Aerial Work Platform Market is estimated to grow at a CAGR of 6.2% during the period 2016-2023, According to Research Nester

Global Aerial Work Platform Market Overview

Work platforms are used by technician, engineers and workers to reach inaccessible zones in order to maintain or fix the glitches. Aerial work platform enables workforce to reach manually and physically to operate tasks such as fixing technical problems of heighted telecommunication towers.
Aerial work platform also employed for installation and maintenance of high tension power lines, street lights and transformers. The rapid growth in power sector along with rising maintenance and repair activities across the globe are some of the major factors which are driving importance of aerial work platforms.

Market size and forecast

The global aerial work platform market is projected to reach USD 14.2 Billion by 2023 from USD 7.8 Billion in 2015. Further, the market is predicted to index a CAGR of 6.2% over the forecast period i.e. 2016-2023. The market of aerial work platform is majorly driven by the factors such as rising investment in construction and increase in adoption of time savings and safe equipment.

Apart from this, the construction applications accounted the highest revenue share of 28% of the overall global aerial work platform market in 2015 and expected to flourish over the forecast period 2016-2023. Rising infrastructure development in growing economies is the major key driver for the growth in near future.

North-America is estimated to dominate the global aerial work platform market in near future owing to rapid pace in building construction, skyscrapers and rising concern towards maintenance and repair activities of constructed structures. The market of North-America is expected to garner USD 3.6 Billion by the end of 2016 and believed to expand at a CAGR of 5.9% over the forecast period i.e. 2016-2023.

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Asia-Pacific market for aerial work platform is anticipated to be the fastest growing market across the globe over the forecast period. Presence of emerging economies such as India, China, Japan, Malaysia, South Korea and rapid urbanization heating the infrastructure and telecommunication facilities are some of the prime driving factors for the growth of aerial platform market in near future. Moreover, the market in Asia-Pacific region is estimated to flourish at a CAGR of 11.5% over the forecast period i.e. 2016-2023.
Furthermore, massive construction projects and rise in number of skyscrapers in Middle-East countries is further anticipated to beef up the demand for aerial work platforms in near future.

Rising infrastructure and building construction in growing economies and offering of numerous type of aerial work platform according to the needs of technicians and workers are some of the major key factors gaining traction of builders and other end-use industry. Moreover, adoption of aerial work platforms in the rising skyscrapers across the globe and advancement in telecommunication sector to carry out the work in distant zones are providing impetus to the aerial platform market.

Demand Analysis By Market Segmentation
Our in-depth analysis segmented the global aerial work platform market in the following segments:

By Mechanism
Self-Propelled
Manual
By Product Type
Boom Lifts
Scissor Lifts
Vertical Mass Lifts
Personal Portable Lifts
By Fuel Type
Petrol/Gasoline
Gas
Electric
Hybrid fuel
By Platform Height
Up to 30 Feet
30 Feet-60 Feet
60 Feet-100 Feet
More than 100 Feet
By End-User
Construction
Mining
Manufacturing
Telecommunication
Transport & Logistics
Others(Public Administration)
By Region
Global aerial work platform market is further classified on the basis of region as follows:
North America (United States /U.S. & Canada)
Latin America (Brazil, Mexico, Rest of Latin America)
Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia)
Middle East and North Africa (MENA)
Rest of World

Growth Drivers and challenges

Rapid expansion in infrastructure and building construction across the globe, setting-up of new telecommunication towers and increasing concern towards periodic maintenance of skyscrapers, installed towers and high tension power lines are some of the major catalysts for the growth of aerial work platform market.

Factors such as technological advancements in aerial work platforms, wide scale applications in end-use industry for maintenance, repair and installation activities, diversification in work platforms, availability of aerial work platform on rental basis, rising concern towards workers and technicians safety and growing adoption of aerial work platforms in public events for security and recording purposes are swelling the demand for aerial work platforms in near future.

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In addition to this, economic growth in developing nations, rising infrastructural facilities along with rising investment in construction, advancements in telecommunication sector to provide better services and rapid pace in urbanization are some of the underlying dynamics which are expected to upsurge the market of aerial work platforms during the forecast period i.e. 2016-2023.

However, high cost of aerial work platforms, lack of skilled machine specific engineers, technicians and operators, unawareness in underdeveloped nations and high maintenance cost of aerial work platforms are the major factors hindering the growth of aerial work platform market across the globe.

Key Players
The key vendors of aerial work platform market are as follows:
Aichi Corporation
Company Overview
Key Product Offerings
Business Strategy
SWOT Analysis
Financials
Time Benelux
Teupen
Ruthmann
Bronto Skylift
Haulotte
Tadano
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The Global Aerial Work Platform Market is segmented as follows:
By Mechanism type Market Size and Y-O-Y Growth Analysis
By Product type Market Size and Y-O-Y Growth Analysis
By Fuel type Market Size and Y-O-Y Growth Analysis
By Height type Market Size and Y-O-Y Growth Analysis
By End-user type Market Size and Y-O-Y Growth Analysis
By Regions
North America (U.S., Canada) Market Size and Y-O-Y Growth Analysis
Latin America (Mexico, Brazil, Rest of Latin America) Market Size and Y-O-Y Growth Analysis
Western and Eastern Europe (Germany, Italy, Spain, France, U.K, Benelux, Hungary, Rest Of Western Europe, Russia Poland, Rest of Eastern Europe) Market Size and Y-O-Y Growth Analysis
Asia-Pacific (China, India, Singapore, Japan, Australia and New Zealand and Rest of Asia) Market Size and Y-O-Y Growth Analysis
Middle East and North Africa (MENA) Market Size and Y-O-Y Growth Analysis
Rest of World Market Size and Y-O-Y Growth Analysis
Market Dynamics
Supply and Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment

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This release was published on openPR.