Aerial Work Platforms Market Share, Size, Trends, Industry Analysis Report, By Engine Type (Electric and Engine-Powered); By Product Type; By End-Use; By Region; Segment Forecast, 2024-2032
- Published Date:Jan-2024
- Pages: 112
- Format: PDF
- Report ID: PM3445
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global aerial work platforms market was valued at USD 18.64 billion in 2023 and is expected to grow at a CAGR of 6.20% during the forecast period. The growing prevalence and popularity of these platforms to position workers and materials easily as well as quickly elevated work areas while enhancing safety and productivity at better heights along with the rising adoption of products as an effective alternative to scaffolding and ladders, which are primarily used in construction, industrial, and theatrical market sectors, are the major factors projected to drive the market demand and growth. In addition, the companies are heavily focusing on their technological progression by introducing technological advancements with remote-operated and electric-powered systems, which is further likely to create huge growth potential for the market.
The research study provides a comprehensive analysis of the industry, assessing the market on the basis of various segments and sub-segments. It sheds light on the competitive landscape and introduces aerial work platforms market key players from the perspective of market share, concentration ratio, etc. The study is a vital resource for understanding the growth drivers, opportunities, and challenges in the industry.
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For instance, in February 2023, MEC Aerial Work Platforms introduced an all-electric scissor lift named ‘the NANO10-XD’, which has a compact design & eliminates the oil leak risk for sensitive applications. It also delivers a battery duty cycle with the standard Li-ion batteries, which need less charge time & has extra uptime.
Moreover, autonomous aerial work platforms are now equipped with advanced sensors, cameras, and artificial intelligence (AI) algorithms that allow them to operate without human intervention, which enables these platforms to be capable of performing tasks such as inspections, maintenance, and repairs in hazardous or hard-to-reach areas, reducing the risk of accidents and injuries. However, continuous variation in raw materials like metals, metal alloys, and stainless steels, which are crucial materials used by producers across the globe, along with the rising preference of customers towards cost-effective alternatives like scaffolding and ladders, is restraining the market growth.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the aerial work platforms market. The rapid spread of the deadly coronavirus across the globe has resulted in the complete or partial closures of construction activities and also halted the global supply chains due to imposed lockdowns and other restrictions by government authorities. Despite the challenges posed by the pandemic, the market is expected to recover in the coming years as economies reopen and infrastructure development activities resume.
Industry Dynamics
Growth Drivers
The extensive expansion of the middle-class populations, mainly in emerging economies, and their higher spending on construction of improvements of both residential and commercial buildings, coupled with the rising prevalence among key market companies towards investing huge sums in innovating and developing their existing product lines, has been propelling the demand and growth of the global market over the years.
Furthermore, the leading key manufacturers have been focusing on incorporating advanced sensor technologies to evolve their machine designs and offer safer and better solutions to the contractors, and can also be used to detect nearby objects and obstructions while averting or minimizing the risk of potential accidents during the work conditions, are further anticipated to create growth opportunities and push the market forward.
Report Segmentation
The market is primarily segmented based on engine type, product type, end-use, and region.
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By Engine Type |
By Product Type |
By End-Use |
By Region |
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Electric segment accounted for the largest market share in 2022
The electric segment garnered a significant share in 2022, mainly attributable to its wide range of beneficial features and characteristics, including high capacity, zero emissions, and lower turning radius. These engines especially come in compact designs that make them highly suitable for numerous warehousing applications with narrow aisles and confined spaces, thereby propelling the segment market growth.
The engine-powered segment is anticipated to gain a significant growth rate over the coming years, which is mainly driven by a continuous rise in the need and demand for diesel engine-powered lifts, especially for outdoor applications and are designed to sustain worst-case loading applications, that are more construction-oriented and have high load carrying capacity compared to the electric drives.
