Aerial Work Platform or elevating work platform is a device that is used to provide temporary access for operators or equipment to unreachable areas. Aerial Work Platform (AWP) truck is designed to lift limited weight usually less than a ton and capable of being set up and operated by a single person. AWP trucks are used for various purposes such as maintenance and construction work or by firefighters for emergency access, which differentiates them from permanent access equipment (PAE) such as elevators and cranes. AWP trucks are used in construction, transportation, and other infrastructure and many government projects. They are safe and convenient device which make them useful for construction and maintenance operations. These factors are expected to drive market growth during the forecast period.
The global aerial work platform (AWP) truck market is expected to witness significant growth during the forecast period (2020–2027) due to increasing investment in construction and infrastructure projects in Asia Pacific. Investments from government and private sectors are driving the market growth. The Indian government is investing in public transport infrastructure such as airports, railway stations, metro stations, and others. According to the India Brand Equity Foundation (IBEF), in Union Budget 2020-2021, the government allocated US$ 24.27 billion for the development of transport infrastructure. An aerial work platform (AWP) truck is deployed at construction sites to safely and efficiently lift workers and material that is usually at a height. Moreover, the entry of local and well-established construction equipment manufacturers such as SANY Group and XCMG Group, and Zoomlion Heavy Industry Science & Technology Co., Ltd. in China is expected to drive the market growth during the forecast period. For instance, in October 2018, Zoomlion Heavy Industry Science&Technology Co., Ltd. launched eight aerial work platforms to ensure safety of users. Leading players operating in this region are investing in research and development of products to enhance worker safety and lifting capabilities. Local players are focusing on providing product quality and innovations to expand their customer base.
The major factor restraining the growth of the global aerial work platform (AWP) truck 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 platform (AWP) trucks due to high capital spending.
Aerial Work Platform (AWP) Truck Market - Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 pandemic is expected to slow down the growth of the market during the forecast period. Several industries have experienced a shift in their businesses due to the pandemic. Several governments across the globe have imposed lockdowns to contain the spread of the coronavirus which has impacted growth of the oil industry. Many oil production companies have suspended their operations temporarily. Countries are facing huge challenges as price of oil has fallen in international market and countries across the globe have reduced the import of crude oil. Aerial work platform (AWP) trucks are used in the oil industry to replace ladder and scaffolding to enhance safety in the workplace. The growth of the global oil industry has been hampered due to pandemic and has also hampered demand for aerial work platform (AWP) trucks. Moreover, unavailability of labor and issues in the transportation of goods have restricted demand for aerial work platform trucks in construction industry. For instance, in March 2020, 140 million migrant people migrated to their native towns from cities in India.
North America is expected to hold dominant position in the global aerial work platform (AWP) truck market during the forecast period.
Statistics:
North America held dominant position in the global aerial work platform (AWP) truck market in 2019, accounting for 33.2% share in terms of value, followed by Asia Pacific and Europe.
Figure 1: Global Aerial Work Platform (AWP) Truck Market Share (%), By Region, 2019
North America is expected to account for the largest market share during the forecast period owing to presence of key players in the region such as Linamar Corporation, Manitex International, JLG Industries, Inc., Altec Industries and others. For instance, JLG Industries, Inc., a U.S. based manufacturer of lift equipment, launched new-generation of rough-terrain (RT) and electric rough-terrain (ERT) scissor lifts. The scissor lifts are used to ensure comfortable operation and transportation of tools and material to the work area. The scissor lifts are used in warehouse construction to bring necessary utilities to the height.
