Aerial Work Platforms Market Growth Forecast by 2029 | Terex Corporation, Haulotte Group, Oshkosh Corporation, Linamar Corporation

The global aerial lift platform market was valued at US$ 8.6 Bn in 2019. Tailwinds from the development of urban infrastructure and subsequent adoption of modern lifts are major factors for growth in the coming years. Aerial lift platforms are gaining a reputation as the ideal alternative to conventional truck lifts and carabiner based systems. Market players are rapidly adopting partner-based business models as customers prefer renting an aerial lift platform. This is due to the high capital investment required to purchase an aerial lift platform. Construction applications of aerial lift platforms in elevating materials and labours is regarded as a primary growth driver for market players.

"Stringent government regulations about worker safety in building & construction projects will further the demand for aerial lift platforms through the end of 2029," says Fact.MR Analyst

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Global Aerial Lift Platforms Market- Key Takeaways

The global aerial work platforms market will generate an absolute $ opportunity of US$ 4.3 Bn from 2019 to 2029.

Boom lifts will multiply 1.4X more than scissor lifts during the forecast period growing at a steady 4% CAGR during the forecast period.

Construction segment will be a leader in revenue generation accounting for 37% share of the total market value.

North America and Europe will create an absolute $ opportunity of US$ 2.6 Bn between 2019 and 2029.

Global Aerial Lift Platforms Market- Key Drivers

Development of urban infrastructure in emerging economies such as India, China, Indonesia, and Brazil are primary factors of growth in the market.

Diverse product portfolios that provide aerial lift platforms for a myriad number of end-uses at various heights strengthen the demand for aerial lift platforms.

Increasingly stringent labour safety regulations also contribute to the growing adoption of aerial lift platforms.

Global Aerial Lift Platforms Market- Key Restraint

The high initial cost of procurement and maintenance of aerial lift platforms dampens new product sales and restraints the growth potential of the market.

COVID-19 to Derail Growth Trajectory

Trade restrictions and social distancing measures to mitigate the rampant infection across countries has put a stop to on-going sales. Building and construction projects are postponed indefinitely until the ambiguity about the economic impact of the pandemic is cleared. The adoption of work-from-home policies means maintenance of corporate offices is paused for the near future. Major market players are formulating recovery strategies by focusing on countries with low COVID-19 impact. With reopening of economies and relaxed trade restrictions, sanitization of corporate offices will be a top priority for organizations. Aerial lift platforms market will find recovery opportunities in maintenance and sanitization undertaking by commercial complexes.

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Competition in the Global Aerial Lift Platform Market

In a highly consolidated market, competition is driven by product innovation that reduces manufacturing costs and simplifies design structure. Penetrating developing economies with high-investments in infrastructure development remains a popular competitive strategy. Major players in the aerial lift platform market that influence the competitive landscape are, but not limited to, Terex Corporation, Haulotte Group, Oshkosh Corporation, Linamar Corporation, Tando Ltd., Aichi Corporation, MEC Aerial Work Platforms, Palfinger AG, Hunan Sinoboom Heavy Industries Co. Ltd., Zheijang Dingli Machinery Co. Ltd., Manitou Group, Mantall Heavy Industry Co. Ltd., Noblelift Intelligent Equipment Co. Ltd., and IMER International SpA.

About the Report

In its 170-page report, Fact.MR provides a detailed study based on the product (scissor lifts, boom lifts, and other AWPs), end-use industries (AWP Rental Service Providers, construction, entertainment, commercial, manufacturing, and others), across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa)

Press Release: https://www.factmr.com/media-release/1429/global-aerial-work-platforms-market

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This release was published on openPR.