Farmington, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The Global Aerial Work Platform Market Size Was Valued At USD 9.24 Billion In 2021. The Market Is Projected To Grow From USD 9.81 Billion In 2022 To USD 16.06 Billion By 2029, Exhibiting A CAGR Of 7.3% During The Forecast Period. The COVID-19 pandemic has been shocking and has never happened before. When compared to before the pandemic, demand for aerial work platforms is lower than expected in all areas. Based on our research, the global market for aerial work platforms dropped by 6.5% between 2019 and 2020.
Cherry pickers and mobile elevating work platforms are other names for aerial work platforms. They are made to lift a person or people to a certain height, depending on what is needed. They are used in a lot of different ways, like to clean windows, keep the electricity working, remodel, do logistics, work in retail, and a lot more.
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Recent Developments:
- In June 2020 – Haulotte Group launched a new HT16 RTJ boom lift. It is designed for working in demanding projects and challenging environments. It has a weight lifting capacity of 250 kg, and also has a dual load capacity of 350 kg.
- In March 2022 – Haulotte signed a partnership with Jungheinrich AG, which deals in material handling equipment and aerial lift products. The partnership is aimed to introduce new sales and service centers in Norway.
- In October 2021 - JCB India Pvt Ltd, a subsidiary of J.C. Bamford Excavators Limited, launched a new range of electric scissor lifts such as S2632E, S1930E, S3246E, and S4046E. It is able to work with heights of 7.71 m, 9.92 m, 11.7 m, and 13.9 m. These machines support scissor lifts and telescopic boom machine.
Segment Analysis:
Type Product Insights
During the forecast period, scissor lifts have the highest CAGR, with a growth rate of 7.7%. (2023-2030).
Boom lifts are expected to have the highest growth rate because they are inexpensive, easy to use, and don't need a lot of space to work. It is used to fix electricity on construction sites and other places.
Power Type Insights
Many aerial lifts have engines that run on LPG or diesel, so the engine-powered segment is growing quickly. Aerial lifts that are powered by engines have benefits like using less energy, being more flexible, and getting more done.
Electric-powered cars are expected to grow quickly because they don't pollute, are quieter, and are better for the environment. It is mostly used on building sites and places that need repairs.
Lifting Height Insights
The less-than-20-foot segment is expected to grow a lot because they are used in construction, utilities, and transportation.
The 20- to 50-foot range is likely to grow quickly because both small and large businesses use these lifts. It has a motor and lifts that move up and down with electricity. Also, manufacturers are focusing on making new products in this range because they are being used more and there is a big rise in demand.
Application Insights
The construction part of the market is the most important. This is because there are more building projects, both residential and commercial, and the government is spending more money in the private sector. Both of these things help the market grow. Scissor lifts and boom lifts are used a lot on building and repair sites.
The utilities segment is expected to grow very quickly because more scissor lifts and telehandlers are being used in the electricity, water, sewage, and renewable energy industries. It's easy to use, saves fuel, and makes operations safer.
Regional Outlook:
North America is in the best position to lead the market because of strong economic growth in places like the U.S. and Canada. A strong infrastructure, improvements to these products, and a large number of suppliers in the U.S. and Canada all helped the market grow in North America.
Due to the use of new technology in aerial work platforms, the U.S. will have the most growth.
Several good products are made by companies in the U.S., such as Oshkosh Corporation, Terex Corporation, and others. It also has a strong infrastructure and utilities industry, which keeps the demand for its goods high. Also, it is used a lot in many different fields, like the maintenance of electricity, transportation, logistics, and many others. This is likely to make more people want to use work platforms that can be put up in the air.
The fastest growth is likely to happen in the Asia-Pacific region. This is because more aerial lifts are being used in the mining, construction, utility, and other industries. The market is growing because the government is spending more money on new building projects and more people are using aerial lifts. In 2021, for example, the government of India planned to spend about USD 529.7 million on building projects. Things like these make the market grow.
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Scope of Report:
| Report Attributes | Details |
| Growth Rate | CAGR of 7.3% from 2023 to 2030. |
| Revenue Forecast by 2022 | USD 9.81 Billion |
| By Product Type | Scissor Lifts, Boom Lifts, Telehandler, Others |
| By Power | Engine Powered, Electric Powered, Hybrid, Others |
| By Application | Construction, Utilities, Transportation, Others |
| By Companies | Terex Corporation (U.S.), Sany Group (China), Manitowoc Company Inc (U.S.), Tadano Ltd (Japan), Liebherr International AG (Netherlands), Palfinger AG (Germany), Konecrane Co (KUHN Group) – (Switzerland), Zoomlion (U.S.), Oshkosh Corporation (JLG Industries Inc) (U.S.), XCMG Group (U.K.) |
| Regions and Countries Covered |
|
| Base Year | 2022 |
| Historical Year | 2017 to 2022 |
| Forecast Year | 2023 to 2030 |
Market Trends:
To keep up with the competition on the market, key players are now focusing on introducing new technologies like electric-powered and remote-controlled systems. For example, in November 2021, a Chinese company called Zoomlion Heavy Industry Science & Technology Co Ltd released a new all-electric telescopic boom lift. The ZT22JE and ZT26JE series of telescopic boom lifts are used indoors and are powered by lithium batteries.
Market Driving Factors:
Some of the good things about these products are that they are portable, flexible, easy to use, and mobile. They are used in places like the maintenance of buildings and the maintenance of electricity. These products take up less space than other products on other platforms. New and better platforms are replacing old products like scaffolding and ladders, which helps the market grow. Work at certain heights, like building maintenance, light maintenance, and other jobs, can be very dangerous. In the past, people used wooden ladders or scaffolding to do these jobs.
Key Segments Covered:
Top Market Players:
Terex Corporation (U.S.), Sany Group (China), Manitowoc Company Inc (U.S.), Tadano Ltd (Japan), Liebherr International AG (Netherlands), Palfinger AG (Germany), Konecrane Co (KUHN Group) – (Switzerland), Zoomlion (U.S.), Oshkosh Corporation (JLG Industries Inc) (U.S.), XCMG Group (U.K.), and others.
By Product Type
- Scissor Lifts
- Boom Lifts
- Telehandler
- Others
By Power
- Engine Powered
- Electric Powered
- Hybrid
- Others
By Application
- Construction
- Utilities
- Transportation
- Others
Regions and Countries Covered
- North America: (US, Canada, Mexico, Rest of North America)
- Europe: (Germany, France, Italy, Spain, UK, Nordic Countries, Benelux Union, Rest of Europe)
- Asia-Pacific: (Japan, China, India, Australia, South Korea, Southeast Asia, Rest of Asia-Pacific)
- The Middle East & Africa: (Saudi Arabia, UAE, Egypt, South Africa, Rest of the Middle East & Africa)
- Latin America: (Brazil, Argentina, Rest of Latin America)
- Rest Of the World
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