Pune,India, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The global aerial work platform market size was valued at USD 9.24 billion in 2021, as reported by Fortune Business Insights. The market is expected to witness substantial growth, reaching USD 16.06 billion by 2029, up from USD 9.81 billion in 2022. This anticipated growth reflects a compound annual growth rate (CAGR) of 7.3% as outlined in the research report titled "Aerial Work Platform Market, Forecast 2022-2029" by Fortune Business Insights™.
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The report provides elaborate information regarding the Aerial Work Platform market trends, future prospects, growth drivers, regions, and obstacles. Besides these, it highlights all the segments of the market and states the leading ones separately. It further pin-points the competition dynamics to offer comprehensive data about the competitive edge.
Why Should You Get the Sample Report?
- Gain insights into the market's current state and future projections.
- Understand the impact of the COVID-19 pandemic on Aerial Work Platform Market.
- Explore the latest Aerial Work Platform Industry trends and technologies driving the market.
- Learn about key factors driving market growth and potential challenges in Aerial Work Platform market.
- Stay informed about government policies and initiatives shaping the industry.
- Discover the top industry players and their strategies.
Industry Development:
August 2022: Zhenjiang Dingli Machinery Co Ltd unveiled a novel electric BT44RT boom lift to the market. It is handled by diesel, electric, and hybrid. It has a lifting height of 16 to around 44 meters. It has the highest load bearing capacity of 450 kg.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 7.3% |
| 2029 Value Projection | 16.06 billion |
| Base Year | 2021 |
| Aerial Work Platform Market Size in 2021 | 9.24 Billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 160 |
| Segments covered | By Product Type, Power Type, Lifting Height, Application, and Region |
Drivers and Restraints:
Technological Advancements in Products to Proactively Boost Market Expansion
In order to increase market rivalry, major competitors are concentrating on bringing new technological advancements using electric driven remote operated devices. For instance, China-based Zoomlion Heavy Industry Science & Technology Co Ltd introduced a brand-new, entirely electric telescopic boom lift to the market in November 2021.
Crucial raw materials utilized by manufacturing include metal alloys, stainless steel, and other metals. The price of these items and the makers' profitability can both be impacted by the fluctuation in the price of raw materials.
COVID-19 Impact:
COVID-19 Led to Construction Activities to be Completely or Partially Closed
Due to COVID-19 outbreak, there has been a partial or complete lockdown worldwide, which has caused several production processes to fail. Additionally, the market's expansion was adversely affected by the suspension of construction-related operations, closure of manufacturing facilities, and supply chain disruption.
The major players had a significant decline in revenue throughout 2020. For instance, Manitowoc Company Inc.'s net sales decreased by almost 27% in 2020 compared to 2019. The COVID-19 pandemic is projected to benefit the global market over the long run.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/aerial-work-platforms-market-105377
Report Coverage:
- It assimilates key market drivers and restraints.
- It profiles the rankings of key market players accordingly.
- It includes key market developments and information on different market segments.
- It provides a comprehensive market assessment.
- It assesses the COVID-19 pandemic’s impact on the market.
Aerial Work Platform Market Segmentation Analysis:
Substantial Improvement in Aerial Work Platform is Anticipated to Provide a Considerable Growth to Scissor Lifts Segment
By product type, the market is classified into scissor lifts, boom lifts, telehandler, and others. The scissor lifts segment exhibits a highest CAGR of 8.0% during the forecast period. (2022-2029).
The boom lifts segment is anticipated to thrust sturdiest growth rate, owing to aspects such as cost efficient, effortless to handle, and low space needed to operate.
Engine Powered Segment Set to Observe Significant Growth Due to Features Associated with Engine Powered Devices
By power type, the market is categorized into engine powered, electric powered, and hybrid.
The engine powered segment is set to witness notable growth, owing to many aerial lifts products adopting LPG-based engine or diesel engine for operation.
More than 50 Feet Segment to Dominate the Market Due to Flexibility
By lifting height, the market is categorized into less than 20 feet, 20 feet- 50 feet, and more than 50 feet.
The less than 20 feet segment is set to observe huge growth as these types of lifts are used in applications such as construction, utility, and transportation.
Construction Segment set to Observe Significant Growth owing to Rise in Construction Related Activities
By application, the market is categorized into construction, utilities, transportation, and others.
The construction segment dominates the market due to rise in residential and non-residential construction and government spending on private sectors, which boost the aerial work platform market growth. Scissor lifts and boom lifts are largely adopted at construction and maintenance sites.
The scope of the global market is characterized into five regions, North America, Europe, Asia Pacific, the Middle East and Africa, and South America.
Regional Insights:
North America to Lead Backed by Strong Economic Growth
Due to the region's robust economic growth, which includes the U.S. and Canada, North America is best positioned to take the lead in the report. A strong infrastructure sector, improvements in these items, and significant numbers of suppliers in the U.S. and Canada all helped the North American market grow favorably.
Due to the increased use of aerial lifts in mining, building, utilities, and related industries, the Asia Pacific region is predicted to experience the fastest development. Government spending on new construction-related operations is rising and aerial lift demand is also rising, which helps the market expand.
Europe is expanding steadily due to increase in product releases and improved product supply chains. This region held a decent aerial work platform market share.
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Competitive Landscape:
Innovative Product Launch Announcement by Key Players to Bolster Market Growth
The prominent aerial work platform players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
A List of Key Manufacturers Operating in the Global Market:
- Terex Corporation (U.S.)
- Sany Group (China)
- Manitowoc Company Inc. (U.S.)
- Tadano Ltd (Japan)
- Liebherr International AG (Netherlands)
- Palfinger AG (Germany)
- Konecrane Co (KUHN Group) – (Switzerland)
- Zoomlion (U.S.)
- Oshkosh Corporation (JLG Industries Inc.) (U.S.)
- XCMG Group (U.K.)
Table of Content:
- Introduction
- Definition, By Segment
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Aerial Work Platform Market Key Players Market Share Insights and Analysis, 2021
- Global Aerial Work Platform Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
- Key Findings
- By Product Type(USD)
- Scissor Lifts
- Boom Lifts
- Telehandlers
- Others (Vertical Mast Lifts, All Terrain, etc)
- By Power Type (USD)
- Engine Powered
- Electric Powered
- Hybrid
- By Lifting Height (USD)
- Less than 20 Feet
- 20 Feet- 50 Feet
- More than 50 Feet
- By Application (USD)
- Construction
- Utilities
- Transportation
- Others (Mining, etc)
- By Region (USD)
- North America
- Europe
- Asia-Pacific
- South America
- Middle East and Africa
Continued….
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