Global Aerial Work Platforms Market Size Thriving Beyond USD 26.73 Billion by 2033

Newark, May 06, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 12.58 billion in 2023 global aerial work platforms market will reach USD 26.73 billion by 2033. Increasing awareness of environmental sustainability is driving demand for eco-friendly AWP solutions. Manufacturers are investing in developing electric-powered and hybrid AWP models offering lower emissions, reduced noise pollution, and energy efficiency. The growing emphasis on sustainability presents opportunities for market expansion, particularly in regions with stringent environmental regulations. Furthermore, the trend towards equipment rental rather than outright purchase is expected to continue, driven by factors such as cost-effectiveness, flexibility, and reduced maintenance responsibilities for end-users. Rental companies offering a wide range of AWPs and value-added services such as training and maintenance are poised to capitalize on the growing need for rental equipment. Moreover, expanding remote and offshore projects in sectors such as oil and gas, maritime, and offshore wind energy creates demand for AWPs capable of operating in challenging environments. Manufacturers developing ruggedized, corrosion-resistant, and offshore-certified AWPs are well-positioned to serve these specialized markets. Besides, there is a growing demand for specialized AWP solutions tailored to specific industries and applications, such as aviation, entertainment, and telecommunications. Manufacturers offering customizable and application-specific AWPs with features such as extended reach, narrow access capabilities, and specialized attachments can capitalize on niche market opportunities.

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Scope of Aerial Work Platforms Market

Key Insight of the Global Aerial Work Platforms Market

Asia Pacific is expected to witness the highest market growth over the forecast period.

Asia Pacific is undergoing rapid urbanization, with a growing need for infrastructure development across construction, energy, telecommunications, and transportation sectors. This surge in infrastructure projects drives the demand for aerial work platforms for building construction, maintenance, and renovation tasks. Furthermore, the region is witnessing substantial industrial expansion, particularly in countries like China, India, and Southeast Asian countries. As industries expand their operations and invest in new facilities, there is a heightened demand for AWPs for maintenance, repair, and installation activities within industrial settings. Additionally, the prioritization of investments in renewable energy sources, particularly wind and solar power, across many Asian nations is undoubtedly driving the demand for Aerial Work Platforms (AWPs). These platforms are essential for accessing elevated areas during the construction, maintenance, and servicing of renewable energy infrastructure. Most importantly, governments in the Asia Pacific region are undertaking various initiatives to boost infrastructure development, including investments in transportation networks, smart cities, and public utilities. These initiatives create opportunities for AWP manufacturers and rental companies to supply equipment for infrastructure projects.

In 2023, the scissor lifts segment dominated the market with the largest share of 45.62% and revenue of 5.74 billion.

The product segment is divided into boom lifts, scissor lifts, vertical lifts and others. In 2023, the scissor lifts segment dominated the market with the largest share of 45.62% and revenue of 5.74 billion.

In 2023, the ICE segment dominated the market with the largest share of 64.28% and revenue of 8.09 billion.

The propulsion type segment includes air, electric and ICE. In 2023, the ICE segment dominated the market with the largest share of 64.28% and revenue of 8.09 billion.

In 2023, the more than 51 ft segment dominated the market with the largest share of 44.62% and revenue of 5.61 billion.

The lifting height segment is classified into less than 20 ft, 21-50 ft and more than 51 ft. In 2023, the more than 51 ft segment dominated the market with the largest share of 44.62% and revenue of 5.61 billion.

In 2023, the construction segment dominated the market with the largest share of 58.39% and revenue of 7.34 billion.

The application segment is split into construction, utilities, transportation & logistics, and others. In 2023, the construction segment dominated the market with the largest share of 58.39% and revenue of 7.34 billion.

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Advancement in market

In February 2024: As a prominent player in the European aerial work platform sector, Manitou Group, renowned for its diverse array of articulated and telescopic models, is broadening its offerings by introducing new scissor lifts. Initially comprising two models, namely the SE 1008 (10m) and SE 0808 (8m), this lineup will expand further with the addition of the SE 1212 (12m) model later in the year. These machines are a testament to the group's commitment to delivering innovative and safe equipment to enhance user performance.

In January 2023, HERED, a pioneering company, unveiled its latest innovation: the HS0607E electric scissor lift. This eco-friendly and safety-centric lift integrates cutting-edge features and technology, establishing new aerial work platform industry standards.

Market Dynamics

Driver: Focus on the rental market.

The trend favouring equipment rental over outright purchase is becoming popular due to several key factors. Cost-effectiveness is one of the primary drivers behind the increasing preference for equipment rental. Renting equipment rather than buying it outright can significantly reduce business upfront costs. Rather than investing a large sum in purchasing machinery, companies can allocate resources more efficiently by paying rental fees as needed. This approach allows businesses to access the necessary equipment without bearing the full financial burden associated with ownership, making it an attractive option, particularly for short-term projects or seasonal fluctuations in demand. Flexibility is another compelling advantage offered by equipment rental services. Renting allows businesses to adjust their equipment inventory according to evolving project requirements or market demands. This agility allows companies to scale their operations efficiently without being tied down by the long-term commitments and limitations of owning equipment. Moreover, rental agreements often offer flexible terms, enabling businesses to access specialized or high-end equipment for specific projects without incurring the full cost of ownership. In driving market growth, rental companies play a pivotal role by offering a diverse selection of AWPs tailored to meet the varying needs of customers across different industries and applications. These rental providers invest in maintaining extensive fleets of AWPs, ranging from scissor lifts and boom lifts to aerial platforms, to accommodate a wide range of projects, including construction, maintenance, and installation tasks. By offering a comprehensive selection of equipment options, rental companies empower businesses to access the right tools for the job, fueling efficiency, productivity, and overall operational success.

