Press release
Aerial Work Platform (AWP) Market Will Expand at a CAGR of 12.0% Between 2021 - 2031
High growth in the aerial work platform market is supported by the surge in application across diverse industries. Increasing need for aerial work platforms in construction, mining, transport & logistics, aerospace and defense industries among others will remain a chief contributor towards growth. According to FMI, the market is set to grow at 12% CAGR between 2021 and 2031.Get | Download Sample Copy with Graphs & List of Figures:
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Moreover, the rapid development for equipment from myriad industries has pushed manufacturers to sell technically fitted instruments such as electrification and hybridization technology, thus further widening the potential of development over the near future for the market for aerial work platforms. Scissor lifts are likely to remain highly preferred, accounting for over half of aerial work platform sold through 2031.
In addition, massive government spending on infrastructure projects such as highways, rail, water conservation, and power generation is likely to create lucrative business opportunities over the next few years. However, low availability of qualified machine operators and massive costs incurred during the procurement of equipment are some of the factors that might impede the growth.
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Key Takeaways of Aerial Work Platforms Market Study
• Between 2021 and 2031, the aerial work platform market will expand at a CAGR of 12.0%
• The U.S. will emerge as a highly lucrative pocket, accounting for over 90% of North America market in 2021, in terms of value
• The U.K. will exhibit steady growth post slowdown in 2020. FMI projects it to record above 1.5% Y-o-Y growth in 2021
• Rising construction spending will continue supporting demand from Germany and France
• Investment in infrastructural development will boost growth in Japan, South Korea, and China
“While investment towards technological improvements remains a key focus, key market players are expected to mostly rely on rental businesses to expand their footprint. Besides this, some of the companies are incorporating sensors in aerial work platforms to help them detect potential obstruction averting risk of accidents on site,” said a lead analyst at FMI
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Competitive Analysis:
Some of the leading companies operating in the aerial work platforms market are Corporation, J C BAMFORD EXCAVATORS Ltd., Aichi Corporation, Haulotte Group, Linamar Corporation, Hunan Sinoboom Heavy Industry Co. Ltd., Manitou Group, Tadano Limited, Zhejiang Dingli Machinery Co., Ltd., OSHKOSH CORPORATION, MEC AERIAL WORK PLATFORMS, PALFINGER AG, IMER INTERNATIONAL SpA, MANTALL HEAVY INDUSTRY CO., LTD, NOBLELIFT INTELLIGENT EQUIPMENTCO.,LTD. These companies have been focusing on product launches besides strategic collaborations to gain competitive advantage.
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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights and an aerial view of the competitive framework and future market trends.
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