AERIAL WORK PLATFORM (AWP) TRUCK MARKET ANALYSIS

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 was valued at US$ 11643.3 Mn in 2021.

Recent Developments:

• Major companies are focused on product launches, in order to enhance the market presence. For instance, in September 2022, Zhejiang Dingli Machinery Co, Ltd., a design and manufacturer of aerial work platform products, has launched 34m Electric/Diesel Modular Booms an aerial work platform truck.
• Major market players are involved in capacity and business expansion, in order to gain a competitive edge in the market. For instance, in November 2021, Altec Industries, an equipment and service provider for the electric utility and telecommunications has announced to expand their shop service network in Corona, U.S. to offer shop and mobile service.

Restraint:

• High maintenance cost of aerial work platform (AWP) trucks is expected to restrain growth of the global Aerial Work Platform (AWP) Truck Market during the forecast period

Global Aerial Work Platform (AWP) Truck Market- - Impact of Coronavirus (Covid-19) Pandemic:

The COVID-19 pandemic had slow down the growth of the market during the forecast period. Several industries had experienced a shift in their businesses due to the pandemic. And several governments across the globe have imposed lockdowns to contain the spread of the coronavirus which had impacted the growth of the oil industry. So many oil production companies had to suspend their operations temporarily. Moreover, Aerial work platform (AWP) trucks which used in the oil industry to replace ladder and scaffolding to enhance safety in the workplace got hampered due to pandemic and it also hampered demand for aerial work platform (AWP) trucks in the market. Moreover, unavailability of labor and issues in the transportation of goods have restricted demand for aerial work platform trucks in construction industry. Hence global aerial work platform (AWP) truck market witness slow growth during the pandemic.

North America held a dominant position in the global aerial work platform (AWP) truck market in 2021

Statistics:

North America region dominated the global aerial work platform (AWP) truck market in 2021, accounting for a 34.2% share in terms of value, followed by Asia Pacific, Europe, and Latin America, respectively

Figure 1: Global Aerial Work Platform (AWP) Truck Market Share (%), By Region, 2021

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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. 

 Figure 2: Global Aerial Work Platform (AWP) Truck Market (US$ Mn) Analysis and Forecast, 2017 - 2030

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The global aerial work platform (AWP) truck market was valued at US$ 11643.3 Mn in 2021 and is expected to reach US$ 29747.7 Mn by 2030, growing at a CAGR of 11.2% between 2022 and 2030.

Major players operating in the global automotive Pumps market include 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.