The global aerial work platform market is segmented into product type such as boom lifts, scissor lifts, vertical mass lifts and personal portable lifts. Among these segments, boom lifts segment projected to grow at a considerable pace over the forecast period. The demand for boom lifts is increasing owing to its better horizontal and vertical outreach.
Global aerial work platform market is expected to register a CAGR of 6.2% over the forecast period. Moreover, the global aerial work platform market was valued at USD 7.8 Billion in 2015 and is expected to reach at USD 14.2 Billion by the end of 2023. The global aerial work platform market is expected to grow on the back of rising constructional activities such as expansion of railway network and development of new tunnels. Further, technological advancements in aerial work platforms are also anticipated to increase the demand for aerial work platform machines across the globe.
The construction segment by end-user is likely to grow at a remarkable pace during the forecast period. Aerial work platforms are majorly used in construction activities such as building construction, road construction and ports construction. Rising constructional activities across the globe is a key factor which is driving the growth of this segment.
Urban Infrastructure Development
Rapid urbanization in developing countries such as China & India are increasing the constructional activities. Further, growing construction of roads, residential and commercial buildings are increasing the demand for aerial work platforms. Besides this, governments are investing huge amount of capital for infrastructural development of countries which in turn fostering the growth of market in future.
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Industrialization
High load bearing capacity of aerial work platform makes them perfect solutions for industrial works. Further, emergence of new industries across the globe and rapid industrialization in developing countries such as India & China are escalating the demand for aerial work platform. In addition to this, technological advancements with aerial work platform to improve its performance and maneuverability are envisioned to drive the growth of global aerial work platform market over the forecast period.
However, high cost of aerial work platforms is a major challenge which is reducing the preferences for new aerial work platforms and this factor is likely to inhibit the growth of the aerial work platforms market in the near future
The report titled “Aerial Work Platform Market: Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the global aerial work platform market in terms of market segmentation by mechanism, by product type, by fuel type, by platform height, by end-user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global aerial work platform market which includes company profiling of Aichi Corporation, Terex Corporation, Time Benelux,JLG Industries, Inc. Teupen, Ruthmann, Bronto Skylift, Haulotte, Tadano, NiftyLift Ltd. and Sinoboom Ltd. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global aerial work platform market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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