Aerial Work Platforms Market to grow at a CAGR of 4.2% during the forecast period 2019 - 2029

The global aerial work platforms market was valued at US$ 8.6 Bn in 2019 and is projected to grow at a moderate CAGR of 4.2% during the forecast period. The high initial maintenance costs associated with new platforms are compelling companies to rent them thus resulting in heightened demand for rented aerial work platforms across the globe. Further, the increasing demand for rental aerial work platforms in emerging countries such as China, India, Brazil, and Mexico has enabled companies to reduce time along with the cost related to transportation. This in turn is anticipated to provide lucrative opportunities for players in the aerial work platform in the near future. Owing to multiple advantages of aerial work platforms such as greater safety and faster maintenance, aerial work platform rental service providers are launching their distribution center in these regions, further supporting the growth of aerial work platforms market.

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The newest report by Fact.MR estimates that boom lifts will create an absolute $ opportunity of US$ 2.7 Bn during the forecast period.

Key Takeaways of Aerial Work Platforms Market

• The global aerial work platforms market is estimated to create an absolute $ opportunity of US$ 4.3 Bn between 2019 and 2029 owing to the steps being taken by rental companies to enhance their fleet size on the back of growing demand for various scissor lifts from emerging countries
• Boom lifts are expected to grow 1.4X more than scissor lifts during the forecast period and is projected to grow at a value CAGR of 4%
• Construction segment is estimated to remain the most lucrative segment by ownership in the global market accounting for 37% of the market share by the end of forecast period
• Collectively, North America and Europe are estimated to create an absolute $ opportunity of US$ 2.6 Bn during the forecast period 2019-2029

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“Global aerial work platforms will create enormous opportunities as governments of several countries are re-evaluating safety standards to encourage the adoption of aerial work platforms coupled with infrastructural improvements in the emerging countries.” –Says the Fact.MR analyst.

Product Innovation to Pave Way for a Highly Consolidated Market

Global aerial work platforms market is highly consolidated with 7-8 players accumulating 65% to 70% of the share. Some of the key players in aerial work platforms market are Terex Corporation, Haulotte Group, Oshkosh Corporation, Linamar Corporation, Tadano Limited, MEC Aerial Work Platforms, Palfinger AG, among others.

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Manufacturers are focusing on product innovation in order to increase their reach and maintain their position in the market. For instance,
• In 2019, Haulotte Group introduced a new compact and versatile telehandler named HTL3207. The company announced that the telehandler was designed to provide maximum operational efficiency on rugged job sites in addition to excellent maneuverability.
• In 2017, MEC Aerial Work Platforms focused on providing better solutions with the release of two new machines: MEC Micro 19 scissor lift and 45-AJ articulated boom lift.

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