Aerial Work Platforms Market
Aerial Work Platforms Market Report By Product Type (Scissor Lifts, Boom Lifts, Other Awps), By End Use Industries (Construction, Entertainment, Commercial Use, Manufacturing) & Regional Forecast, 2021–2031
Aerial Work Platforms Market Outlook
The global aerial work platforms market, the market is gaining traction steadily, expected to ascend at around 6% CAGR through 2031. As per the report, the market is likely to be valued at US$ 9.3 Bn by 2021. Preference for boom lifts will remain dominant, with a predicted absolute opportunity worth US$ 2.5 Bn during the forecast period.
Key Points Covered in Aerial Work Platforms Industry Survey
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- Assessment by Product Grade / Purity / Formulation Standards
- Assessment of Import Price, Bulk Price, Contractual Price, Producer / Distributor Price
- Certifications and Compliance Requirements
- COVID-19 Impact on the Aerial Work Platforms Industry and How to Navigate
- Recommendation on Key Winning Strategies
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Revenue Analysis of Aerial Work Platforms from 2016-2020 Vs Market Outlook 2021-2031
As per Fact.MR – market research and competitive intelligence provider, during the historic period of 2016 to 2020, the market expanded at a CAGR of 4.2%. The surge in applications platforms across diverse industries such as construction, mining, transport & logistics, aerospace, and defense industries among others has contributed significantly to market expansion.
As the coronavirus pandemic unraveled itself through 2020, sales of aerial work platforms registered a significant decline, given the fall in global construction output during the first half. As per the Bureau of Economic Analysis, both non-residential & residential construction activities fell by 27% and 38.7% respectively.
Fortunately, as restrictions lifted, the construction industry began to exhibit a gradual resurgence, restoring aerial work platforms demand. Considering these factors, the global market is slated to expand 1.7x over the next ten years (2021-2031), reaching a value of over US$ 16 Bn by the end of the aforementioned forecast period.
How will Incorporation of Advanced Sensor Technologies Shape AWP Demand?
Leading manufacturers are incorporating advanced sensor technologies to continue evolving machine design and offer better and safer solutions to contractors. Once mounted on an advanced aerial work platform, these systems can be used to detect nearby objects and obstructions, averting the risk of potential accidents.
For instance, JLG Industries Inc. offers the SkySenseTM Enhanced Detection System (EDS) which uses strategically placed object detection sensors to provide operators an added level of awareness of their immediate surroundings. While in use, these sensors establish warning zones and stop distances in the direction of motion, enhancing protection of people and property.
On a similar plane, GENIE® Accessories, a Terex Corporation owned brand, offers a range of boom lift accessories, including the Tech ProTM Link and Auxiliary Rail, to enhance workers safety during construction operations. While the former allows users to monitor machine gauges, including engine temperature, battery voltage or oil pressure to avail service alerts, the latter can be easily mounted to provide an additional layer of barrier to prevent unwanted falls and accidents.
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How are Growing Infrastructure Projects Accelerating AWP Adoption?
Aerial work platforms are easy to use and cost-effective mechanical devices which help in providing access by elevating equipment or people to a certain height. These aerial work platforms are considered as the first choice in multiple end-use industries such as construction, manufacturing, entertainment, and agriculture to name a few.
Owing to the infrastructural projects and economic development in the Middle East and Africa, access equipment such as scissor lifts and boom lifts is gaining more acceptance and fueling the growth of the aerial work platforms market. The market is gaining momentum, particularly across Asia, as companies are rapidly migrating from traditional maintenance practices to more advanced ones on the back of significant infrastructure modernization.
According to the Indian Department for Promotion of Industry and Internal Trade (DPIIT), FDIs in the construction development sector (townships, housing, built-up infrastructure, and construction development projects) and construction (infrastructure) activities stood at US$ 26.08 billion and US$ 24.72 billion, respectively, between April 2000 and March 2021. In FY21, infrastructure activities accounted for a 13% share of the total FDI inflows of US$ 81.72 billion.
Besides this, India plans to invest nearly US$ 1.4 trillion in infrastructure development and expansion between 2019 and 2023, which will present a highly lucrative growth for the expansion of the market. Thus, the switch from traditional practices to aerial work platforms is creating a plethora of opportunities for the players operating in the industry.
Toughening Safety Standards for Construction Boosting AWP Demand in North America?
According to Fact.MR, North America is expected to dominate the market, accounting for nearly 40% of total revenue. Demand for increased safety standards during construction projects is inclining demand. For instance, the Occupational Safety and Health Administration (OSHA) and other associations have made amendments to several standards which is encouraging the adoption of aerial work platforms.
As per the organization, about 20% (1,061) fatalities in the private industry during 2019 were in construction projects. Also, over 5,000 casualties resulted from on the job construction duties during the same calendar year. Consequently, major construction equipment providers have established manufacturing units across the country.
For instance, Terex Corporation introduced four new product lines at the TechAdvantage Virtual Show organized in March 2021. These include the Z-45 Substation Utility Boom (SUB) for substation construction work, a new Hi-Ranger TL48 articulated and telescopic aerial device, a Positive Attachment Lanyard warning device and the Viatec SmartPTO for Hi-Ranger aerial work platforms respectively.
