Aerial Work Platform (AWP) market overview

The market size of aerial work platform (AWP) will exceed $22 billion in 8.6 years and is expected to reach $202.9 billion in 17.26 years, with a compound annual growth rate of 2029% from 9.1 to 2023.

The increase in construction and renovation activity is the main factor driving the industry statistics. An aerial work platform (AWP) is a specialized machine designed to access difficult and inaccessible areas. The main characteristics of the aerial work platform are high working efficiency, can reach remote areas, and can carry out multi-purpose operations. Aerial work platforms are used in construction, transportation, and other infrastructure and government projects. These are safe and convenient devices that can be used for construction and maintenance operations. Increased government investment in the construction of residential buildings, commercial complexes, public transport infrastructure, etc., is expected to drive the demand for aerial work platforms (AWP) during the forecast period. Demand for AWP has been severely disrupted by the unprecedented impact of the global pandemic on most of its end-use industries, such as construction, transport and logistics.

An aerial work platform or lifting work platform is a device used to provide temporary access to inaccessible areas for operators or equipment. Aerial work platforms have a wide range of applications in the construction industry for lifting, loading and transportation. The growing construction industry is expected to be one of the most important drivers for the growth of the global aerial work platform market. In recent years, the construction industry has achieved significant growth due to rising disposable income, rapid urbanization and industrialization, especially in emerging economies such as China and India.

Aerial work platform (AWP) is used in logistics, transportation and other fields, requiring high maintenance costs. Therefore, due to high capital expenditure, it becomes difficult for enterprises to invest in aerial work platforms. These industries have encountered a number of obstacles, such as contract cancellations, project delays, supply chain disruptions, and the closure of several construction sites due to a worldwide lockdown to break the chain of transmission of the virus. As the number of workers working at heights and labor accidents increases, governments around the world are taking strict action to keep them safe. This is promoting the use of AWP devices. Since the aerial work platform provides various safety features such as non-slip surfaces, high ground railings, etc., in order to work more safely at higher heights in the construction and commercial industries. Despite some challenges in terms of maintenance costs, the AWP market will continue to grow with the emergence of the latest technologies and their adoption in AWP. These coatings play a key role in reducing the overall operating and business costs of ships. Fuel can account for up to 50% of a ship's total operating costs. If ships do not use antifouling coatings, fuel consumption, costs and CO2 emissions can increase by up to 40%. Marine vessels are the largest users of hull coatings, occupying a major market share.

Compared with traditional towers and ladders, scissored and fork lifts with advanced features are more expensive. Due to the high initial cost and maintenance cost, there is a substitution effect, affecting the end user to lease the aerial work platform rather than buy the aerial work platform. Most players in the aerial work platform market focus on integrating the latest technologies and launching innovative products to make their products stand out. The inclusion of safety features and telematics solutions in aerial work platforms is a major opportunity for market players, helping to increase their share and profits.

The COVID-19 pandemic has had an adverse impact on market revenues. The rapid spread of COVID-19 has severely impacted the supply chain and logistics sector and caused delays in construction projects worldwide. The complete sealing of some areas as isolation zones further delayed delivery times. The gap between supply and demand in the market is expected to narrow due to the increase in the number of construction and renovation projects and the fiscal stimulus package provided by government agencies for economic recovery.

Market segmentation analysis of aerial work platform (AWP)

The engine-driven AWP segment is expected to grow at a CAGR of 5.7% over the forecast period, driven by increased demand for diesel-engine-driven lifts for heavy-duty outdoor applications. Designed to withstand worst-case load applications, these high-altitude working platforms benefit from higher vertical ranges and high load carrying capacity compared to electric drives, and are more suitable for construction.

The construction applications segment accounts for the largest share at over 30.0% and is expected to grow significantly during the forecast period. This growth can be attributed to a variety of factors, such as rapid urbanization, increasing real estate projects, and increased infrastructure development worldwide. Vertical mast lifts are widely used in construction activities because of their ability to support heavy objects when there is limited space available around them.

Aerial Work Platform (AWP) trucks have multiple uses in the telecommunications sector. Aerial work platforms, for example, are primarily used by telecommunications companies to perform various tasks, such as maintaining towers and transmission lines, which require highly specialized equipment. Aerial work platforms are widely used to install and remove antennas on building roofs or elevated platforms that are not accessible by stairs or ladders.