Restraint: Operational and maintenance expenses.

Repair costs can escalate the total cost of ownership for AWPs, particularly in equipment damage or wear and tear. Accidents, misuse, or prolonged usage can result in mechanical failures or structural damage, requiring prompt repair or replacement of components. Repair expenses encompass the cost of replacement parts and labour charges for skilled technicians to diagnose and fix issues efficiently. Moreover, downtime resulting from equipment breakdowns can lead to indirect costs, such as project delays or lost productivity, amplifying the financial impact of repair-related expenditures on businesses. Furthermore, servicing and maintenance costs represent another significant aspect of AWP ownership expenses. Regular maintenance is essential to keep AWPs in optimal working condition, ensuring safety, reliability, and longevity. This aspect entails scheduling periodic inspections, preventive maintenance tasks, and routine repairs, all of which incur expenses in terms of labour, parts, and service fees. Additionally, unexpected breakdowns or malfunctions may occur, necessitating unscheduled repairs or replacements, further adding to the maintenance costs borne by businesses. For companies with limited budgets or operating in highly competitive markets, these ongoing operational and maintenance expenses associated with AWP ownership pose a significant financial challenge. Such expenses strain financial resources and impact profitability and competitiveness, eroding profit margins and hindering cost-effective operations.

Opportunity: Infrastructure development projects.

Infrastructure projects, such as the construction of smart cities, highways, railways, bridges, airports, and ports, require efficient access solutions to facilitate work at height. AWPs are pivotal in enabling construction workers to perform tasks safely and effectively in elevated or hard-to-reach areas. Whether installing structural components, conducting maintenance work, or inspecting infrastructure integrity, AWPs provide the necessary elevation and mobility to enhance productivity and streamline project timelines. Similarly, energy infrastructure projects, including developing power plants, renewable energy installations, and transmission networks, rely on AWPs for various construction, maintenance, and servicing phases. From erecting wind turbines and solar panels to conducting inspections and repairs on transmission lines and substations, AWPs offer versatility and accessibility crucial for ensuring the reliability and efficiency of energy systems. Moreover, urban redevelopment initiatives to revitalize city centres, upgrade public spaces, and improve infrastructure resilience drive demand for AWPs in construction and maintenance tasks. Whether constructing high-rise buildings, renovating historic landmarks, or enhancing public transportation networks, AWPs are indispensable for accessing elevated work zones safely and efficiently in dense urban environments. The demand for AWPs in large-scale infrastructure projects is further fueled by stringent safety regulations and standards governing work at height. Governments and project stakeholders prioritize worker safety and compliance with occupational health and safety guidelines, necessitating reliable and well-maintained access equipment like AWPs.

Challenge: Environmental impact.

Internal combustion engine-powered AWPs typically run on fossil fuels such as gasoline or diesel. Internal combustion engines typically release CO2, NOx, particulate matter, and other pollutants into the environment during operation. These emissions not only contribute to air pollution but also contribute to global warming and climate change, exacerbating environmental concerns. Additionally, AWPs powered by fossil fuels may pose health risks to operators and bystanders due to the emission of harmful pollutants. As awareness of environmental issues rises, industries are increasingly pressured to develop and adopt cleaner, more sustainable alternatives to traditional AWPs. However, adopting electric-powered AWPs presents several challenges for manufacturers and operators. Aerial work platforms (AWPs) powered by electric drivetrains or battery technology generally have higher upfront costs than their internal combustion engine counterparts. While the total cost of ownership may be lower over the equipment's lifespan due to reduced fuel and maintenance expenses, the initial investment can deter some companies, especially those with limited budgets. In addition, electric AWPs may face range, power, and versatility limitations compared to internal combustion models. Battery technology still needs to match fossil fuels' energy density and rapid refuelling capabilities, restricting the operating range and productivity of electric AWPs, particularly in remote or demanding applications. Additionally, the charging infrastructure required to support electric AWPs may be inadequate or costly to implement, posing logistical challenges for operators.

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Some of the major players operating in the global aerial work platforms market are:

• Aichi Corporation
• Advance Lifts, Inc.
• Altec Industries
• Bronto Skylift
• CTE Group
• Dinolift Oy
• EdmoLift AB
• HERED
• Haulotte Group
• Hangcha Group
• JLG Industries
• JCB
• Linamar Corporation
• LGMG Group
• MEC
• Manitou Group
• Manitowoc
• Niftylift
• Oshkosh Corporation
• Oil & Steel Aerial Platforms UK
• Palfinger AG
• Platform Basket
• RUNSHARE Heavy Industry Company, Ltd.
• Riwal
• Sany Group
• Snorkel Lifts
• Socage Srl
• Teupen
• Tadano Ltd.
• Terex Corporation
• WIESE USA
• Xuzhou Construction Machinery Group Co., Ltd.
• Zhejiang Dingli Machinery Co., Ltd. (DINGLI)
• Zoomlion Heavy Industry Science & Technology Co., Ltd.
• ZAPI GROUP

Key Segments cover in the market:

By Product

• Boom Lifts
• Scissor Lifts
• Vertical Lifts
• Others

By Propulsion Type

• Electric
• Air
• ICE

By Lifting Height

• Less than 20 ft
• 21-50 ft
• More than 51 ft

By Application

• Construction
• Utilities
• Transportation & Logistics
• Others

By Region

• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

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About the report:

The market is analyzed based on value (USD Billion) and volume (Units). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

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