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Boom Lifts are fastest growing segment fueling the growth of Aerial work platform market

Boom Lifts are fastest growing segment fueling the growth of Aerial work platform market

The aerial work platform (AWP) market is estimated to be valued at US$ 40.95 Mn or Bn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Aerial work platforms, also known as aerial lifts, are designed to provide temporary access for workers and equipment to overhead or high-level work locations. They include boom lifts, scissor lifts, articulating boom lifts, vertical mast lifts, and telescopic boom lifts. AWPs are majorly used in infrastructure, commercial construction, and maintenance activities where high-level access is required without use of ladders or scaffolding. They provide safety, efficiency, and versatility for tasks such as installing/repairing lighting, changing HVAC filters, changing signs and many more.

Market Dynamics:

The aerial work platform market is primarily driven by increasing construction activities across commercial and residential sectors globally. Rapid urbanization and growing infrastructure development projects are fueling the demand for AWPs. According to United Nations, around 68% of the world population is expected to live in urban areas by 2050. Additionally, implementation of stringent workplace safety regulations mandating the use of aerial equipment for high-rise works is also propelling the market growth. Furthermore, technological advancements in AWPs including hybrid-electric designs, remote monitoring capabilities and lightweight composite booms are positively impacting the adoption rate. However, high maintenance and purchasing cost of AWPs remains a major challenge for market growth.

SWOT Analysis

Strength: - AWP has wide applications in construction, telecom and utility sectors. Growing infrastructure development activities are increasing the demand. - Remote operated AWPS allows working in hazardous conditions without risking lives. - Advance technologies like joystick controls and hybrid-electric systems are increasing productivity and reducing costs.

Weakness: - High investment and maintenance costs of AWPs pose challenges for smaller construction companies. - Require qualified operators and regular safety inspections which add to operational expenses.

Opportunity: - Rising urbanization and infrastructure development in developing regions like Asia and Africa offer huge growth opportunities. - Integration of AI, IoT and telematics can enhance efficiency, safety and lower downtime of AWPs.

Threats: - Trade wars and political uncertainties can disrupt supply chains and impact market growth. - Slowdown in construction activities due to economic recession can decrease demand.

Key Takeaways

The Global Aerial work platform (AWP) Market Share is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing infrastructure development activities globally. Asia Pacific region dominates nearly 40% share of the global market currently due to rapid industrialization and urbanization in China, India and Southeast Asian countries.

Regional analysis: Asia Pacific region is expected to remain the fastest growing as well as dominating region during the forecast period. Countries like China, India are witnessing massive infrastructure development projects which is pushing the demand for AWPs in the region. Europe and North America are also sizable markets accounting for over 50% share jointly due to established construction sector.

Key players: Key players operating in the aerial work platform market are Toyota Industries Corporation, CTE, Dinolift, Terex Corporation, Haulotte Group, Holland Lift International bv, Hunan Sinoboom Heavy Industry Co. Ltd., IMER International SpA, J C Bamford Excavators Ltd., Oshkosh Corporation, Linamar, Manitou Group, MEC, Niftylift (UK) Limited, PALFINGER AG, Snorkel, SOCAGE, Tadano Ltd., TEUPEN, Zhejiang Dingli Machinery Co, Ltd., and Zoomlion Heavy Industry Science & Technology Co., Ltd.

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