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Aerial Work Platform Market Growth, Opportunity and Forecast At CAGR of 7.7% 2030
Aerial Work Platform Market
Moreover, aerial work platforms assist in working on heights, which reduces the risk of accidents caused by older equipment such as scaffolding platforms and others.
The global aerial work platform market size is expected to reach $14.3 billion in 2027 from $9.3 billion in 2019, growing at a CAGR of 7.7% from 2020 to 2027.
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Top Players:
The major players operating in the aerial work platform industry include Aichi Corporation, Altec Inc., Haulotte Group, J. C. Bamford Excavators Limited, Niftylift (UK) Limited, Oshkosh Corporation (JLG Industries, Inc.), Skyjack (Linamar Corp.), Teupen, and Zhejiang Dingli Machinery Co., Ltd.
Easy accessibility and mobility offered by aerial work platforms, improved safety measures, and advancements in the logistics & transportation industry drive the growth of the global aerial work platform market. On the other hand, increase in dependence on traditional alternatives and high costs associated with aerial work platforms restrain the growth to some extent. However, developments in fully electric and hybrid aerial work platforms are expected to create lucrative opportunities in the industry.
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The global aerial work platform market is analyzed across type, operation, lift height, end-user industry, and region. Based on type, the boom lifts segment accounted for nearly two-thirds of the total market share in 2019, and is expected to lead the trail by 2027. The vehicle-mounted platform segment, on the other hand, would register the fastest CAGR of 9.9% from 2020 to 2027.
Based on operation, the fuel powered segment contributed to more than half of the total market revenue in 2019, and is anticipated to rule the roost by the end of 2027. Simultaneously, the hybrid segment would grow at the fastest CAGR of 9.4% during the forecast period.
By region, North America held the highest share in 2019, garnering more than two-fifths of the global market. The market across Asia-Pacific, however, would cite the fastest CAGR of 9.1% from 2020 to 2027. Moreover, the report also studies the market across Europe and LAMEA.
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