How is a General Improvement in European Construction Industry Widening AWP Growth Prospects?
Remarkable growth registered in the U.K.’s construction activities and infrastructural development has been supporting sales of the aerial work platform. As per the Office of National Statistics, the country’s construction output improved marginally by 1% in October 2020.
As per the Federal Statistics Office, Destatis, as of October 2020, the construction turnover in Germany improved by 2.2%. The consistently increasing construction spending will continue supporting the expansion of the market in Germany. As per Fact.MR, Europe is estimated to account for 27% revenue across the 2021-2031 forecast period.
What is the Demand Outlook for AWPs across Asia?
According to Fact.MR’s projections, Asia is projected to be a significant revenue contributor to the global market for aerial work platforms through 2031. The Chinese market is expected to record a positive growth rate owing to the rapidly growing construction industry along with governments’ investments in infrastructure development such as major transportation, urbanization, water conservancy projects, and informational networks which will result in increased infrastructure spending.
According to the National Development and Reform Commission, the Chinese government approved 26 infrastructure projects at an estimated investment of about US$ 142 billion USD in 2019, which are estimated to be completed by 2023.
Likewise, in India, a planned spending of about US$ 1.4 trillion in infrastructure over the next five years, including smart cities and “housing for all” is on the cards. The total expenditure on the Ministry of Housing and Urban Affairs for 2021-22 is estimated at Rs 54,581 crore. This is an annual increase of 14% over the actual expenditure for 2019-20. Hence, sales of aerial work platforms in Asia are likely to account for 33% of global revenue.
Construction Industry to be Primary Investor in AWPs?
Demand for aerial work platforms remains highest in the construction industry. The construction segment is estimated to remain the most lucrative segment by ownership in the global market accounting for 37% market share.
As the global population continues to rise, demand for various infrastructure projects, including housing and public utilities, will incline sharply. Hence, construction companies are investing in high-grade aerial work platforms. Prominent manufacturers such as Terex Corporation are major providers of construction grade aerial work platforms.
Will Boom Lifts Outpace Other Categories of Aerial Work Platforms?
Sales of boom lifts have increased significantly over the last five years and are expected to witness prolific growth in coming years. Boom lifts offer greater access at heights compared to the conventional lifts. This is, in turn, creating opportunities for manufacturers and rental companies operating in the market.
The demand for boom lifts in Europe and North America is rapidly increasing as these lifts are widely used for indoor, general construction, building maintenance as well as various industrial applications. Boom lifts are anticipated to create an absolute dollar opportunity of US$ 2.5 Bn and are projected to grow at a value CAGR of 4% during the forecast period.
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Key players involved in the market are rigorously investing in the development and launches of new products to gain a competitive advantage and expand their consumer base. Mergers & acquisitions along with diversification of product portfolios are key business strategies implemented by participants in the industry.
- In September 2021, JLG Industries, Inc. announced the launch of the JLG® 670SJ self-leveling boom lift, equipped with JLG’s exclusive and patented self-leveling technology. The 670SJ is engineered to automatically adapt to terrain on slopes up to 10 degrees in any direction, while driving with full functionality at a class-leading 67-ft platform height.
- In March 2021, MEC Aerial Work Platforms introduced its newest product line of vertical mast lifts; the MEC Mast Electric (MME) Series. The MME Series leads with direct electric drive for high efficiency, longer duty cycles, and higher product residual value. It offers two heights to choose from: the MME20 with a platform height of 20 feet and the MME25 with a non-rotating vertical mast lift platform height of 25 feet.
|Market Size Value in 2021||USD 9.3 Billion|
|Market Size Value in 2031||USD 16.6 Billion (approx.)|
|Growth Rate||CAGR of 6% from 2021-2031|
|Historical Data Available for||2016-2020|
|Market Analysis||Value (US$ Mn) and Volume (Units)|
|Key Regions Covered||
|Key Regions Covered||
|Key Regions Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
Key Segments Covered
- Scissor Lifts
- Boom Lifts
- Other AWPs
End Use Industries
- AWP Rental Service Providers
- End Use Industries
- AWPs for Construction
- AWPs for Entertainment
- AWPs for Commercial Uses
- AWPs for Manufacturing
- AWPs for Others (Public Administration, Mining, Agriculture, etc.)
- FAQs -
According to Fact.MR, the aerial work platforms market will likely reach US$ 9.3 Bn by 2021
From 2021 to 2031, aerial work platforms industry will surge at 6% CAGR
From 2016 to 2020, aerial work platforms demand surged at 4.2% value CAGR
The global market for aerial work platforms is envisaged to account for over US$ 16.6 Bn by 2031.
The increasing number of infrastructure projects are projected to offer significant growth opportunities for sales of aerial work platforms
The apex aerial work platforms manufacturers account for 65-70% of total market share
As per Fact.MR, aerial work platforms will likely capture 40% of demand across North America
Europe is expected to generate 27% of global aerial work platforms revenue
Asia is likely to generate 1/3rd of global AWP market revenue from 2021-2031
Demand for boom lifts will outpace other categories, clocking a CAGR of 4%