Portland, OR, May 19, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global aerial work platform market was pegged at $9.27 billion in 2019 and is estimated to hit $14.35 billion by 2027, registering a CAGR of 7.7% from 2020 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Easy accessibility and mobility offered by aerial work platforms, improved safety measures, and advancements in the logistics & transportation industry drive the growth of the global aerial work platform market. On the other hand, increase in dependence on traditional alternatives and high costs associated with aerial work platforms restrain the growth to some extent. However, developments in fully electric and hybrid aerial work platforms are expected to create lucrative opportunities in the industry.
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Covid-19 scenario-
- The outbreak of the pandemic led to extended lockdowns across the world, giving way to unstable economic conditions. This, in turn, decreased the demand for AWPs from several industry verticals.
- Also, the unavailability of skilled personnel to operate aerial work platforms hampered the market growth. However, with the rollout of mass vaccination in most countries, the global aerial work platform market is expected to recoup soon.
The global aerial work platform market is analyzed across type, operation, lift height, end-user industry, and region. Based on type, the boom lifts segment accounted for nearly two-thirds of the total market share in 2019, and is expected to lead the trail by 2027. The vehicle-mounted platform segment, on the other hand, would register the fastest CAGR of 9.9% from 2020 to 2027.
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Based on operation, the fuel powered segment contributed to more than half of the total market revenue in 2019, and is anticipated to rule the roost by the end of 2027. Simultaneously, the hybrid segment would grow at the fastest CAGR of 9.4% during the forecast period.
By region, North America held the highest share in 2019, garnering more than two-fifths of the global market. The market across Asia-Pacific, however, would cite the fastest CAGR of 9.1% from 2020 to 2027. Moreover, the report also studies the market across Europe and LAMEA.
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The key market players analyzed in the global aerial work platform market report include Altec Inc., Haulotte Group, J.C. Bamford Excavators Limited, Oshkosh Corporation (JLG Industries, Inc.), Terex Corporation (Genie), Zhejiang Dingli Machinery Co., Ltd., Aichi Corporation, Skyjack (Linamar Corp.), Niftylift (UK) Limited, and Teupen. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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