Aerial Work Platform Market is Expected to Reach $14.3 Billion by 2027

According to a new report published by Allied Market Research, titled, "Aerial Work Platform Market by Type, Operation, Lift Height, and End-User Industry: Global Opportunity Analysis and Industry Forecast, 2020-2027," 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. In 2019, North America dominated the market, in terms of revenue, accounting for 44.0% share of the global aerial work platform market.

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Aerial work platform (AWP) are personnel lifting devices used in industries such as construction, retail, warehousing, utilities, and others. Aerial work platforms are also called as mobile elevating work platforms, aerial lifts, cherry pickers, bucket trucks, and others, and are available in various types such as scissor lifts, articulated and telescopic boom lifts, vehicle mounted platforms, and others. 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.

Moreover, North America is the highest contributor in the aerial work platform market. The U.S. garners highest share in the region with approximately 83.0% within the North American market. This is mainly due to the early introduction of aerial working platforms in the region and high demand for AWP in common construction and maintenance practices. In addition, the rapid development in AWP products in terms of emission control and full-electric operation has assisted AWP to gain popularity in the European market.

According to the type, the boom lifts have maximum contribution in the aerial work platform market mainly due to their versatility and high efficiency. In addition, boom lifts are available in telescopic as well as articulating boom types, which allow the use of boom lifts in horizontal as well as vertical directions. In addition, boom lifts offer greater working heights, which assist in surging their demand in the construction and utilities industry.

The COVID-19 pandemic has negatively affected the aerial work platform market mainly due to the halt in international trade, prolonged lockdowns, and ceased manufacturing processes. The reduction in demand from the construction and logistics industry during 2020 owing to the disrupted supply chains is expected to decline the growth of the market.

The global aerial work platform market is segmented into, type, operation, lift height, end-user industry, and region. Based on type, the market is classified into boom lifts, scissor lifts, vehicle mounted platforms, and others. According to operation, it is categorized into fuel powered, electric, and hybrid. By end-user industry, the market is classified into construction, utilities, logistics & transportation, and others. Based on lift height, the market is fragmented into less than 20 feet, 20 to 50 feet, 50 to 70 feet, and above 70 feet.

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The global aerial work platform market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). North America is expected to hold the largest market share throughout the study period, and Asia-Pacific is expected to grow at the fastest rate.

Key Findings Of The Study

By type, the boom lift segment dominated the aerial work platform market share in 2019.
On the basis of operation, the fuel powered segment is expected to generate high revenue, globally.
By lift height, the 20 to 50 feet segment dominated the aerial work platform market during 2019.
Depending on end-user industry, the construction segment garnered major share of the aerial work platform market in 2019.
Region wise, North America dominated the market in 2019.
Asia-Pacific is expected to witness a high growth rate during the forecast period.

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.), Corporation (Genie), Teupen, and Zhejiang Dingli Machinery Co., Ltd.

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