The global truck mounted aerial work platform (AWP)market to grow at a CAGR of 6.04% during the period 2017-2021.
The report, Global Truck Mounted Aerial Work Platform (AWP) Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is the demand for compact truck-mounted AWPs. Putting further reach into a smaller package is another significant trend in the industry. Increased demand for good reach on a small chassis is driving the market. Customers of truck-mounted AWPs are demanding the reduction of the overall gross weight of the vehicle to increase payload and enhance fuel efficiency.
According to the report, one of the major drivers for this market is the growing popularity of rentals. The increasing use of rental equipment will lead to a rise in the sales of truck-mounted AWPs to rental organizations as they like to keep their fleets up-to-date with the latest models. This will drive the volume growth of the equipment. The AWP equipment industry is capital-intensive. Funds are required for the acquisition and maintenance of equipment fleets, secure storage facilities, and for equipment operations. Factors such as cash inflows from businesses, equipment utilization, and dollar and time utilization, and higher prices have contributed to the growth of the rental market.