The global aerial work platform (AWP) truck market was valued at US$ 9.8 Billion in 2019 and is expected to surpass US$ 24.3 Billion by 2027, registering a CAGR of 9.9% during the forecast period (2020-2027), according to the Global Aerial Work Platform (AWP) Truck Market Report, By Type (Boom lifts, Scissor lifts, Vertical mast lifts, and Personal portable lifts), by Power Type (Electric and Engine Powered), By Platform (Below 10 M, 10-20 M, 20-30 M, and Above 30 M), By Application (Rental, Construction and Mining, Government, Telecommunication, Transportation & Logistics, Utility, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The rising popularity of rental 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. Rental companies are offering cheap and easy renting options to buyers compared to direct 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. Aerial work platform manufacturers are generating majority of their revenue through rental companies. Aerial work platform manufacturers are focusing on strategic partnerships with rental companies to increase their market share. Rental companies are offering value-added services and training courses which are expected to drive demand for rental services.
Furthermore, the rapid expansion of the construction industry is expected to drive the growth of the global aerial work platform market during the forecast period. 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 platform (AWP) trucks has increased in these countries. According to the National Bureau of Statistics (NBS), in China, the rural and urban per capita disposable income reached US$ 5,658.45 from US$ 2,107.2 in 2018. The development of firefighter equipment and machinery is driving market growth. These factors are expected to drive the growth of the global aerial work platform (AWP) truck market during the forecast period.
Aerial Work Platform (AWP) Truck Market - Impact of Coronavirus (Covid-19) Pandemic
Several countries have been affected by the COVID-19 pandemic and governments have implemented nationwide lockdowns. Moreover, several industries have witnessed a significant shift in their businesses. Construction and logistics companies have been directly affected by the COVID-19 pandemic due to shortage of manpower and supply of raw materials. Due to lockdowns, demand and price of crude oil has fallen. In March 2020, the price of crude oil decreased from US$ 61.06 to US$ 23.36 in the U.S. Additionally, every country has banned international and domestic travel and which has hampered demand for aerial work platform (AWP) trucks as these are used for maintenance and safety of aircraft.
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