing due to the rising number of urban and rural infrastructure projects that are being undertaken to meet surging demand from the expanding population worldwide.
The manufacturing and general infrastructure sectors are exhibiting high demand for aerial work platforms globally. Various benefits of these platforms, including increased equipment protection are expected to drive their adoption among small and large construction enterprises, as well as maintenance agents and workers.
However, lack of experienced machine operators and high equipment acquisition prices may hamper demand for aerial work platforms in the next decade.
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Key Takeaways: Aerial Work Platforms Market
The global aerial work platforms market holds about 12% of the global crane market share.
From 2012 to 2021, the market for aerial work platforms exhibited 8% CAGR.
The U.S. held around 3% of the North America aerial work platforms market share in 2021.
China is expected to create an incremental opportunity of more than US$ 1.5 Bn in the coming decade.
By product type, the scissor lifts segment is estimated to account for more than 32% of the global aerial work platforms market share by 2032.
“Increasing demand for rental aerial work platforms among construction companies to reduce initial purchasing and maintenance costs is expected to augment the global market,” says a Future Market Insights analyst.
Competitive Landscape: Aerial Work Platforms Market
The aerial work platforms market is highly competitive and is dominated by various international and domestic companies offering competitively priced products. Key players are also focusing on product innovations to expand their geographic presence and strengthen their positions in the global market.
For instance,
In August 2022, Manitex International, Inc. started the delivery of nearly 200 oil & steel aerial work platforms to Enel, LLC. The equipment will be utilized for supporting the latter’s power-line maintenance fleet.
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Get More Insights on Aerial Work Platforms Market:
According to FMI, the market research report offers an impartial analysis of the aerial work platform market which contains a global industry analysis for 2012–2021 and market forecasts for 2022–2032. The research report analyzes on global aerial work platform market through different categories. The global market analysis of the aerial work platform provides pricing information through various life cycle studies, product life cycle, key market developments, and innovations that are being introduced in the development of the aerial work platform and product acceptance in various end-use.
The global market was divided into various segments, including product type (boom lifts, scissor lifts, vertical mast lifts, and push around & spider lifts), fuel type (gas or diesel, electric, and hybrid), platform height (below 10 meters, 10 to 20 meters, 20 to 30 meters, and above 30 meters), sales channel (OEM and rental service providers), and end use (construction, mining, transportation & logistics, manufacturing, and aerospace & defense) across seven regions in the world.
Aerial Work Platforms Market Outlook By Category
By Product Type:
Boom Lifts
Telescopic
Articulating
Trailer Mounted
Self-Propelled
Scissor Lifts
Vertical Mast Lift
Double Mast AWP
Single Mast AWP
Push Around and Spider Lifts
By Fuel Type:
Gas / Diesel
Electric
Hybrid
By Platform Working Height:
Below 10 Meters
10 to 20 Meters
20 to 30 Meters
Above 30 Meters
By Sales Channel:
OEM
Rental Service Providers
By End Use:
Construction
Mining
Transportation and Logistics
Manufacturing
Aerospace and Defence
Others
By Region:
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa
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