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Elevating Perspectives: Aerial Work Platform Market Soars with Industry Insights, Growth Factors, and Future Projections - Exploring Market Dynamics and Trends
Aerial Work Platform Market
Aerial Work Platform Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $17.47 billion In 2028 At A CAGR Of 7.0% :
The aerial work platform market size has grown strongly in recent years. It will grow from $12.51 billion in 2023 to $13.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to increased greenhouse farming, prevention of pest infestations, crop protection, crop yield enhancement, uv radiation protection..
The aerial work platform market size is expected to see strong growth in the next few years. It will grow to $17.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to population growth and food security, changing climatic conditions, increasing adoption of precision agriculture, rise in vertical farming, sustainable agriculture initiatives.. Major trends in the forecast period include innovation in net materials, anti-hail and frost protection nets, netting for organic farming, netting for shade and climate control, collaboration between farmers and technology providers..
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Aerial Work Platform Market Major Segments
The aerial work platform market covered in this report is segmented -
1) By Product Type: Scissor Lifts, Boom Lifts, Telehandler, Other Product Types
2) By Fuel Type: Fuel-Based, Electric, Hybrid
3) By Lifting Height: 20 Feet, 20 To 50 Feet, 50 To 70 Feet, Above 70 Feet
4) By End-User Industry: Construction, Utilities, Logistics And Transportation, Other End-User Industries
Key Driver - A Deep Dive Into The Aerial Work Platform Market Amidst Construction Boom
A rise in residential and commercial construction activities is expected to propel the growth of the aerial work platform market. Residential and commercial construction refer to two broad categories of construction projects that involve the building of structures for different purposes. Residential construction typically refers to the construction of homes, apartments, and other buildings used primarily for residential purposes, while commercial construction refers to the building of structures that are used for commercial or business purposes. Aerial work platforms (AWPs) are primarily used in both residential and commercial construction to provide temporary access to elevated areas, making it easier and safer for workers to perform tasks at height, such as roofing, painting, window cleaning, electrical work, and construction. So, these factors boost the aerial work platform market. For instance, in February 2022, according to Construct connect, Inc., a US-based software company, in 2021, US construction starts increased 5.9 percent to $747 billion, and residential construction grew 14.5 percent. Additionally, in 2021, Canadian commercial and residential construction starts increased 6.5 percent to $91.8 billion. Both the residential and non-residential sectors saw growth in residential construction, which increased by 19.7 percent. Therefore, the rise in residential and commercial construction activities is driving the growth of the aerial work platform market.
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Prominent Trend - Technological Advancements Transforming The Aerial Work Platform Market
Technological advancements are a key trend gaining popularity in the aerial work platform market. Major companies operating in the aerial work platform market are focused on developing innovative technologies to strengthen their position in the market. For instance, in September 2021, JLG Industries Inc., a US-based company, launched the JLG 670SJ self-levelling boom lift. This innovative boom lift technology instantly adapts to terrain on slopes up to 10 degrees in every direction using a fully integrated, smart-adapting steel chassis with self-levelling technology. Additionally, it has automated single-sensor load detection with zero-load calibration, which limits range based on the load on the platform to maintain the machine within the authorized work envelope. and It ensures users are better informed about what's happening at ground level when they are at height by continually receiving performance data from sensors and then displaying the information on a digital display in the platform.
Aerial Work Platform Market Players
Major companies operating in the aerial work platform market report are MEC Aerial Work Platforms, JLG Industries Inc., Galmon (S) Pte Ltd., Aichi Corporation, Haulotte Group SA, EdmoLift AB, Manitou Group, Linamar Corporation, Advance Lifts Inc., Altec Industries Inc., Oshkosh Corporation, Skyjack Inc., Tadano Limited, Liebherr-International AG, Palfinger AG, Ponss Group, Hunan Sinoboom Intelligent Equipment Co. Ltd., LGMG Holding S.p.A., Zhejiang Dingli Machinery Co. Ltd., XCMG Group, Ruthmann GmbH, Teupen Maschinenbau GmbH, Time Benelux NV, Econo Lift Ltd., Bishamon Industries Corp., Snorkel International Ltd., Genie, Holland Lift, Dinolift OY
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Largest And Fastest Growing Region In The Market
North America was the largest region in the aerial work platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global aerial work platform market during the forecast period. The regions covered in the aerial work platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Aerial Work Platform Market Report Structure
3. Aerial Work Platform Market Trends And Strategies
4. Aerial Work Platform Market - Macro Economic Scenario
5. Aerial Work Platform Market Size And Growth
…..
27. Aerial Work Platform Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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