Power Tools Market to reach US$ 15.3 Bn Bn by 2026

The global aerial work platforms (AWP) market is poised to reach a market value of US$ 15.3 Bn by 2026, expanding at a CAGR of 6.5% over a 10-year forecast period (2016-2026). Global AWP sales are expected to touch 88,622 units by the end of 2016, valued at US$ 8.1 Bn. Increasing sophistication and mechanisation of the global construction industry is likely to boost the demand for aerial work platforms throughout the world. In a new report titled “Aerial Work Platforms (AWP) Market: Global Industry Analysis and Opportunity Assessment, 2016–2026”, Future Market Insights analyses the market dynamics affecting the global aerial work platforms market and forecasts trends likely to shape this market in the next 10 years.

A steady growth of the global aerial work platforms market can be attributed to a booming construction industry, stringent labour laws and government regulations, and strict adherence to human safety concerns. The market is also likely to receive a boost from simple and attractive equipment financing options, a diversified product portfolio offered by manufacturers while meeting the customised demands of AWP buyers, and a rising demand for AWP equipment from the telecommunication and electrical lines maintenance business vertical.

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Market projections based on segmentation
By Product Type (Boom lifts, Scissor lifts): The boom lifts segment is estimated to account for 42.8% revenue share in the global AWP market by the end of 2016. The scissor lifts segment is estimated to dominate the global AWP market with 57.2% market revenue share by the end of 2016.
By Ownership (Rental service providers, End-use industries): The rental service providers segment is expected to create total incremental opportunity of US$ 5.9 Bn between 2016 and 2026. The end-use industries segment is expected to create total incremental opportunity of US$ 1.2 Bn between 2016 and 2026.

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This release was published on openPR.