AERIAL WORK PLATFORM TRUCK Market statistics and research analysis released in latest report
Aerial Work Platform Truck Market size is set to exceed USD 11 billion by 2024; as per a new research report by Global Market Insights, Inc.
Increasing installation base for large-scale construction projects, power cables, street lights & transformers, and related infrastructure services will drive the aerial work platform truck market share over the forecast timeline. Rising repair and maintenance demand of HT power lines, and disaster management functions will support the industry growth.
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Europe AWP truck market size is expected to exceed USD 2 billion by 2024 owing to stringent regulations pertaining to safety norms. Economic growth, increase in urbanization, developing telecommunication networks, rising investments in infrastructure & investment, and adoption of sophisticated and efficient construction equipment will drive industry demand over the forecast timeline.
Increasing material handling demand, especially in manufacturing units and other facilities will fuel the aerial work platform truck market size. Growing construction and installations of solar, wind and other energy projects will further contribute to revenue growth in the coming years.
Growing technological developments in hydraulic or electric platforms to address emission standards on account of considerable environmental considerations will positively impact the industry growth. The need to provide application specific trucks will avoid the vehicle being over or under-equipped thus enhancing productivity. Rising engine and fuel costs will demand for electric hybrid platforms, thus providing potential opportunities for electric hybrid aerial work platform truck market.
Government policies and mandates such as emission control regulations has resulted in emphasizing on manufacturing and installation of hybrid-electric and all-electric aerial lifts. Hybrid engines are required to abide by ANSI (American National Standards Institute) standards during production. Moreover, the manufacturers are focused on developing solutions for low carbon emissions owing to growing demand for increasing efficiency. Lack of machine specific training, safety considerations and high initial capital requirement for procurement along with trained professionals will challenge industry growth.
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Transport & logistics will account for more than 20% of the aerial work platform truck market share by 2024. This can be credited to rising infrastructure construction and procurement of bulk maintenance projects.
Government sector is expected to grow at over 17.5% over the next few years. Growth of military and government in utility business and service industry along with adoption of rental equipment will support industry demand over the forecast timeframe.
Features such as easy lifting & smart transportability, comfort & agility, easy platform access, high-precision driving and onboard diagnostics will boost the vertical mast lift market demand over the forecast timeframe. Middle East and Africa will witness demand upsurge owing to changing regulatory scenario and rising government investments for infrastructure developments
Major aerial work platform truck market players are Terex Corporation, Haulotte, Aichi Corporation and Tadano Limited.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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