The Aerial Work Platform Market is expected to reach USD 22.01 billion by 2028, growing at a CAGR of 8.1% over the forecast period. A rise in the number of rural and urban infrastructure ventures to fulfill the requirements of a rapidly increasing population around the globe is generating high growth avenues for the global aerial work platforms market. Nowadays, the demand for aerial work platforms is growing immensely across industrial and general infrastructure sectors.
Likewise, due to the beneficial features of the aerial work platform such as improved safety of the equipment, its popularity among giant and small construction firms, maintenance agents, and workers has been increasing continuously. Rising government investment in infrastructural projects, such as rails, water, roads, and power generation, is another important factor that is expected to produce profitable avenues for the market over the coming years.
On the other hand, the low availability of skilled machine operators, as well as the high cost to be incurred over the equipment, can slow down the growth of the global aerial work platforms market to some extent. Nevertheless, high demand for equipment from huge industries has compelled companies to offer technically-equipped instruments such as hybridization and electrification technology. This will further enhance the scope of growth for the aerial work platforms market and provide lucrative opportunities over the next few years.
The rise in demand across the telecommunication sector, particularly in Brazil, Indonesia, China, India, and Taiwan, is likely to drive the growth of the global aerial work platform market over the coming years. There has been growth in repairing and maintenance activities in developed regions such as Europe and North America, which may have a positive impact on the aerial work platform (AWP) market demand across the region.
Remote access, along with diagnostic systems for aerial work platforms, is increasing the troubleshooting quotients and efficiency of OEMs. Likewise, modest tasks are also being made more autonomous in order to increase productivity. Many manufacturers are discovering the online option for selling their boom scissor lifts as well as aerial lifts along with a free subscription.
In addition, with a scarcity of service techs, clients can access all the appropriate information with regard to the rental company online or over the telematics. This has helped rental companies save on maintenance requests. The implementation of stringent worker safety guidelines by government authorities around the globe is increasing the implementation of advanced lifting technologies, thereby boosting the market growth.
Global Aerial Work Platform Market, By Product
The boom lifts segment accounted for around 70% of the aerial work platform market in terms of share in 2019. Likewise, the demand for boom lifts is rising substantially due to their flexible and fast operations. As these access platforms can reach superior heights compared to other models, they provide improved convenience and portability. Boom lifts are also gaining huge popularity in repair and maintenance applications, as workers are increasingly using these platforms for a number of activities such as window washing, painting, and façade maintenance operations.
Global Aerial Work Platform Market, By Application
Increasing construction and infrastructure investments by private and public sectors are driving the global aerial work platform market growth. Governments across the globe are making large investments for developing public transportation infrastructure, such as airports, railway stations, and residential buildings. MEWPs (Mobile elevating work platforms) are being utilized at construction sites to lift tools, workers, and light materials at elevated height safely and efficiently.
Key Market Developments
Some Key Findings of the Global Aerial Work Platform Market Report Include:
Detailed scope covering all the major segments in the market
In line data validations to ensure data precision
Market recommendations supporting decision making processes
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