Press release
Aerial Work Platform Market worth USD 15.4 billion by 2030
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An increase in inclination toward environmental sustainability for construction and non-construction applications is expected to drive the demand for electric vehicles. Aerial work platforms are often used in urban areas and warehouses with noise and emission norms. Thus, the use of electric and hybrid AWPs can help adhere to these standards. Further, development in battery technologies that offer maximum productivity in a single charge and use of hybrid engines that charge the battery with fuel-based engines can offer highly efficient lifting, which reduces the operational time on projects sites.
Global Aerial Work Platform Market Research Report Segmentation
The overall aerial work platform market has been segmented into the type, operation, lift height, end-users, and region.
By Type (Scissor Lifts, Vehicle Mounted Platforms, Boom Lifts, and Others)
By Operation (Fuel-powered, Electric, and Hybrid)
By Lift Height (Less than 20 Feet, 20 to 50 Feet, 50 to 70 Feet, and Above 70 Feet)
By End-Users (Construction, Utilities, Logistics & Transportation, and Others)
By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)
Fuel-powered, by operation, holds the largest market share during the forecast period
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Based on operation, the global aerial work platform market is characterized as electric, fuel engine, and hybrid. The fuel-powered segment generated the highest revenue of 52.9% of the global aerial work platform market in 2021, and it is expected to register a significant CAGR from 2022 to 2030. Fuel-powered aerial work platforms operate on the power generated by diesel or LPG-based engines. Fuel-powered AWPs offer high efficiency and productivity, especially for rugged and rough applications. In addition, these are suitable for outdoor applications, owing to the emission of smoke generated in the engine.
The main advantage of fuel-powered aerial work platforms is the high efficiency offered by fuel-based engine equipment over any electrically powered equipment. In addition, due to the more power output provided by the fuel-based engines, these are highly versatile and offer more operating height than electric equipment. Moreover, fuel-powered machines are mainly preferred for outdoor applications and rough terrains, owing to more productivity provided by fuel-based engines. For instance, the U.S.-based firm Snorkel Lifts, in 2019, launched the Snorkel 460SJ and Snorkel 660SJ telescopic boom lifts. These products comply with the latest European emission standards and have highly efficient engines for use in outdoor spaces.
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Asia Pacific accounts for the largest market share in 2021
Based on the regions, the global aerial work platform market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2021, Asia Pacific accounted for the highest market share of 45.6% in the global aerial work platform market and was anticipated to maintain its dominance throughout the forecast period. China mainly drives the Asia-Pacific aerial work platform market during the forecast period. The increased focus on manufacturing and utilizing aerial work platforms in China has resulted in a significant upsurge in the global market share of aerial work platforms during 2020. In addition, the quick recovery in COVID-19 patients and control over the spread of the infections enabled the country to boost the production of aerial work platforms rapidly, compared to the U.S. and Europe.
However, the developing countries in Asia-Pacific still depend on traditional working platforms such as ladders and scaffolding, mainly owing to the high cost and requirement of skilled labor for the operating aerial work platforms. On the contrary, the development in rental services of the equipment can assist in promoting the growth of the market during the forecast period.
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This research report covers an examination of the major firms' development and marketing tactics, as well as an examination of their product portfolios and winning methods in the aerial work platform market. It also consists of the profiles of leading companies such as Haulotte Group, J.C. Bamford Excavators Limited, Aichi Corporation, Altec Inc., Niftylift (UK) Limited, Skyjack (Linamar Corp.), Corporation (Genie), Oshkosh Corporation (JLG Industries, Inc.), Teupen, and Zhejiang Dingli Machinery Co., Ltd. These market players have focused on acquisitions and expansion to gain a larger market share in the aerial work platform market.
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