Aerial Work Platforms Market to Reach a Market Value of US$ 15.3 Bn by the End of 2026
The global AWP market is segmented based on product type into boom lifts and scissor lifts; on the basis of ownership into rental service providers and end-use industries; and on the basis of motive mechanism into self-propelled, and manually propelled. The scissor lifts segment is estimated to dominate the global AWP market by the end of 2016, accounting for 57.2% share in terms of value.
Factors impacting the market and forecasted trends
Growth in the construction industry, stringent labour laws and government regulations, and strict adherence to human safety concerns are some of the factors driving the growth of the global AWP market. These factors are expected to influence and upsurge the demand for AWP over the forecast period. Furthermore, simple and attractive equipment financing options and a diversified product portfolio offered by manufacturers while meeting the customised demands of AWP buyers is expected to play a crucial role in global AWP market growth. Further, a rising demand for AWP from the telecommunication and electrical lines maintenance business vertical is another factor fuelling the growth of the global AWP market through 2026. However, high capital and maintenance costs of AWP machines and lack of machine specific training to operators are some factors that are likely to pose challenges to market growth.
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A noticeable trend in the global AWP market indicates a growing inclination of end users towards renting aerial work platforms rather than owning one. AWP rental companies are directing their efforts on training operators and are projecting this as a unique selling point for their business. Leading rental companies are also opting for fleet diversification by increasing the use of very high AWP systems and using self-propelled equipment with advanced and customised telematics.
Region-wise market forecast
The global aerial work platforms (AWP) market is estimated to be valued at US$ 15.3 Bn by the end of 2026, increasing at a CAGR of 6.5% during the forecast period. North America is slated to dominate the global AWP market with a 48.3% market revenue share, valued at US$ 3.9 Bn by the end of 2016. In terms of revenue, this region is anticipated to account for 45.5% revenue share of the overall AWP market by the end of the forecast period, expanding at a CAGR of 5.9%. The North America and Western Europe markets are collectively estimated to account for over two-thirds of the global market share by the end of 2016. Sales revenue in the APEJ market is poised to increase at the fastest CAGR of 11.7% between 2016 and 2026. China is expected to lead overall market growth in this region.
Leading market players
Linamar Corporation, JLG Industries, Inc., MEC Aerial Work Platforms, Terex Corporation, Tadano Ltd., Haulotte Group, Mtandt Limited, V-tech Hydraulics, Zhejiang Dingli Machinery Co. Ltd., and Snorkel International, Inc. are currently the market leaders operating in the global aerial work platforms market.
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