Aerial Work Platform (AWP) Market

How Does the Historical and Future Outlook for Aerial Work Platform Market Compare?

High growth in the aerial work platform market is supported by the surge in application across diverse industries. Increasing need for aerial work platforms in construction, mining, transport & logistics, aerospace and defense industries among others will remain a chief contributor towards growth. According to FMI, the market is set to grow at 12% CAGR between 2021 and 2031.

Besides new construction, AWP’s application is considered indispensable for maintenance works. The need for improving, maintaining, and preserving existing properties in the housing sector is fuelling the demand. Considering this, expansion of the real estate sector and increasing investment in property development will emerge as key growth drivers. While growth in the market was restricted in 2020 due to the unprecedented COVID-19 outbreak, recovery is expected with the recovery of real estate and construction sectors.

What is the Commercial Potential of Aerial Work Platform?

Increasing infrastructure investment across the world will boost commercial prospects for aerial work platforms. Because construction sector remains a key end user, stagnancy in construction activities, especially across developed markets might flatten growth prospects. Thanks to the bustling counterpart in emerging countries, overall demand is expected to increase significantly in the coming years.

According to the India Brand Equity Foundation (IBEF), the private equity and venture capital investment in infrastructure touched US$ 14.5 Bn in 2019 in India. Besides this, India plans to invest nearly US$ 1.4 trillion on infrastructure development and expansion between 2019 and 2023, which will present a highly lucrative growth for the expansion of the AWP market.

Also in China, the demand is expected to surge especially as the government is focusing on infrastructure investment as a key driver of economic growth post COVID-19 outbreak. These factors are expected to improve commercial potential for the market, especially in developing countries.

How is Research and Development Affecting AWP Sales?

Some of the leading companies are focusing on design improvements and research & development activities as a part of their key strategy to gain competitive advantage. For instance, the JLG Enhanced Detection System (EDS) has expanded upon its Soft Touch System, giving notifications on approaching obstructions while bring the machine to a halt before it makes contact.

Some of the leading manufacturers within the AWP market are looking to incorporate similar advanced sensor technologies to continue evolving machine design and offer better and safer solutions to contractors. Once mounted an advanced aerial work platform, EDS can be used to detect nearby objects and obstructions, averting risk of potential accidents.

With focus on research and development increasing, the aerial work platform market is expected to experience impressive growth opportunities in the coming years.

Country-wise Insights

How Big is the Opportunity in the U.S.?

The U.S. is expected to remain one of the chief markets for sale of aerial work platform. The increasing investment in commercial and residential construction will present lucrative growth opportunities in the country. According to the U.S. Census Bureau, the country’s construction spending stood at US$ 1,459.4 Bn in November 2020, despite 2020 being not so favorable year for the industry.

With steady private and public spending on construction activities, America’s position is sealed in the AWP market as a key pocket for sale. FMI also projects the U.S. to remain dominant in the North America market for AWP through the forecast period.

What is Supporting AWP Sales in the U.K.?

Remarkable growth registered in the U.K.’s construction activities and infrastructural development has been supporting sales of aerial work platform. While growth lulled temporarily amid COVID-19 outbreak, recovery is on cards, albeit at a slow pace. As per the Office of National Statistics, U.K., the country’s construction output improved marginally by 1% in October 2020.

Besides this, British officials are supporting reopening of some of the lain abandoned mines such as in the English Country of Cornwall and surrounding areas in response to the rise in demand for tins. Such initiatives are expected to pave way for AWP sales in the country.

How is China’s Construction Revival Supporting AWP Sales?

In the wake of unprecedented COVID-19 outbreak, the government in China has been focusing on developing “new infrastructure” such as major transportation, urbanization, water conservancy projects, and informational networks which will result in increasing infrastructure spending.

According to FinanceAsia, nearly 31 provinces, autonomous regions, and municipalities in China have announced key infrastructure investment plan targeted over a period of next five to seven years. This also will guarantee steady demand for aerial work platforms.

Moody’s also expect that transportation to remain key focus for investment in the next three to four years. As is known, transportation and logistics sector is among the key end users of aerial work platform. Increasing spending on infrastructural development across the sector will therefore fuel AWP demand in China.

Are Rising Construction Activities Key AWP Market Growth in Germany?

Germany has emerged as one of the highly lucrative markets for aerial work platform sales in Europe. FMI has projected Germany to report over 5% Y-o-Y growth in 2021 as a market for aerial work platform. Growth registered in the country is aided by the rising construction spending.

As per the Federal Statistics Office, Destatis, as of October 2020, the construction turnover in Germany improved by 2.2% in comparison to the corresponding month of 2019. The consistently increasing construction spending will continue supporting expansion of the market in Germany.

Opportunities in Aerial Work Platforms

According to FMI, the growth of the global aerial work platform market is expected to be driven by increasing demand for automation and versatile equipment in various industries. In addition, permeating safety standards and improving aerial work platform infrastructure are also factors that are expected to drive the growth of the demand for the global aerial work platform. The development of new generation products is anticipated to provide beneficial growth opportunities for manufacturers in the global aerial work platform market.

Category-wise Insights

What is the Market Share of Scissor Lifts?

