The aerial work platforms market was valued at US$ 16,210.00 million in 2022 and is projected to reach US$ 28,951.38 million by 2030; it is expected to register a CAGR of 7.52% from 2022 to 2030.
Analyst Perspective:
The aerial work platforms market is broadly segmented into five major regions—North America, Europe, Asia Pacific, Middle East & Africa, and South America. In 2022, North America led the global aerial work platforms market with 35.83% market share, followed by North America and Asia Pacific. Asia Pacific is anticipated to be the fastest-growing region and is expected to record an impressive CAGR of 8.6% from 2022 to 2030. The aerial work platforms market share of North America is analyzed by the presence of developed countries such as the US and Canada, where construction activities are growing at a significant pace. Considering a rise in the adoption of advanced and smart technologies, the US and Canada offer lucrative opportunities to grow the aerial work platforms market in the coming years.
Europe registered the second largest market share of 30.23% in 2022 and is expected to record a CAGR of 7.2% from 2022 to 2030. In Europe, the aerial work platforms market growth is characterized by a diverse demand across industries, including the construction and manufacturing sectors. The region's commitment to sustainability is reflected in the increasing adoption of eco-friendly AWPs. Economic uncertainties pose challenges, but opportunities arise from infrastructure renewal initiatives and technological advancements.
Market Overview:
The aerial work platforms market specifically focuses on equipment designed for safely elevating workers, along with the required tools to perform tasks at elevated heights. Aerial work platforms are also known as elevated work platforms (EWPs) or mobile elevating work platforms (MEWPs). These platforms are widely used in various industries such as construction and maintenance, where access to elevated areas is necessary.
The adoption of electric and hybrid-powered aerial work platforms (AWPs) and other eco-friendly practices plays a key role in enhancing a company's public image. This commitment to sustainability not only reflects corporate responsibility but also resonates positively with consumers and stakeholders. Several key factors highlight the way businesses utilize eco-friendly AWPs in order to gain positive public perception and strengthen brand loyalty. Companies incorporating electric and hybrid AWPs demonstrate a commitment to environmental stewardship. This aligns with broader societal expectations for businesses to actively engage in practices that reduce carbon footprints and contribute to mitigating climate change. The adoption of green technologies creates positive brand associations. Businesses that prioritize eco-friendly solutions are perceived as forward-thinking, socially responsible, and in tune with evolving consumer values. The positive public perception resulting from eco-friendly practices attracts clients who prioritize sustainability. This is particularly relevant in industries where clients seek partners and suppliers with a demonstrated commitment to environmentally responsible practices.
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Aerial Work Platforms Market: Strategic Insights
Market Size Value in US$ 16,210.00 million in 2022 Market Size Value by US$ 28,951.38 million by 2030 Growth rate CAGR of 7.52% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Aerial Work Platforms Market: Strategic Insights
| Market Size Value in | US$ 16,210.00 million in 2022 |
| Market Size Value by | US$ 28,951.38 million by 2030 |
| Growth rate | CAGR of 7.52% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Driver:
Growth in Construction Activities and Infrastructure Projects is Driving the Aerial Work Platforms Market Growth
The growth in construction activities and infrastructure projects significantly drives the aerial work platforms market growth due to the specific requirements and advantages offered by these platforms. Construction projects often involve work at elevated heights, such as installing structural components, roofing, or facade work. Rapid urbanization and the rise in population drive the need for new housing, commercial spaces, and infrastructure. For instance, Saudi Arabia is planning to become one of the largest construction sites in the world, with approximately US$ 1.1 trillion of investment in infrastructure and real estate projects. These infrastructure and real estate development projects include Neom Super City, King Salman Park, Diriyah Gate, The Red Sea Projects, Jeddah Economic City, and Jeddah Central Projects. As cities expand, the construction of high-rise buildings and large-scale projects necessitates AWP for safe and efficient construction. AWPs provide a safe and efficient means for workers to access these elevated areas. As construction projects become more complex, with taller buildings and intricate structures, there is a growing need for equipment that can provide increased vertical reach. Boom lifts and scissor lifts, which are common types of AWPs, are designed to meet these requirements. AWPs are versatile and can be used for a wide range of construction tasks. These platforms are used while painting, doing electrical work, HVAC installation, or general maintenance, as they provide a flexible solution for accessing various work areas. As construction activities and infrastructure projects expand, the demand for aerial work platforms grows in tandem, driven by the need for safe, efficient, and versatile solutions for working at elevated heights. Thus, the growth in construction activities and infrastructure projects drives the aerial work platforms market.
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Segmental Analysis:
Based on type, the global aerial work platforms market share is segmented into scissor lifts, boom lifts, telehandlers, vertical mass lifts, and others. Aerial work platform products are designed to manage the lifting as well as shifting of the loads/items from one to another. The size of these platforms depends on their specific application. Rising awareness about the advantages of using platforms with different accessories among end users drives the aerial work platforms market worldwide.
