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Aerial Work Platforms Market to Record a Sluggish CAGR of 6.5% through 2016-2026
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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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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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