Dublin, Dec. 05, 2024 (GLOBE NEWSWIRE) -- The "Aerial Work Platform Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global aerial work platform market reached a value of nearly $16.88 billion in 2023, having grown at a compound annual growth rate (CAGR) of 6.93% since 2018. The market is expected to grow from $16.88 billion in 2023 to $24.36 billion in 2028 at a rate of 7.60%. The market is then expected to grow at a CAGR of 8.09% from 2028 and reach $35.94 billion in 2033.
Going forward, the increasing investments in renewable energy projects, increasing investments in renovation activities, rising urbanization, rising investments in infrastructure development projects, rising airport construction activity and rise in the e-commerce sector will drive the market. Factors that could hinder the growth of the aerial work platform market in the future include supply chain disruptions.
The aerial work platform market is segmented by product type into scissor lifts, boom lifts, vertical mast lifts and other product types. The boom lift market was the largest segment of the aerial work platform market segmented by product type, accounting for 66.22% or $11.18 billion of the total in 2023. Going forward, the boom lift segment is expected to be the fastest growing segment in the aerial work platform market segmented by product type, at a CAGR of 8.04% during 2023-2028.
The aerial work platform market is segmented by power type into engine powered, electric and hybrid. The engine powered market was the largest segment of the aerial work platform market segmented by power type, accounting for 67.40% or $11.38 billion of the total in 2023. Going forward, the electric segment is expected to be the fastest growing segment in the aerial work platform market segmented by power type, at a CAGR of 9.30% during 2023-2028.
The aerial work platform market is segmented by lifting height into upto 20 feet, 20 to 50 feet, 50 to 70 feet and above 70 feet. The 20 to 50 feet market was the largest segment of the aerial work platform market segmented by lifting height, accounting for 54.63% or $9.22 billion of the total in 2023. Going forward, the upto 20 feet segment is expected to be the fastest growing segment in the aerial work platform market segmented by lifting height, at a CAGR of 8.57% during 2023-2028.
The aerial work platform market is segmented by end-user industry into construction, utilities, logistics and transportation and other end-user industries. The construction market was the largest segment of the aerial work platform market segmented by end-user industry, accounting for 59.97% or $10.12 billion of the total in 2023. Going forward, the logistics and transportation segment is expected to be the fastest growing segment in the aerial work platform market segmented by end-user industry, at a CAGR of 8.84% during 2023-2028.
North America was the largest region in the aerial work platform market, accounting for 34.49% or $5.82 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the aerial work platform market will be South America and the Middle East, where growth will be at CAGRs of 9.60% and 8.59% respectively. These will be followed by Eastern Europe and Western Europe, where the markets are expected to grow at CAGRs of 8.45% and 8.01% respectively.
The global aerial work platform market is highly concentrated, with a few large players in the market. The top ten competitors in the market made up to 54.94% of the total market in 2023. Oshkosh Corporation was the largest competitor with a 14.58% share of the market, followed by Terex Corporation with 12.04%, Xuzhou Construction Machinery Group Co., Ltd. with 7.09%, Zhejiang Dingli Machinery Co. Ltd. with 5.12%, Haulotte Group with 4.79%, Manitou Group with 3.98%, Zoomlion Heavy Industry Science & Technology Co. Ltd. with 2.38%, Palfinger Platforms GmbH with 2.36%, Linamar Corporation with 1.44% and Altec Inc. with 1.15%.
The top opportunities in the aerial work platform market segmented by product type will arise in the boom lifts segment, which will gain $5.27 billion of global annual sales by 2028. The top opportunities in the aerial work platform market segmented by power type will arise in the engine powered segment, which will gain $4.48 billion of global annual sales by 2028. The top opportunities in the aerial work platform market segmented by lifting height will arise in the 20 to 50 feet segment, which will gain $4.25 billion of global annual sales by 2028. The top opportunities in the aerial work platform market segmented by end-user industry will arise in the construction segment, which will gain $4.26 billion of global annual sales by 2028. The aerial work platform market size will gain the most in USA at $1.93 billion.
Market-trend-based strategies for the aerial work platform market include developing innovative technologies, opening new manufacturing plants, focusing on using lithium-powered technology in aerial work platforms, providing boom lifts with advanced features and developing compact electric scissor lifts with advanced technology and practical design features.
