NEWARK, Del, July 03, 2023 (GLOBE NEWSWIRE) -- Future Market Insight predicts that the global aerial work platforms market is expected to achieve a noteworthy milestone, reaching an estimated worth of US$ 19.43 billion by the year 2033. This projection reflects a moderate CAGR of 6.1%. Notably, this figure represents a significant surge from its anticipated value of US$ 10.75 billion in 2023.
Aerial work platforms have various names, including mobile elevating work platforms, cherry pickers, and aerial lifts. Aerial lifts have become a popular replacement for scaffolding and ladders in many work environments due to their flexibility and mobility. Rapid technological advancements, mechanization, and urbanization worldwide have increased the demand for aerial lifts.
This platform has broad applications across diverse industries for maintenance and repair activities. Industries like manufacturing, utilities, oil and gas, and telecommunications require regular maintenance of equipment, structures, and facilities. These Platforms are pivotal in enabling workers to access elevated areas safely. They enhance productivity and help mitigate the risk of accidents.
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The aerial work platforms (AWP) market receives a significant boost from the continuous growth of the construction industry. Construction projects are increasing worldwide. This is leading to a surge in demand for safe and efficient access to elevated areas like buildings, bridges, and highways. Aerial work platforms serve as indispensable solutions. These provide secure and convenient access for workers to perform tasks at considerable heights.
Rapid urbanization and infrastructure modernization in emerging economies drive this platform’s market. Cities expanding and existing infrastructure needing upgrades make High-Level Platforms essential for construction, maintenance, and renovation projects. Increasing investments in smart cities and transportation infrastructure further contribute to the high demand for aerial work platforms.
Airports rely on many boom and scissor lifts for luggage placement, storage, and aircraft cleaning and maintenance. Articulated electrical boom lifts are extensively used within airport premises for multiple tasks. This trend is expected to continue during the forecast period, given the growth in air travel and the construction of new airports. The increasing number of flyers and new airport projects is likely to lead to a higher demand for different types of lifts.
The global focus on workplace safety is intensifying across industries. Organizations increasingly recognize the importance of ensuring a safe working environment for employees. Aerial work platforms provide a safer alternative to traditional methods like ladders and scaffolding. Stringent safety regulations and standards from governments and regulatory bodies significantly impact this market. Compliance with these regulations is a primary concern for industries.
The industry is experiencing a significant surge in the popularity of electric-powered aerial platforms. This is due to their eco-friendliness and cost-effectiveness compared to traditional fuel-powered counterparts. As sustainability and carbon emission reduction take center stage globally, electric AWPs are expected to gain even more traction in the market.
The growth of warehouse units globally is driven by rising e-commerce platforms. E-commerce giants' shipping standards necessitate nearby storage and warehouse units. Scissor, vertical, and boom lifts are used extensively in these warehouses for product handling and transportation. These aerial platforms facilitate easy material handling and retrieval in bulk orders. Fully automated warehouses are gaining popularity in developed countries.
The demand for aerial work platforms customized to meet specific industry requirements and specialized applications is increasing. Different industries necessitate equipment with unique features and capabilities to operate effectively in challenging environments. In response to these specialized needs, manufacturers are dedicatedly focusing on developing customized solutions.
Key Takeaways from this market:
- The aerial work platforms industry in the United Kingdom is anticipated to rise, exhibiting a CAGR of 3.5% through 2033.
- The United States held a 14.2% share of the global aerial work platforms industry in 2022.
- With a CAGR of 7.7% over the forecast period, India is predicted to develop rapidly in the aerial work platforms industry.
- In 2022, Japan had a 4.6% share of this platform’s industry across the globe.
- China's aerial work platforms industry is expected to flourish, registering a CAGR of 7.2% over the forecast period.
- Germany accounted for 5.1% of this global industry in 2022.
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Competitive Landscape:
Key players are actively engaged in various strategies to maintain a competitive edge and expand their market presence. These strategies include product innovation, technological advancements, strategic partnerships and collaborations, mergers and acquisitions, and geographical expansions. Companies are focusing on developing advanced aerial work platforms with enhanced safety features, increased efficiency, and improved sustainability to cater to the growing demand for elevated work solutions across different industries.
Recent Developments by Key Players:
In August 2022, Zhejiang Dingli Machinery Co Ltd introduced a fresh addition to the market: the BT44RT boom lift, which runs on electric, diesel, and hybrid power. This innovative lift offers a lifting range spanning from 16 to 44 meters and boasts a maximum load capacity of 450 kg.
In October 2021, JCB India Pvt Ltd, a J.C. Bamford Excavators Limited subsidiary, unveiled a fresh lineup of electric scissor lifts. The new range includes models such as S2632E, S1930E, S3246E, and S4046E, each designed to meet specific height requirements. These machines enable working at heights of 7.71 m, 9.92 m, 11.7 m, and 13.9 m. They offer support for both scissor lifts and telescopic boom machines.
Key Segmentation:
By Product Type:
- Boom Lifts
- Telescopic
- Articulating
- Trailer Mounted
- Self-Propelled
- Scissor Lifts
- Vertical Mast Lift
- Double Mast AWP
- Single Mast AWP
- Push Around and Spider Lifts
By Fuel Type:
- Gas / Diesel
- Electric
- Hybrid
By Platform Working Height:
- Below 10 Meters
- 10 to 20 Meters
- 20 to 30 Meters
- Above 30 Meters
By Sales Channel:
- OEM
- Rental Service Providers
By End Use:
- Construction
- Mining
- Transportation and Logistics
- Manufacturing
- Aerospace and Defence
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa
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Old Source: Aerial Work Platforms Market Value to Grow by Almost US$ 18,658.0 Million in 2032 | Future Market Insights, Inc.
