Increasing Infrastructure Development to Heighten Adoption of Aerial Work Platforms
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 are gaining more acceptance and fueling the growth of aerial work platforms market.
The aerial work platforms market is gaining momentum in developing economies of South East Asia as companies are rapidly migrating from traditional maintenance practices to more advanced ones on the back of significant infrastructure modernization which has started in the recent years.
Thus, the switch from traditional practices to aerial work platforms is creating a plethora of opportunities for the players operating in the industry.
In Fact.MR’s report it is estimated that the aerial work platforms market will register approximated 1.5X growth in terms of value and grow at a CAGR of ~4.2% during the forecast period 2019-2029.
Boom Lifts to Hold Maximum Share in Aerial Work Platforms Market
The sales of boom lifts have increased significantly since last five years and is expected to witness prolific growth in the coming years.
Furthermore, a new trend has been observed for boom lifts as it offers greater access at height when compared to conventional method of working at heights. 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$2.5Bn and are projected to grow at a value CAGR of 4% during the forecast period.
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North America and Europe to Stay in the Lead
North America and Europe are set to dominate the aerial work platforms market. Owing to the technologically advanced products and increasing safety standards in these regions, the aerial work platforms market is receiving impetus.
For instance, Occupational Safety and Health Administration (OSHA) and other associations have made amendments to several standards which is encouraging the adoption of aerial work platforms and thus driving growth in the market.
Furthermore, hybrid aerial work platforms are becoming increasingly common especially in these regions as they utilize both the power battery as well as engine. This is set to boost demand for aerial work platforms.
Collectively, North America and Europe are estimated to account for over 67% of the overall incremental opportunity by the end of the forecast period 2019-2029.
Product Innovation to Act as Growth Stimulator in Aerial Work Platforms Market
The aerial work platforms market is highly consolidated. In addition, there are large number of small and medium sized aerial work platform manufacturers owing to moderate manufacturing costs, and complex design.
The prominent market players’ account for nearly 65% to 70% of the total market share. Industry players are focusing on product innovation to enhance their market share in the global aerial work platforms market. For instance,
- In 2019, Haulotte Group introduced an auto power off system for its booms. In order to limit the usage of energy while the boom is idle, the company equipped it’s on board diagnostic tool, named Haulotte ActivScreen Cat 2 with an auto power off feature. This allows the engine to be switched off after 4 hours of inactivity
- In 2019, Tadano Limited announced that it had launched a compact rough terrain crane for the North American Market, named GR-150XL-3. The company announced that the crane had a maximum lifting capacity of 150 Tons and a boom measuring 78.7 meters
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Key Segments of the Aerial Work Platforms Market
Fact.MR’s study on the aerial work platforms market offers information divided into two key segments— product, end use industries, and region.
This report offers comprehensive data and information about important market dynamics and growth parameters associated with these categories.
|End Use Industries||
Global Aerial Work Platforms Market - Scope Of The Report
Fact.MR recently published a market study on the global market for aerial work platforms. The study provides a detailed assessment on the key market dynamics, including drivers, trends, opportunities, restraints, and detailed information about the aerial work platforms market structure.
The market study presents exclusive information about how the aerial work platforms market will grow during the forecast period of 2019-2029.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, value chain, supply chain analysis, and Compounded Annual Growth Rate (CAGR) are explained in Fact. MR’s study in a comprehensive manner.
This information can help readers understand the quantitative growth prospects of the aerial work platforms market in the forecast period.
The study is relevant for stakeholders in the aerial work platforms market, including manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market.
Stakeholders in the aerial work platforms market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in the Fact.MR study.
The study also includes statistics as well as facts related to macro as well as microeconomic factors that are impacting developments in the aerial work platforms market. It also offers actionable insights based on future trends in the aerial work platforms market.
Furthermore, small businesses and new entrants in the aerial work platforms market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Questions Answered in Fact.MR Aerial Work Platforms Market Report
- Which regions will continue to remain the most profitable regional markets for aerial work platforms market players?
- Which factors will induce a change in the demand for aerial work platforms during the assessment period?
- How will changing trends impact the aerial work platforms market?
- How can market players capture the low-hanging opportunities in the aerial work platforms market in developed regions?
- Which companies are leading the aerial work platforms market?
- What are the winning strategies of stakeholders in the aerial work platforms market to upscale their position in this landscape?
Aerial Work Platforms Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the aerial work platforms market, and reach conclusions on future growth parameters of the market.
This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of conclusions.
Secondary resources referred to analysts during the preparation of the aerial work platforms market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases.
Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who have contributed to the development of this report as a primary resource.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
What research methodology is followed by Fact.MR?
Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.
What are the sources of secondary research?
Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.
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