Aerial Work Platform Truck Market revenue to grow at over 18.3% CAGR over the forecast timeframeGrowing focus on infrastructure growth coupled with an increase in real-estate investments are predicted to boost the demand for aerial work platform trucks. Furthermore, the rising need for material handing in factories as well as in production activities is expected to boost the industry trends over the coming years. According to Global Market Insights Inc., “Aerial Work Platform (AWP) Truck Market share worth USD 2.4 billion in 2015, is estimated to reach USD 11 billion mark by 2024, growing at a CAGR of 18.5% over the period of 2016-2024.” Modernization in electrically propelled elevating platforms to fulfill emission norms and address the ecological concerns is expected to benefit the market in future. AWP trucks are predicted to find their use in various industries owing to its safety features, maneuverability, and ease of handling features.
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The rising installations of power cables and transformer & street light maintenance is predicted to boost the market trends over the coming years. Large scale use of AWP trucks in mining & construction activities due to the high risks involved in the work is predicted to benefit the market. The rapid growth of telecommunications industry due to the growing number of smartphone users will fuel AWP truck demand. These vehicles find their use in event management activities such as organization of corporate events, conventions, conferences, festivals, formal parties, and concerts. They are also used in disaster management operations as well as defense activities.
AWP truck applications in the construction industry is predicted to be worth USD 4 billion by 2024 owing to big construction projects along with heavy infrastructural growth. Logistics & Transportation industry is also predicted to witness high market penetration over the coming years, with vehicle applications worth USD 550 million in 2015.
Asia Pacific AWP truck market is forecast to record a CAGR of 18.7% over the period of 2016-2024 due to the growing number of mobile phone users coupled with the requirement of good telecommunication infrastructure.
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North America AWP truck market size is anticipated to witness a substantial growth over the forecast timeline. U.S. market is predicted to contribute noticeably towards the regional growth due to high capital investments along with an increase in the renovation work activities in the country.
Driven by various applications in the construction, telecommunications, and transport & logistics industry, AWP truck is deployed in the form of vertical mast lifts, boom lifts, personal portable lifts, and scissor lifts.
Scissor lifts AWP truck market is predicted to grow at a CAGR of 18.3% over the period of 2016-2024 owing to its increasing demand in various applications requiring direct overhead access. Boom lifts AWP truck market contributed over 35% of the global industry share in 2015 and is expected to dominate the industry over the forecast period. Rising use of the vehicles to enable entry in blocked areas is projected to boost the industry demand.
Key industry players include Terex Corporation, Haulotte, Ruthmann, Aichi Corporation, Tadano Limited, CTE, Shen Yang North Traffic Heavy Industry, Hunan Runshare, Time Benelux, and Teupen.
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