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Regional Analysis:
In North America, the robust development in the construction industry is a significant driver of the aerial work platforms market, as it relies on AWPs for building construction, maintenance, and infrastructure projects. The emphasis on workplace safety, efficiency, and adherence to regulations amplifies the widespread adoption of AWPs. Several factors drive the aerial work platforms market in the region, including the mounting demand for infrastructure development, rising demand for renovation and repair work, and rapid urbanization. Challenging factors include economic fluctuations that can impact construction activities, and capital expenditures are expected to restrain the growth of the aerial work platforms market in the coming years. Additionally, there are challenges related to stringent safety regulations, driving the need for continuous innovation and adherence to evolving standards, which, in turn, are expected to hinder the aerial work platforms market growth during the forecast period.
In addition, the energy sector is one of the most significant users of aerial work platforms for various applications, such as maintenance of power infrastructure and utility installations, which is expected to fuel the aerial work platforms market growth in the coming years. Mining operations in Peru and Chile utilize these platforms to access elevated areas in challenging terrains. As per the United States Geological Survey (USGS), Chile is the top producer of copper in the world, accounting for 5.2 million metric ton in 2022. In addition, Chile is the second-largest producer of lithium, with 30% of total global production in 2022. Hence, the mining industry in Chile is anticipated to fuel the growth of the aerial work platforms market in the coming years with the rise in demand for lithium and copper mining from the energy industry.
As industries prioritize safety and efficiency, the demand for aerial work platforms is anticipated to grow, driven by the need for versatile solutions across diverse sectors in the region.
Key Player Analysis:
Terex Corporation, IMER International SpA, Fabrication Authorities International Inc, Hinowa SpA, Tadano LTD, Zoomlion Heavy Industry Na Inc, Sany Palfinger SPV Equipment Co Ltd, Jinan Nostec Equipment Co Ltd, JLG Industries Inc, and Xuzhou Construction Machinery Group Co Ltd are among the key aerial work platforms market players operating in the market.
Recent Developments:
Inorganic and organic strategies such as mergers and acquisitions are highly adopted by companies in the global aerial work platforms market. A few recent developments by key aerial work platforms market players are listed below:
Year | News | Region |
Nov-2023 | Access Worx stated that it has entered into an exclusive cooperation with Palazanni and IMER, two well-known Italian businesses. With this strategic partnership, Access Worx offered a broad range of goods and services, strengthening its position in the Australian market. | Europe |
June-2023 | JLG unveiled the X660SJ compact crawler boom lift. The X660SJ boasts a platform height of 65 feet, 7 inches; a 500-pound capacity for up to two people; a 39-foot horizontal reach; and the ability to be used both indoors and outdoors. | North America |
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and End-user
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The growth in construction activities and infrastructure projects significantly drives the demand for aerial work platforms (AWPs) due to the specific requirements and advantages offered by these platforms. Construction projects often involve work at elevated heights, such as installing structural components, roofing, or facade work. Rapid urbanization and the rise in population drive the need for new housing, commercial spaces, and infrastructure.
The increasing trend of renting equipment rather than outright ownership aligns with the evolving needs and preferences of businesses across industries. Renting AWPs provides businesses with a cost-efficient alternative to purchasing, particularly for those with intermittent or project-specific needs. This approach allows companies to allocate capital to other critical areas while still gaining access to advanced and specialized AWP models.
In North America, the robust development in the construction industry is a significant driver of the aerial work platforms market, as it relies on AWPs for building construction, maintenance, and infrastructure projects. The emphasis on workplace safety, efficiency, and adherence to regulations amplifies the widespread adoption of AWPs.
Businesses worldwide are placing a heightened emphasis on sustainability and environmental responsibility as a core component of their corporate social responsibility initiatives. The adoption of electric and hybrid-powered AWPs aligns with these sustainability goals, allowing companies to reduce carbon footprint and contribute to environmental preservation.
Terex Corporation, IMER International SpA, Sany Palfinger SPV Equipment Co Ltd, JLG Industries Inc, and Xuzhou Construction Machinery Group Co Ltd key market players operating in the global aerial work platforms market.
The List of Companies - Aerial Work Platforms Market
- Terex Corporation
- IMER International SpA
- Fabrication Authorities International Inc
- Hinowa SpA, Tadano LTD,
- Zoomlion Heavy Industry Na Inc
- Sany Palfinger SPV Equipment Co Ltd
- Jinan Nostec Equipment Co Ltd,
- JLG Industries Inc
- Xuzhou Construction Machinery Group Co Ltd
- Hinowa SpA
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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