Aerial Work Platforms Market to value US$ 15 billion by 2028, Says Global Market Insights Inc.

Major aerial work platforms market participants include Hunan Sinoboom Heavy Industry Co., Ltd., Hunan Runshare Heavy Industry Company Ltd., Aichi Corporation, Haulotte Group, Zoomlion Heavy Industry Science and Technology Co., Ltd., Manitou Group, JLG Industries, Genie, Niftylift Limited., and Skyjack.

SELBYVILLE, Del., April 6, 2022 /PRNewswire/ -- The aerial work platforms market is expected to surpass USD 15 billion by 2028, as reported in a research study by Global Market Insights Inc. Rising government investments around the globe in roadway, railway, water, and electricity infrastructure developments, among other initiatives are contributing to market growth. Additionally, the machinery is deployed in huge numbers by small & big construction companies, contractors, and maintenance operators owing to the enhanced safety & security parameters associated with these access platforms.

The AWP industry was adversely affected due to the halting of major infrastructure development projects around the globe in the first half of 2020 owing to the COVID-19 spread. During the first two quarters of 2020, companies including JLG, and Genie temporarily halted their production plants at several locations around the globe. Industry participants reduced their workforces to focus on critical activities and align demand & supply. However, several grants, subsidies, and fiscal incentives by governments for local manufacturers are poised to support the aerial work platforms market statistics till 2028.

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Scissor lifts are gaining high popularity in the AWP market owing to flexibility and low operational complexities. These machines are highly flexible as they can be operated in various environmental conditions, thereby serving as alternatives to conventional scaffoldings and work towers. In general maintenance activities, scissor lifts are used to perform routine maintenance, light-changing, and repairing activities, which provide more safety as compared to ladders & scaffolds.

The Asia Pacific Aerial Work Platform Market is anticipated to register a high growth rate during 2022 to 2028 driven by rising construction activities in emerging economies such as China, South Korea, and India. Rise in industrialization and the role of local AWP distributors are the major factors contributing to the market demand. Furthermore, the construction of smart cities, 5G proliferation, and manufacturing facility constructions in Asia Pacific countries will further create opportunities for market players.

Industry participants are focusing on partnerships and acquisition strategies to gain a competitive edge over rivals. For instance, in August 2020, Dinolift Oy partnered with Ahern Ibérica, a distributor of AWP machinery, for product sales. This partnership enabled Ahern to sell Dinolift machinery in Spain and Portugal. This assisted the company to strengthen its market position in these two countries.

Some of the key findings in the aerial work platforms (AWP) market report include:

• The market is developing due to the rising need for enhanced telecommunication facilities and public infrastructure transformation trends around the globe.
• Increased utilization of high-speed internet & mobile phone connectivity in developing countries accounts for the development of robust telecommunication, further boosting the demand for AWPs.
• The equipments with platform heights of 10 to 20 meters is expected to hold a significant share; this can be attributed to increasing maintenance, glass-gazing, and cleaning work requirements at commercial sites.
• High initial & maintenance costs associated with new platforms are majorly compelling customers to rent equipment. Another reason for renting AWPs is to reduce the time & cost related to transportations.
• Some of the major companies in the aerial work platforms market include Hunan Sinoboom Heavy Industry Co., Ltd., Hunan Runshare Heavy Industry Company Ltd., Aichi Corporation, Haulotte Group, Zoomlion Heavy Industry Science and Technology Co., Ltd., Manitou Group, JLG Industries, Genie, Niftylift Limited., and Skyjack.

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Partial chapters of report table of contents (TOC):

Chapter 2 Executive Summary

     2.1  Aerial Work Platforms Market 360° synopsis, 2017 – 2028

          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 Industry Insights

     3.1  Introduction

     3.2  Impact of COVID-19 on AWP industry landscape

     3.3  Industry ecosystem analysis

     3.4  Investment Landscape

     3.5  Technology & innovation landscape

     3.6  Regulatory landscape

     3.7  Industry impact forces

          3.7.1  Growth drivers

               3.7.1.1  Proliferation of construction projects across the globe

               3.7.1.2  Significant developments in aerial work platforms

               3.7.1.3  Rising smart city projects worldwide

               3.7.1.4  Emerging AWP rental service providers in MEA and Asia Pacific

               3.7.1.5  Rising investments in infrastructure maintenance activities in Europe and North America

               3.7.1.6  Considerable urbanization in Asia Pacific and Europe

               3.7.1.7  Advancements in mining & construction industries of Latin America

          3.7.2  Industry pitfalls & challenges

               3.7.2.1  Lack of availability of technicians & skilled operators

               3.7.2.2  High maintenance costs of AWPs

               3.7.2.3  High initial purchase cost of AWPs

     3.8  Growth potential analysis

     3.9  Porter's analysis

     3.10  PESTEL analysis

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SOURCE Global Market Insights Inc.