Wilmington, Delaware, United States, Aug. 31, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global aerial work platform market is projected to flourish at a CAGR of 5.2% from 2023 to 2031. As per the report published by TMR, a valuation of US$ 9.4 billion is anticipated for the market in 2031. As of 2023, the market for aerial work platforms is expected to close at US$ 6.2 billion.
With the increasing construction activities and ongoing development of the warehouse industry, demand for aerial access equipment is projected to expand at a steady pace during the forecast period. Increasing demand for new residential properties in emerging economies is another crucial factor that would aid growth.
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Competitive Landscape
Major aerial work platform vendors are focusing on offering products with better ergonomics and user-friendly designs. Innovations in aerial work platform technology have led to the development of safer and more efficient platforms, allowing workers to perform tasks at height with enhanced precision and reduced risks.
- Aichi Corporation
- Altec Inc.
- Bronto Skylift
- Diversified Technologies
- Haulotte Group
- JLG Industries
- MEC Aerial Work Platforms
- Palfinger AG
- Tadano Ltd.
- Terex Corporation
- J.C. Bamford Excavators Limited
- Linamar Corporation
- Manitou Group
Key Developments in the Aerial Work Platform Market
- In May 2023, JCB introduced two flexible boom aerial work platforms. These provide options for both diesel/electric hybrid and entirely battery-electric drivelines. These new versions, the A45E and A45EH, boost customer performance by providing higher efficiency, improved operator access, and sophisticated monitoring capabilities.
- In October 2022 - GAM and Haulotte confirmed a new collaboration agreement. GAM (BME: GALQ) specializes in custom solutions for industry, manufacturers, and logistics specialists. Haulotte Ibérica, the Spanish subsidiary of the Haulotte Group covers the Spanish and Portuguese market.
Increasing awareness of occupational safety regulations and the need to comply with safety standards has led companies to invest in equipment that enhances worker safety. Aerial work platforms provide a solution that meets these safety requirements.
Industries such as manufacturing, utilities, telecommunications, and energy require regular maintenance and repairs of equipment, machinery, and infrastructure. Aerial work platforms are essential for technicians to access hard-to-reach areas for inspections, maintenance, and repairs.
Key Takeaways from the Market Study
- As of 2022, the aerial work platform market was valued at US$ 5.9 billion
- By application, the construction segment enjoys high demand, accumulating a high revenue share during the forecast period.
- Based on product type, the boom lift segment is anticipated to dominate the industry during the forecast period
- Based on type, the electric segment is expected to generate high revenue during the forecast period, due to the increased demand in restaurants, hotels, and coffee shops.
Aerial Work Platform Market: Key Trends and Opportunistic Frontiers
- The rise in the number of infrastructure projects and economic development in developing countries is boosting demand for scissor lifts and other aerial platform vehicle
- The growing advancements in technology have led to the development of more efficient and versatile aerial work platforms. This includes improvements in control systems, stability features, remote operation capabilities, and telematics for monitoring and maintenance.
- Aerial work platforms are used in these facilities for tasks such as inventory management, maintenance, and order picking at elevated heights.
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Aerial Work Platform Market – Regional Analysis
- North America is expected to hold the largest share from 2023 to 2031. An increase in investment in the construction sector and growth in the IT & and telecommunications sectors are fueling the market dynamics of the region. Expansion in logistics and supply chain sectors is also propelling aerial work platform market progress in North America.
- Asia Pacific is expected to witness a significant market share during the forecast period. the growth of the market in the region is attributed to the rapidly increasing investments in the construction of various commercial and residential complexes. Increasing the government's focus on infrastructure development and construction projects provides substantial market opportunities. The rapid growth of e-commerce in countries like China and India has created a demand for aerial work platforms in the warehousing and logistics sector.
Aerial Work Platform Market – Key Segments
Product
- Scissor Lift
- Boom Lift
- Articulated Boom Lift
- Telescopic Boom Lift
Type
- Electric
- Engine Powered
Platform Height
- Below 10 Meters
- 10 to 20 Meters
- 20 to 25 Meters
- Above 25 Meters
Structure
- Standard
- Insulated
Application
- Construction
- Commercial
- Residential
- Industrial & Manufacturing
- Maintenance & Repair
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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