Selbyville, Delaware, Feb. 17, 2021 (GLOBE NEWSWIRE) --
Global Market Insights, Inc. has recently added a new report on the aerial work platform (AWP) market which estimates the market valuation for aerial work platform will cross US$ 11 billion by 2027. The market is anticipated to witness a high growth rate due to the rising infrastructural development across the globe. A rapid increase in construction activities has led to a steady increase in the demand for AWPs in the global market.
The AWP market is facing several challenges due to the emergence of the COVID-19 pandemic across the world. Restrictions imposed by various governments on trade activities have led to a steady decline in the sale of aerial work platforms in the market. However, the market is expected to witness steady growth with the declining impact of the pandemic by the second quarter of 2021.
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The personal portable lifts segment is anticipated to witness significant growth during the forecast timeline due to their growing adoption in utility and maintenance applications. These lifts have the ability to operate on several different levels of elevation. These machines are increasingly deployed as substitutes to scaffoldings and conventional ladders due to their adjustable working heights. Personal portable lifts require lesser assembly time and offer easy transportation due to their compact design and size, contributing to the market growth.
AWP equipment with a platform height of 20 to 25 meters will witness a significant demand during 2021 to 2027 due to the stability and safety offered by this equipment at elevated heights. Manufacturers are focusing on enhancing operator comfort and reducing workplace accidents at high elevations on sites. The increasing adoption of AWPs to ensure worker and operator safety will accelerate market growth during the forecast timeline.
Players operating in the AWP market are Manitou Group, Hunan Runshare Heavy Industry Company, Ltd., Genie, Hunan Sinoboom Heavy Industry Co., Ltd., Haulotte Group, JLG Industries, Skyjack, Niftylift Limited, Zoomlion Heavy Industry Science and Technology Co., Ltd., and Aichi Corporation. These players are focusing on mergers and acquisitions to enhance their business operations. For instance, in October 2018, Haulotte Group acquired its distributor, Acarlar Makine in Turkey. The acquisition assisted the company to expand its geographic presence.
Some major findings in the AWP market report include:
- A growing emphasis on the integration of advanced technologies including IoT, sensors, and automated control systems into aerial work platforms is driving the industry size.
- Electric aerial work platforms will witness a steady growth rate owing to their low-noise and low emission, accelerating the market growth.
- Presence of several leading market players coupled with the increasing adoption of access platforms in construction activities is augmenting the AWP market share in North America and Asia Pacific.
- Key players operating in the AWP market include Aichi Corporation, Dinolift OY, Haulotte Group, Hunan Sinoboom Heavy Industry Co., Ltd., and Manitou Group.
- Major strategies adopted by market players comprise new product launches and strategic partnerships with other industry players to enhance their market share.
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Chapter 2 Executive Summary
2.1 AWP industry 360° synopsis, 2016 – 2027
2.1.1 Business trends
2.1.2 Product trends
2.1.3 Type trends
2.1.4 Platform height trends
2.1.5 Application trends
2.1.6 Regional trends
Chapter 3 AWP Industry Insights
3.1 Industry segmentation
3.2 Impact of COVID-19 on AWP industry landscape
3.2.1 Global outlook
3.2.2 Regional impact
3.2.2.1 North America
3.2.2.2 Europe
3.2.2.3 Asia Pacific
3.2.2.4 Latin America
3.2.2.5 MEA
3.2.3 Industry value chain
3.2.3.1 Research & development
3.2.3.2 Manufacturing
3.2.3.3 Marketing
3.2.3.4 Supply
3.2.4 Competitive landscape
3.2.4.1 Strategy
3.2.4.2 Distribution network
3.2.4.3 Business growth
3.3 Industry ecosystem analysis
3.3.1 Component suppliers
3.3.2 Manufacturers
3.3.3 Distribution channel analysis
3.3.4 End-use landscape
3.3.5 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Hybrid technologies and electrification
3.4.2 Telematics
3.4.3 IoT & AI
3.4.4 Automation & self-propelled AWPs
3.5 Regulatory landscape
3.5.1.1 North America
3.5.1.2 Europe
3.5.1.3 Asia Pacific
3.5.1.4 Latin America
3.5.1.5 MEA
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Positive outlook of global construction industry
3.6.1.2 Technological advancements in access platforms
3.6.1.3 Proliferation of smart city projects globally
3.6.1.4 Increasing number of rental equipment services providers
3.6.1.5 Rising investments in construction and infrastructure maintenance activities in Asia Pacific
3.6.1.6 Rapid urbanization in South Africa and India
3.6.1.7 Development of construction & mining industries in Latin America & MEA
3.6.2 Industry pitfalls & challenges
3.6.2.1 Limited availability of skilled operators
3.6.2.2 Increasing demand for used access platforms
3.6.2.3 High initial purchase cost of AWPs
3.7 Growth potential analysis
3.8 Porter's analysis
3.8.1 Supplier power
3.8.2 Buyer power
3.8.3 Threat of new entrants
3.8.4 Threat of substitutes
3.8.5 Internal rivalry
3.9 PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.