Player-adopted strategies in the aerial work platform market include focus on enhancing operational capabilities through the launch of new products and strengthening market position through strategic acquisitions.
To take advantage of the opportunities, the analyst recommends the aerial work platform companies to focus on technological advancements, focus on adoption of lithium-powered technology for enhanced efficiency, focus on enhancing operator efficiency with advanced boom lift features, focus on innovating compact electric scissor lifts for enhanced workplace efficiency, focus on expanding in the boom lifts segment, focus on expanding in the electric-powered segment, expand in emerging markets, focus on expansion of manufacturing capacities to drive market penetration, focus on diversifying distribution channels for enhanced market reach, provide competitively priced offerings, continue to use B2B promotions and focus on targeted industry engagement for enhanced customer relationships.
Competitive Landscape and Company Profiles
- Oshkosh Corporation
- Terex Corporation
- Xuzhou Construction Machinery Group Co., Ltd
- Zhejiang Dingli Machinery Co. Ltd
- Haulotte Group
Key Mergers and Acquisitions
- Boels Rental Acquired Riwal
- the Private Equity Metrika Acquired All Access Equipment Inc.
- Herc Rentals Acquired Aerial Work Platform Inc
- Tadano Acquired Nagano Industry
- Groupe Lou-Tec Acquired Torcan Lift Equipment
- Asko Holding Acquired Custom Equipment, Inc.
- JLG Industries Inc. Acquired Hinowa S.P.a
- Paul Becker Gmbh Acquired Two Bronto Aerial Platforms
- Oshkosh Acquired Hinowa S.P.a.
- KLUBB Group Acquired Isoli SpA
- Manitou Group Acquired ATN Platforms
- Time Manufacturing Company Acquired FE Group
- Briggs Equipment Acquired Aerial Platform Hire Limited
- Mills Acquired Altoplat
- Versalift Acquired CALCO Equipment
- Time Manufacturing Company Acquired Ruthmann
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 293 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $16.9 Billion |
| Forecasted Market Value (USD) by 2033 | $35.9 Billion |
| Compound Annual Growth Rate | 7.8% |
| Regions Covered | Global |
Key Topics Covered:
1 Executive Summary
1.1 Aerial Work Platform - Market Attractiveness and Macro Economic Landscape
2 Table of Contents
3 List of Tables
4 List of Figures
5 Report Structure
6 Market Characteristics
6.1 General Market Definition
6.2 Summary
6.3 Aerial Work Platform Market Definition and Segmentations
6.4 Market Segmentation by Product Type
6.4.1 Scissor Lifts
6.4.2 Boom Lifts
6.4.3 Vertical Mast Lifts
6.4.4 Other Product Types
6.5 Market Segmentation by Power Type
6.5.1 Engine-Based
6.5.2 Electric
6.5.3 Hybrid
6.6 Market Segmentation by Lifting Height
6.6.1 20 Feet
6.6.2 20 to 50 Feet
6.6.3 50 to 70 Feet
6.6.4 Above 70 Feet
6.7 Market Segmentation by End-User Industry
6.7.1 Construction
6.7.2 Utilities
6.7.3 Logistics and Transportation
6.7.4 Other End-User Industries
7 Major Market Trends
7.1 Technological Advancements Transforming the Aerial Work Platform Market
7.2 Focus on New Manufacturing Plants to Meet Demand From Various Industries
7.3 Use of Lithium-Powered Technology in Aerial Work Platforms
7.4 Launch of Boom Lifts With Advanced Features
7.5 Development of Compact Electric Scissor Lifts for Modern Workplaces
8 Aerial Work Platform Market - Macro Economic Scenario
8.1 COVID-19 Impact on the Aerial Work Platform Market
8.2 Impact of the War in Ukraine on the Aerial Work Platform Market
8.3 Impact of High Inflation on the Aerial Work Platform Market
9 Global Market Size and Growth
9.1 Market Size
9.2 Historic Market Growth, 2018-2023, Value ($ Million)
9.2.1 Market Drivers 2018-2023
9.2.2 Market Restraints 2018-2023
9.3 Forecast Market Growth, 2023-2028, 2033F Value ($ Million)
9.3.1 Market Drivers 2023-2028
9.3.2 Market Restraints 2023-2028
For more information about this report visit https://www.researchandmarkets.com/r/cx3uaf
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
