Future Prospects of Global Aerial Work Platform (AWP) Truck Market

Aerial Work Platform (AWP) Truck Market
 Aerial Work Platform (AWP) Truck Market 


Aerial Work Platform (AWP) Truck Revenues and Market Share

The global Aerial Work Platform (AWP) Truck Market is estimated to be valued at US$ 11643.3 Mn in 2022 and is expected to exhibit a CAGR of 11.2% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Aerial work platforms are powered mobile machines that are equipped with an elevating work platform which is used to provide temporary access for workers, tools and equipment to height. They provide safe, reliable and efficient alternative to ladders or scaffolding for tasks at elevation and are used for maintenance, repair and construction activities. They improve productivity and safety at work sites.

Market key trends:
Increasing construction activities across residential and non-residential sectors are fueling the demand for AWP trucks. Rapid urbanization and infrastructure development projects in emerging economies are augmenting the market growth. Also, stringent workplace safety regulations regarding fall hazards are promoting the adoption of AWP trucks over conventional means such as ladders. Technological advancements in aerial work platforms including hybrid-electric drivetrains, remote controls and safety features are further enhancing their popularity. Growing adoption of rental and leasing business models is also supporting the market expansion.

Segment Analysis
The global Aerial Work Platform (AWP) truck market is dominated by the boom lifts segment, holding around 30% market share in 2021. Boom lifts provide durable and versatile lifting platforms for interior and exterior construction, maintenance, and repair applications. Their articulating booms provide access to hard-to-reach areas and they have compact design allowing them to navigate congested workspaces. Scissor lifts account for the second largest segment owing to their mobility and stability on uneven terrains. Their increasing adoption in entertainment industries for stage setups and constructions is a major factor driving the segment growth.

Key Takeaways
The global Aerial Work Platform (AWP) truck market is expected to witness high growth, exhibiting CAGR of 11.2% over the forecast period, due to increasing demand for renting lifting equipment from construction and infrastructure industries.

Regional analysis
The US dominated the global market in 2021, accounting for over 25% of global revenue. Rapid infrastructure development activities in the country is a major factor driving the regional market. China is the fastest growing market in Asia Pacific region expanding at 13% CAGR during the forecast period due strong growth in real estate and construction sectors.

Key players
Key players operating in the Aerial Work Platform (AWP) truck market are XCMG Group, SANY Group, Zoomlion Heavy Industry Science & Technology Co., Ltd., AICHI CORPORATION, Altec Industries, Bronto Skylift, Hunan RUNSHARE Heavy Industry Company, Ltd., Dinolift, HAULOTTE GROUP, Hunan Sinoboom Intelligent Equipment Co, Ltd., JLG Industries, Inc., Manitou Group, Niftylift (UK) Limited, Skyjack, Zhejiang Dingli Machinery Co, Ltd., Linamar Corporation, Manitex International.

Read More:

https://www.dailyprbulletin.com/aerial-work-platform-awp-truck-market-outlook-connected-with-growth-drivers/

 

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