Aerial Work Platforms Market to Reach a Market Value of US$ 15.3 Bn by the End of 2026
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.
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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.
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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