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Aerial Work Platforms Market Poised to Rake US$ 15.3 Bn by the End of 2026

07-04-2017 08:31 AM CET | Advertising, Media Consulting, Marketing Research

Press release from: Future Market Insights

Aerial Work Platforms Market Poised to Rake US$ 15.3 Bn by the End

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.
By Motive Mechanism (Self-propelled, Manually propelled, Vehicle mounted): The self-propelled segment is anticipated to expand at a CAGR of 6.7% over the forecast period. The manually propelled segment is estimated to expand at a CAGR of 3.7% over the forecast period.

The global aerial work platforms (AWP) market is expected 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 likely 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, North America is estimated 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 likely to account for over two-thirds of the global aerial work platforms 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.

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The leading players operating in the global aerial work platforms market are 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.

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Future Market Insights (FMI) is a leading market intelligence and consulting firm. We deliver syndicated research reports, custom research reports and consulting services, which are personalized in nature. FMI delivers a complete packaged solution, which combines current market intelligence, statistical anecdotes, technology inputs, valuable growth insights, an aerial view of the competitive framework, and future market trends.

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