Electric access platforms are gaining popularity as the demand for electric machines to reduce fuel consumption and emissions grows. The Aerial Work Platform (AWP) market is expected to exceed USD 8 billion by 2021, with a 12 percent CAGR between 2021 and 2031. The major factors driving industry statistics are rising construction and renovation activity.
Several initiatives by global construction firms, government organisations, and regulatory authorities to reduce air pollution from building construction activities are also having an effect on market demand. As a result, several manufacturers are shifting toward providing electric-powered platforms to meet the application sector demand.
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Aerial work platforms (AWP) are commonly used for all types of maintenance and construction activities, particularly when they must be performed at a certain height. It is widely used in the power, telecommunications, and arboriculture industries to maintain overhead lines.
In addition, massive government spending on infrastructure projects such as highways, rail, water conservation, and power generation is likely to create lucrative business opportunities over the next few years. However, the low availability of qualified machine operators and massive costs incurred during the procurement of equipment are some of the factors that might impede the growth.
Moreover, the rapid development of equipment from myriad industries has pushed manufacturers to sell technically fitted instruments such as electrification and hybridization technology, thus further widening the potential of development over the near future for the market for aerial work platforms. Scissor lifts are likely to remain highly preferred, accounting for over half of aerial work platforms sold through 2031.
Key Takeaways of Aerial Work Platforms Market Study
- Between 2021 and 2031, the aerial work platform market will expand at a CAGR of 12.0%
- The U.S. will emerge as a highly lucrative pocket, accounting for over 90% of the North American market in 2021, in terms of value
- The U.K. will exhibit steady growth post slowdown in 2020. FMI projects it to record above 1.5% Y-o-Y growth in 2021
- Rising construction spending will continue supporting demand from Germany and France
- Investment in infrastructural development will boost growth in Japan, South Korea, and China
“While investment towards technological improvements remains a key focus, key market players are expected to mostly rely on rental businesses to expand their footprint. Besides this, some of the companies are incorporating sensors in aerial work platforms to help them detect potential obstruction averting risk of accidents on site,” said a lead analyst at FMI
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Who is Winning?
Some of the leading companies operating in the aerial work platforms 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. These companies have been focusing on product launches besides strategic collaborations to gain a competitive advantage.
For instance, in October 2019, Manitou unveiled five new boom lifts for the market in North America. These were diesel-powered boom lifts and the models were ATJ 60, TJ 8, TJ 65+, TJ 80+, and TJ 65. With this, the company expanded its MEWP line.
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