Among various kinds of aerial work platform available in the market, the demand for scissor lifts is expected to remain significantly high. This category wil hold the major revenue share in the market and are expected to retain their lead over the forecast period as they are flexible devices that are used by utilities, manufacturing, warehousing, and shipping industries. Boom lifts will emerge as the second-leading segment because they are more versatile than scissor lifts. Boom lifts can be operated by a hydraulic arm to move around obstacles easily and also can achieve greater heights than to scissor lifts.

Scissor lifts however are expected to remain dominant through the forecast period. Scissor lifts are suitable for indoor maintenance or building activities outdoors. Scissor lifts are preferred in quieter working conditions and are often engine powered.

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Which Platform Working Height and Fuel Type are Preferred?

Based on the height of the platform, the section below 10 meters shows significant growth due to its increasing usage in in-house maintenance & construction activities. Therefore, the most preferred platform working height in the AWPs are below 10m. In terms of fuel used, electric remains highly preferred. Tightening environmental protection laws and increasing focus on sustainable solutions will seal electric’s position as the most preferred fuel used for aerial work platforms.

Who is the Leading AWP End User?

While demand from industries is rising at a high rate, rental providers will continue accounting for the leading share in the market. The cost at which AWPs are available might not always be feasible for small and medium enterprises to invest in. However, these companies have shown greater interest for renting or leasing aerial work platforms, opening up lucrative growth avenues for the market.

Construction companies have been inclining towards this trend as a potential cost-effective strategy to fuel short-term projects. Buoyed by the increasing demand for rental AWPs, some of the leading companies are looking at capitalizing on this trend. For instance, Haulotte, a leading aerial work platform manufacturer in France has developed financing solutions, covering finance lease and operating lease for AWP renting.

Competitive Landscape

The aerial work platform market exhibits a high degree of consolidation. Companies operating in the market have been focusing on technology improvements and strategic collaborations to gain competitive advantage.

For instance:

• Haulotte Group launched an auto-power of system to limit the power consumption while the boom is idle. This new system was launched in 2019. To achieve this, the company incorporated its diagnostic tool, called Haulotte ActivScreen Cat 2 with novel feature to enable auto power off
• In 2019, Tadano Limited announced the launch of a compact rough terrain crane, available for sale in North America and named it GR-150XL-3

Some of the leading companies operating in the market are:

• Terex Corporation
• J C BAMFORD EXCAVATORS Ltd.
• Aichi Corporation
• Haulotte Group
• Linamar Corporation
• Hunan Sinoboom Heavy Industry Co. Ltd.
• Manitou Group
• Tadano Limited
• Zhejiang Dingli Machinery Co., Ltd.
• OSHKOSH CORPORATION
• MEC AERIAL WORK PLATFORMS
• PALFINGER AG
• IMER INTERNATIONAL SpA
• MANTALL HEAVY INDUSTRY CO.,LTD
• NOBLELIFT INTELLIGENT EQUIPMENTCO.,LTD

* The list is not extensive and is for representational purposes only. Total competitive intelligence is available in the report with SWOT analysis.

Scope of the Report

Key Questions Answered in the Report

Q1. Which is the most lucrative market for Aerial Work Platforms?

The U.S. is one of the leading markets for aerial work platforms sales.

Q2. Which are the most common Aerial Work Platforms?

The scissor lift is the most common and frequently seen aerial work platform built for full vertical and horizontal reach.

Q3. Who is the Leading End-user of Aerial Work Platforms?

Aerial Work Platforms are widely used in industrial applications, building maintenance, construction, and painting activities across various industry verticals. However, FMI projects rental providers to remain dominant end-users through the forecast period.

Q4. Which are some of the leading companies providing Aerial Work Platforms?

Some of the leading companies manufacturing Aerial Work Platforms are Haulotte Group and Terex Corporation.

Q5. Which fuel is most procured for Aerial Work Platforms?

The electric fuel is highly used in industries for Aerial Work Platforms.

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Is this research conducted by Future Market Insights?

Yes, the research has been conducted by expert analysts of Future Market Insights through a combination of primary research and secondary research. To know more about how the research was conducted, you can speak to research analyst

What research methodology is followed by FMI?

FMI follows a methodology that encompasses demand side assessment of the market, and triangulates the same through supply side analysis. This methodology is based on use of standard market structure, methods and definitions. Request detailed methodology

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What are the sources of secondary research?

FMI conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request. 

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Aerial Work Platforms Market by Category

Product Type

• Boom Lifts
• Scissor Lifts
• Truck/Crawler Mounted Lifts
• Push Around Aerial Work Platforms
• Spider Lifts
• Others

Platform Working Height

• Below 10 Meters
• 10 to 20 Meters
• 20 to 30 Meters
• Above 30 Meters

Fuel

• Gas/ Diesel
• Electric
• Hybrid

End User

• Industry
• Construction
• Mining
• Transportation and Logistics
• Manufacturing
• Aerospace and Defence
• Others (Utility, Government etc.)
• Rental Providers

Region

• North America
• Latin America
• Europe
• East Asia
• South Asia & Pacific
• Middle East and Africa