Asia Pacific is expected to exhibit highest growth during the forecast period owing to the growing construction sector and investments in domestic and commercial sectors. Countries such as China and India invested huge amount on road construction and infrastructure. For instance, according to the IBEF, the investment on highway constructions increased to US$ 22.73 billion in 2018-2019 from US$ 7.43 billion in 2014-2015. Demand for aerial work platform truck is increasing in Japan due to increasing infrastructure projects. For instance, in June 2019, according to Coherent Market Insight analysis, Japan invested US$ 367 billion in Southeast Asia infrastructure projects.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 9.8 Bn |
| Historical Data for: | 2017 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 9.9% | 2027 Value Projection: | US$ 24.3 Bn |
| Geographies covered: |
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| Companies covered: |
XCMG Group, SANY Group, Zoomlion Heavy Industry Science & Technology Co., Ltd., AICHI CORPORATION, Altec Industries, Bronto Skylift, Hunan RUNSHARE Heavy Industry Company, Ltd., Dinolift, HAULOTTE GROUP, Hunan Sinoboom Intelligent Equipment Co, Ltd., JLG Industries, Inc., Manitou Group, Niftylift (UK) Limited, Skyjack, Zhejiang Dingli Machinery Co, Ltd., Linamar Corporation, Manitex International |
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The construction segment is expected to drive the market growth during the forecast period.
On the basis of application, the construction segment is expected to hold dominant position in the global aerial work platform (AWP) truck market during the forecast period due to the increasing demand for aerial work platform trucks in the construction sector. They are used to lift equipment or people to the inaccessible areas. The increasing construction activities in countries such as India, China, Japan and rising investment in real estate by private manufacturers is driving the market growth. For instance, according to the IBEF, the real estate sector in India is expected to reach US$ 1 trillion by 2030 from US$ 120 billion in 2017.
Figure 2: Global Aerial Work Platform (AWP) Truck Market Value (US$ Bn) Analysis and Forecast and Y-o-Y Growth (%), 2017 - 2027
The global aerial work platform (AWP) truck market was valued at US$ 9.8 Bn in 2019 and is expected to reach US$ 24.3 Bn by 2027 at a CAGR of 9.9% between 2020 and 2027.
Major players operating in the global aerial work platform (AWP) truck market are XCMG Group, SANY Group, Zoomlion Heavy Industry Science&Technology Co., Ltd., AICHI CORPORATION, Altec Industries, Bronto Skylift, Hunan RUNSHARE Heavy Industry Company, Ltd., Dinolift, HAULOTTE GROUP, Hunan Sinoboom Intelligent Equipment Co, Ltd., JLG Industries, Inc., Manitou Group, Niftylift (UK) Limited, Skyjack, Zhejiang Dingli Machinery Co, Ltd., Linamar Corporation, Manitex International
Aerial Work Platform (AWP) is a specialized machine that is used to provide access to difficult and inaccessible areas. Aerial work platform (AWP) trucks are aerial work platform equipment mounted or used with the assistance of a truck. Some of aerial work platform trucks are light in weight and can be used in unreachable or remote areas for maintenance operations. This machinery and equipment is driven by a motor that uses diesel or gasoline. Some of the AWP machines are self-driven and use automated technology. The main features of AWP trucks are high operational efficiency, accessibility to remote areas, and the ability to perform multipurpose operations. Based on the application, the aerial work platform market is segmented into rental, construction and mining, government, telecommunication, transportation & logistics, utility, and others. Boom lifts and scissor lifts are most used types of AWP trucks due to their high operational efficiency.
Market Dynamics
The global aerial work platform (AWP) truck market is expected to grow significantly during the forecast period due to investments in electric drive and efficient battery technology by manufacturers. These machines are helpful in reducing fuel consumption, noise level, and harmful carbon emissions. Moreover, contractors are using electric drive technology to reduce the impact on the environment and support environmental conservation initiatives adopted by government authorities across the globe. Players are using advanced electric drive technology to support the industry and provide high operational efficiency. For instance, in March 2020, JLG Industries, Inc., a U.S. based equipment manufacturer, launched Davinci electric scissor lift to provide high exceptional performance with minimum maintenance cost.
Moreover, major players across the globe are focusing on developing products with new features and technologies to remain competitive in the market. Industries are focusing on developing new products with new features to cater to demand from the end-users. For instance, in February 2020, JLG Industries, Inc., a U.S. based equipment manufacturer, launched 400 series hi-capacity boom lifts. These lifts are designed to bring more tools and equipment to the work area.
Key features of the study:
Detailed Segmentation
“*” marked represents similar pointers for other companies.
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