Aerial Work Platforms Market Analysis By Key Players, Applications, Growth Trends, Region & Segment Forecast To 2018 - 2026

 

Aerial Work Platform Market - Snapshot

An aerial work platform is a mechanical device designed to provide access for equipment or people to a variety of applications at height. There are mainly two types of aerial work platforms: scissor lift and boom lift. Aerial work platforms are cost-effective and easy to use, making them the first choice ina wide range of applications such as construction, industrial and manufacturing, maintenance and repairs, etc. The global aerial work platform market is growing at an exponential rate due to the increasing demand for aerial work platforms from the construction industry. As a result, manufacturers in the aerial work platform market are focusing on product innovation(developing technologically advanced devices) in order to cater to the growing demand for aerial work platforms. Increasing demand for flexible equipment would also give rise to the need for automation so as to manage efficient operations at prescribed times. Increasing safety standards and the growing adoption of aerial work platforms due to improving infrastructure are some of the key factors that are boosting the growth of the aerial work platform market. Transparency Market Research analyzes the global aerial work platform market in terms of value in US$ Mn and volume sales in terms of units.

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The global aerial work platform market is expected to reach around US$ 8,695 Mn by 2026. The North America aerial work platform market garnered the highest market share, accounting for US$ 2,253 Mn in 2016. The market dynamics of the global aerial work platform are subject to factors mainly related to the increasing aerial work platform consumption worldwide resulting in an increasing number of aerial work platform manufacturers. North America and Europe dominate the aerial work platform market. Additionally, increasing safety standards worldwide has led to the growth of the aerial work platform market. After the restructuring of the aerial work platforms market in late 2001, greater attention was paid to safety regulations to move away from risky rope access and other conventional methods, such as scaffolding. In saturated markets such as North America and Western Europe, technologically advanced equipment are mostly preferred for any job.

Thus, OSHA and other associations have developed several standards, which are promoting the growth of the aerial work platforms market. Moreover, with a rise in infrastructural projects and economic development in Asia Pacific, Middle East & Africa, and South America, access equipment such as scissor lifts are gaining more acceptance. With growing acceptance and maturity of the aerial work platforms market, safety features start playing a vital role in various industries such as construction, manufacturing, etc. As there are only a limited number of manufacturers in these regions, established players are enhancing their sales network in the regions to further augment the growth of the aerial work platforms market

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One of the major challenges affecting the growth of the aerial work platform market is its high pricing. Market introduction of scissor lifts is facing three primary challenges impeding its penetration – consumer awareness & understanding, pricing, and safety concerns. Lack of awareness could hamper the market of aerial work platforms. Further, scissor lifts with more features cost comparatively higher than conventional towers and ladders. Additionally, the lack of technological advancements in countries of the Middle East & Africa will decelerate the growth of scissor lifts in the region. All these factors are expected to be restraints for the growth of the aerial work platform market.

However, the growing adoption of aerial work platforms due to improving infrastructure is anticipated to create a good growth opportunity for aerial work platform manufacturers. The companies are poised to develop strong relationships with rental companies. Consequently, rental companies will witness lucrative opportunities in the aerial work platform market in the near future

Some of the key players profiled in the global aerial work platform market are Aichi Corporation, Altec Inc., Bronto Skylift, Diversified Technologies., Haulotte Group, JLG Industries, MEC Aerial Work Platforms, Oshkosh Corporation, Palfinger AG, Skyjack (Linamar Corporation), Tadano Ltd., and Terex Corporation.

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Aerial Work Platforms Market

In the next few years, fast infrastructural development, augmented private investment in real estate, and rising government spending on the private sector in the Asia Pacific region expected to propel expansion of the global aerial work platforms market in near future. Growing demand for utility infrastructure is projected to grow dramatically in rapidly developing nations like South Korea, China, Japan, and India as 5G technology becomes more widely available. In addition to that, rising demand for access equipment leasing and rentals, as well as expanded retail space in India, Chile, China, Peru, the UAE and Brazil is expected to boost demand in the global aerial work platforms market in the near future.

The construction sector in the US is expected to develop slowly in the next few years as the economy in the US weakens. Nevertheless, the overall deterioration of infrastructure in developed parts of the world coupled with the expansion of the e-commerce sector is expected to boost the global aerial work platforms market in the future years. The effect of the new coronavirus has caused a huge number of building projects to be postponed or cancelled by the governments and corporations who commissioned them. Furthermore, equipment and material supply chain constraints, particularly raw materials like steel from Asia Pacific, are likely to limit market expansion.

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