Aerial Work Platform (AWP) Market

Aerial work platform (AWP) is a specialized machine that is used to provide access to difficult and inaccessible areas. The main features of aerial work platforms are high operational efficiency, accessibility to remote areas, and the ability to perform multipurpose operations.

Aerial work platform are portable, cost-effective types that serve as lifts for a single or double worker. Also, they are referred to as lifts, human lifts, push-around platforms, and mobile elevating work platforms (MEWPs). These platforms are widely used for tasks like overhead maintenance, cleaning, and hanging banners or decorations and operate as personal lifts. They can bear loads and are comparatively light. They are easy to use, and a variety of styles and attachments may be used to tailor them to the work. Construction and building maintenance, as well as electrical line repair and tree care, are just a few of the uses for AWPs. A wide range of power sources, including electric, conventional diesel, and petrol engines, are available for AWPs, which are energy-efficient.

Market Dynamics:

Drivers

Growing construction industry supported by global megatrend of urbanization is expected to drive growth of the global aerial work platform market during the forecast period

Aerial work platform or elevating work platform is a device that is used to provide temporary access to operators or equipment to unreachable areas. Aerial work platforms have wide application in the construction industry and is used for lifting, loading, and transportation. The growing construction industry is expected to be one of the most significant drivers for global aerial work platform market growth. The construction industry has witnessed significant growth in the recent past, especially in emerging economies such as China and India, owing to increasing disposable income, rapid urbanization, and industrialization. As a result, demand for aerial work platforms (AWP) has increased in these countries.

Restraints

High initial and maintenance costs is expected to restrain growth of the global aerial work platform market during the forecast period

The major factor restraining growth of the global aerial work platform (AWP) market is high maintenance costs. Aerial work platform (AWP) is used in logistics, transportation, and has other applications, which require high maintenance costs. Thus, it becomes difficult for companies to invest in aerial work platforms due to high capital spending.

Scissor lifts with advanced features are high in price as compared to conventional towers and ladders. Owing to the high initial as well as maintenance costs, there has been a substitution effect which is influencing end users to rent aerial work platform as opposed to making a purchase of the same. Renting equipment instead of owning removes a sizeable burden from a contractor's asset register.

Opportunity

Growing adoption of new technology is presenting lucrative growth opportunities to key manufacturers

Most players in the aerial work platform market focus on integration of latest technologies and introducing innovative products, in order to differentiate their product offerings. Incorporation of safety features and telematic solutions in aerial work platform is a major opportunity for the market players and helpful in increasing their share and profits.

Trends

Rising popularity of rental equipment

The rising popularity of rental AWP equipment services is expected to drive the market growth during the forecast period. This is attributed to the presence of several rental providers across the globe. AWP rental companies such as Eagle Rentals Inc., Rental One LLC, and others are offering affordable and easy renting options to buyers compared to direct AWP purchasing methods. This has led consumers to shift their preference to rental operators as they save a huge amount of transportation, maintenance, and operational costs associated with the new machinery equipment.

Key features of the study:

• This report provides in-depth analysis of the Global Aerial Work Platform (AWP) Market, and provides market size (US$ Billion) and compound annual growth rate (CAGR %) for the forecast period (2023–2030), considering 2022 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the Global Aerial Work Platform (AWP) Market based on the following parameters company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include Toyota Industries Corporation, CTE, Dinolift, Terex Corporation, Haulotte Group, Holland Lift International bv, Hunan Sinoboom Heavy Industry Co. Ltd., IMER International SpA, J C Bamford Excavators Ltd., Oshkosh Corporation, Linamar, Manitou Group, MEC, Niftylift (UK) Limited, PALFINGER AG, Snorkel, SOCAGE, Tadano Ltd., TEUPEN, Zhejiang Dingli Machinery Co, Ltd., and Zoomlion Heavy Industry Science & Technology Co., Ltd.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• Global Aerial Work Platform (AWP) Market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the Global Aerial Work Platform (AWP) Market
• Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, technology up gradation, market expansion, and marketing tactics
• Global Aerial Work Platform (AWP) Market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Aerial Work Platform Market.

Detailed Segmentation:

• Global Aerial Work Platform Market, By Type
  • Boom Lifts
    • Telescopic
    • Articulating
    • Trailer Mounted
    • Self-Propelled
  • Scissor Lifts
  • Vertical Mass Lifts
    • Double Mast AWP
    • Single Mast AWP
  • Personal Portable Lifts
• Global Aerial Work Platform Market, By Fuel Type
  • Electric
    • Boom Lifts
    • Scissor Lifts
    • Vertical Mass Lifts
    • Personal Portable Lifts
  • Engine Powered
    • Boom Lifts
    • Scissor Lifts
    • Vertical Mass Lifts
    • Personal Portable Lifts
• Global Aerial Work Platform Market, By Platform Height
  • Below 10 Meters
  • 10 to 20 Meters
  • 20 to 25 Meters
  • Above 25 Meters
• Global Aerial Work Platform Market, By Application
  • Construction & Mining
  • Government
  • Transportation & Logistics
  • Utility
  • Others
• Global Aerial Work Platform Market, By Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles
  • Toyota Industries Corporation
  • CTE
  • Dinolift
  • Terex Corporation
  • Haulotte Group
  • Holland Lift International bv
  • Hunan Sinoboom Heavy Industry Co. Ltd.
  • IMER International SpA
  • J C Bamford Excavators Ltd.
  • Oshkosh Corporation
  • Linamar
  • Manitou Group
  • MEC
  • Niftylift (UK) Limited
  • PALFINGER AG
  • Snorkel
  • SOCAGE
  • Tadano Ltd.
  • TEUPEN
  • Zhejiang Dingli Machinery Co, Ltd.
  • Zoomlion Heavy Industry Science & Technology Co., Ltd.