Press release
(AWP) Aerial Work Platform Truck Market to grow at 18.3% CAGR from 2016 to 2024.
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Increasing use of these machines in construction and mining sectors due to risk at work, height and structural design complexity is projected to play main part in aerial work platform (AWP) truck market expansion.Increasing use for maintenance & repairs of high tension power lines, disaster management functions and military segment are predicted to propel machine demand. Also, event management is also projected to evolve as a profitable application field for the global industry. Inclusion of security features, ease of use and maneuverability are few of the key aspects predicted to drive industry demand during forecast timeline.
However, lack of consciousness about technology among workers can inhibit revenue growth. Also unavailability of authorized particular personnel to run aerial work lifts is predicted to impede global aerial work platform (AWP) truck industry expansion. Further, security concerns associated with lift device can be a threat to industry growth.
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Product Insights: Global industry is segmented into products like personal portable lifts, boom lifts, vertical mast lifts and scissor lifts. Booms lifts segment contributed more than 35.1% to the total industry share for 2015. It is predicted to continue its domination during forecast timeframe. Increasing use of vehicles to get entry in blocked areas is projected to fuel product demand.Scissor lifts segment is predicted to display significant growth prospective due to growing acceptance for application needing direct overhead access of greater height.
Application Insights: Global aerial work platform (AWP) truck industry is segmented into applications like logistics & transport, construction, government and telecommunications. Logistics and transport application segment is predicted to experience substantial expansion and heavy industry penetration. It was evaluated at more than $551 million for 2015. Rising demand for material handling in factories and production units is projected to contribute favorably towards segment growth.
Construction segment contributed greater than 34.1% of total aerial work platform(AWP)market share for 2015 and projected to be evaluated more than $4.1 billion by end of forecast timeline. Growing infrastructural growth and big construction projects are predicted to boost the segment growth. Fast growing telecommunications segment owing to economic development in emerging economies has promoted machine demand. Further, growing customer disposable income coupled with rising concerns about worker security is predicted to fuel use of these machines.
Regional Insights: Global aerial work platform (AWP) truck market is segmented into geographical regions like Latin America, APAC, MEA, Europe and North America.
APAC aerial work platform(AWP)truck market share is projected to register CAGR of about 18.8% during forecast period. Factors like rise in amount of mobile users and increasing requirement for good telecommunication infrastructure is predicted to boost regional industry demand. U.S. aerial work platform (AWP) truck industry size is anticipated to be driven by growing capital investments along with renovation activities.
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Key industry participants profiled in the report include Ruthmann, HUSCO International, Bonfiglioli Riduttori, Shen Yang North Traffic Heavy Industry Group, Galipoglu Hidromas, Ognibene Power, GEREP Maschinenbau GmbH, Tadano Limited, Terex Corporation, Bosch Rexroth, Altec Corporation, Time Benelux, Suomen Vaimennin Oy, Mediterr Shock Absorbers S.p.A, Hydraforce Incorporation, Haulotte, Hunan Runshare, Bronto Skylift, Aichi Corporation, CTE, Gabriel India Limited and Teupen.
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Global Industry Insights, Inc., headquartered in Delaware, U.S., is a global Industry 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 Industry 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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