Boom lifts segment held the significant market share in 2022
The boom lifts segment held a significant market share in revenue in 2022, mainly due to its superior load capacity and ability to reach more heights with better stability easily. It also provides greater flexibility compared to other products available in the market. The sales of boom lifts have drastically increased over the last few years, as these lifts are being widely used for general construction and industrial applications, creating lucrative opportunities for manufacturers.
The scissor lifts segment is anticipated to grow steadily over the projected period due to its wide range of features, including remote-operated, motorized lifts, and helps reduce the number of accidents while offering multiple height adjustment options. Moreover, the drastic increase in indoor maintenance or building activities, mainly in developing economies like India, China, and Indonesia, and the increasing popularity of electric scissor lifts emitting lesser noise during work likely boosts segment growth.
Transportation & logistics segment is expected to witness highest growth during forecast period
The transportation & logistics segment is expected to grow at a healthy CAGR during the anticipated period, which can be largely attributed to exponential growth in the number of supermarkets across both developed and developing economies and the emergence of several online platforms boosting the need for efficient and effective logistics and warehousing centers globally. Hence, growth in the global e-commerce industry and the rapid rate of globalization that has expanded trade activities will spur the demand and development of the market.
North America region dominated the global market in 2022
North America dominated the global market for aerial work platforms in 2022 and is projected to maintain its dominance throughout the forecast period. The growth of the regional market can be mainly accelerated by rapidly increasing investments in developing several commercial and residential complexes, along with the constant emergence of the IT and telecom sector, which supports the usage of these platforms for maintenance and repair activities at great heights. Additionally, the Occupational Safety and Health Administration has amended a wide range of requirements for implementing aerial work platforms. Thus, these implementations are likely to fuel the market in the region.
The Asia Pacific region is anticipated to be the fastest growing region with a significant growth rate over the study period, owing to increasing government investments regarding infrastructure development and growing penetration for affordable residences among the population coupled with the rapid evolution across logistics, warehousing, and retail sector in terms of automation.
Competitive Insight
Some of the major players operating in the global market include Terex Corporation, JLG Industries, Aichi Corporation, Linamar Corporation, Advance Lifts, Haulotte Group, Wiese USA, Galmon, MEC, EdmoLift, Sany Group, Palfinger, Zoomlion, XCMG Group, Konecrane, Liebherr International, Manitowoc Company, Tadano, IMER International, Human Sinoboom and Mtandt Ltd.
Recent Developments
- In August 2022, Canlift Equipment introduced nine new aerial lift equipment from the XCMG. The new product alone offers long-term reliability & superior quality at a competitive market price and is versatile and applicable to a wide range of projects.
- In October 2022, Manitou Group introduced four new aerial work platforms, two rotating telehandlers, & fixed telehandler. With the expansion of its product line, the company accelerated the roll-out of a low-emission range of oxygen, which will be available with a four-wheel steer for higher maneuverability.
Aerial Work Platforms Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 19.77 billion |
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Revenue forecast in 2032 |
USD 31.87 billion |
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CAGR |
6.20% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019 – 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Engine Type, By Product Type, By End-User, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Terex Corporation, JLG Industries, Aichi Corporation, Linamar Corporation, Advance Lifts Inc., Haulotte Group, Wiese USA, Galmon, MEC, EdmoLift AB, Sany Group, Palfinger AG, Zoomlion, XCMG Group, Konecrane Co., Liebherr International, Manitowoc Company Inc., Tadano Ltd., IMER International SPA, Human Sinoboom Heavy Industry Co. Ltd., and Mtandt Ltd. |
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FAQ's
The Aerial Work Platforms Market report covering key are engine type, product type, end-use, and region.
Aerial Work Platforms Market Size Worth $ 31.87 Billion By 2032.
The global aerial work platforms market expected to grow at a CAGR of 6.1% during the forecast period.
North America leading the global market.
key driving factors in Aerial Work Platforms Market are further anticipated to create growth opportunities and push the market forward.
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