Aerial working platform (AWP) market participants

Well-known manufacturers in the AWP market are Gerger Industries, Inc., Nifty lift, Terex Corporation, Aichi Corporation, Tadano, Skyjack, Manitou, Snorkel, Haulotte, and others Altec. These companies focus on developing energy efficient and technologically advanced machinery to gain a major MEWP market share. To enter untapped markets, players are adopting partnership strategies and developing distribution networks with regional companies.

For company expansion, these key leaders are implementing strategies such as new product development and commercialization, commercial expansion, and distribution agreements. In addition, these players have invested heavily in product development, which has also boosted revenue generation.

• In September 2021, JLG Industries, Inc. introduced the new JLG 670SJ self-levelling arm aerial work platform. It is equipped with the company's most advanced patented and exclusive self-leveling technology. The 670SJ is specifically designed to automatically adapt to terrain on slopes up to nearly 10 degrees in any given direction.

Who should buy? Or key stakeholders

• Manufacturing

• Packaging industry

• Telecommunications industry

• Research organization

• Institutional participants

• Investors

• Regulatory authorities

• Other

Aerial work Platform (AWP) market area analysis

The aerial work platform market by region includes North America, Asia Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).

• North America: including the United States, Canada and Mexico

• Asia Pacific: includes China, Japan, South Korea, India, Australia, ASEAN and the rest of Asia Pacific

Europe: includes the United Kingdom, Germany, France, Italy, Spain, Russia and the rest of Europe

• South America: Includes Brazil, Argentina and other parts of South America

Middle East and Africa: includes Turkey, UAE, Saudi Arabia, South Africa and the rest of the Middle East and Africa

Due to multiple construction and infrastructure expansion projects in several countries, the AWP market in Asia Pacific is expected to grow rapidly over the forecast time. The region also includes several leading channel platform manufacturers who supply low-cost and advanced machinery to customers in China, Japan and elsewhere. Asian countries have also witnessed the emergence of several rental providers who provide simple and cheap rental services to local customers and are a major driver for the growth of the access equipment market.

In terms of demand and consumption, North America is the key region for the global AWP market and is expected to hold a significant market share in 2018. The rapid growth of commercial and residential infrastructure projects is one of the major factors contributing to the growing demand for aerial work platforms (AWP). In addition, the availability of potential disposable income and the rapid adoption of equipment such as aerial work platforms (AWP) to maintain a safe and secure working environment for workers is driving the adoption of these platforms in the region. The European region is expected to rank second in terms of AWP usage, as the industry in the region is also more inclined to improve workplace safety and optimize workflows to maintain efficient processes. China's oversupply of ships has disrupted the country's entire shipbuilding industry. The government has been trying to cut subsidies for excess capacity. This has implications for Marine Oems building new ships. Ships are mainly built according to customer requirements after procurement projects. It takes at least two years to complete the production of a ship. At present, these countries have received bulk orders for ships.

Therefore, these factors are expected to have an impact on the demand for hull coatings in the shipbuilding industry in the region during the forecast period.

Main market segments: Arial working platform market

Arial Workbench Market by Type, 2020-2029 (Million US dollars), (thousand units)

• Electric

• Engine drive

Arial Workbench Market by Product, 2020-2029, (Million US dollars), (Thousand units)

• Boom lift

• Scissor and fork lift

• Vertical quality improvement

• Personal portable lift

Arial Work Platform Market by Fuel Type, 2020-2029, (Million US dollars), (Thousand units)

• Natural gas

• Electric

• Hybrids

Arial Workbench Market by Configuration, 2020-2029, (Million US dollars), (Thousand units)

• Straight line

• Articulated

Arial Workbench Market by Application, 2020-2029, (Million US dollars), (Thousand units)

• Rental

• Construction

• Mining

• Government

• Transportation

Arial Working Platform Market by Platform Height, (US $Million), (Thousand units), 2020-2029

• Under 10 meters

• 10 to 20 meters

• 20-25 meters

• More than 25 meters

Arial Work Platform Market by Region, 2020-2029 (USD Million), (Thousand units)

• North America

• Asia Pacific

• Europe

• Latin America

• Middle East and Africa