The worldwide Aerial Work Platform (AWP) market is expected to hit value of USD 16 billion by 2026, this industry is expected to grow with 9% CAGR during the coming years. Rapid increasing in industrialisation and infrastructural projects is expected to propel the Aerial Work Platform (AWP) market growth over forecast period.
Availability of Rental Aerial Work Platform (AWP) is to propel market growth
The availability of Rental Aerial Work Platform (AWP) is expected to be one of the key trend in global market and is expected drive market growth. The demand for renting scissor lifts is increasing significantly and popularity of this equipment is increasing rapidly in the emerging economies as this equipment is offering improved level of safety.The aerial work platforms of different types are most commonly used nowadays in industrial, construction, manufacturing areas. The rental aerial work platforms are getting increasing popularity as the industrial users are able to achieve the desired output using multiple workers by using the heavy duty and most reliable equipment such as scissor lifts. When the industries are low on budget, the rental Aerial Work Platform (AWP) are standing out as a rescue option for them as it helps to get work done without capital expenditure. The availability of Aerial Work Platform (AWP) on rent in emerging economies is turning out to be the revenue pocketing opportunity for rental providers as the businesses in emerging economies such as India, and others are adopting such rental Aerial Work Platform (AWP) increasingly.
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The global (AWP) Aerial Work Platforms Market is segmented on the basis of product, type, platform height, application, and region. By product segment, the market is categorised into boom lifts, scissor lifts, vertical mass lifts, personal portable lifts. By type segment, the market is categorised into electric, engine powered. By platform height, the global Aerial work platform (AWP) market is segmented into Below 10 Meters, 10 to 20 Meters, 20 to 25 Meters, Above 25 Meters. By Application segmented, the global market is segmented into Rental, Construction & Mining, Government, Transportation & Logistics, Utility. On the basis of region the global Aerial Work Platform(AWP)market is bifurcated into Europe, Latin America, North America, Middle East & Africa, and Asia Pacific.
Considering revenue generation from the sale of Aerial work Platforms (AWP), the North America was dominant market and held significant market share in global market. North America is also a key region in terms of volume utilization and consumption of Aerial work platform. The stringent government regulations for welfare and safety of labours is one of the prime factor responsible for the adoption of such equipment in this region. The government across various regions are encouraging and supporting the use of these equipment due to the increased level of safety achieved by usage of these platforms as compared to conventional methods used for working at heights. Europe region is following North America region in terms of demand for aerial work platforms (AWP) as the enterprises and governments in this region are quick adopters of such advanced equipment.
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Asia Pacific region is expected to register significant CAGR growth rate over the estimate time frame by account of multiple macro-economic factors such as rapid industrialisation and increasing focus of businesses towards improving speed, efficiency, and safety for conducting the manual work activities on field. The aerial work platforms are types of access providing equipment. The access equipment are increasingly utilized in various application areas such as manufacturing plants, factories, and other areas for material handling applications. Also, the aerial work platforms plays an important role in telecommunication industry for conducting operations such as installation, maintenance, and other inspections of telecom poles, connection lines, and others.
Some of the key players catering to the global (AWP) Aerial Work Platforms market includes Manitou, Terex Corporation, Haulotte, Aichi Corporation, JLG Industries, Inc.,Tadano, Altec, Snorkel, Niftylift., Ruthmann, Time Benelux, Teupen, BrontoSkylift, and Skyjack. Constant innovations for advancing the features of aerial work Platform (AWP) is one of the key strategy followed by these leading manufacturers. Also, regional expansion for increasing revenue generation from the sale of(AWP) Aerial Work Platforms by implementing strong distribution channel using online retailers is boosting the market growth.
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