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Aerial Work Platform Market To Record A Sluggish CAGR of 6.0% By 2027 | Grand View Research, Inc

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Aerial Work Platform Market To Record A Sluggish CAGR of 6.0% By 2027 | Grand View Research, Inc

October 03
11:18 2020
Aerial Work Platform Market To Record A Sluggish CAGR of 6.0% By 2027 | Grand View Research, Inc

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, Increasing government investment in the private sector, along with rapid infrastructure development in Asia Pacific, is anticipated to surge aerial work platform market growth over the forecast period.

According to a report, “Aerial Work Platform Market Size, Share & Trends Analysis Report By Product Type (Boom Lifts, Scissor Lifts), By Engine Type (Electric, Engine-powered), By End User, By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc., As per the report by Grand View Research Inc., the global aerial work platform market estimated at USD 16.76 billion by 2027. It is expected to develop by a 6.0% CAGR from 2020 to 2027. It is the power-driven mechanism, utilized to make available the provisional entrance to the persons and the apparatuses to unapproachable sections, located at altitude. Usually, it is utilized for the construction and maintenance work. It is utilized by the firefighters whenever it is required, at some stage, in the disaster conditions. Aerial work platform is designed to elevate weights, below a ton. It is also described as the aerial device.

As a result of the rise in the government expenditure on the program of constructing the smart cities and the technologically sophisticated platforms is driving the growth for global aerial work platform market. 

The execution of the strict rules, globally, for the protection of the workforce, increasing acceptance of the sophisticated machinery for the lifting, plus increasing number of leasing companies for the aerial work platform in China in the previous three years along with the growth in the expenditure for the construction projects in the ASEAN nations are some factors projected to generate openings in the market for the manufacturing companies during the following seven years.

Aerial work platforms are enormously utilized in the construction and the maintenance of  the mining infrastructure. It comprises overhead conveyors, processing amenities and the additional services in and around the location of the mine. Strong demand for investment in the new fangled regions of mining is projected to generate prospects for the manufacturing companies of the aerial work platform, during the period of the forecast.

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Yet, the higher prices of the aerial work platform, shortage of expert engineers having precise knowledge of the mechanism, skilled workers and the technical persons, lack of the knowledge in the developing nations plus the greater maintenance charges of the aerial work platform are the most important factors, hampering the development of the global market.

U.S. aerial work platform market size

Effect of Covid-19:

The global eruption of Covid-19 pandemic has bought the global business transactions to a  standstill. Almost, there is hardly any construction activity going on, due to the pandemic. This has affected adversely on the market for aerial work platform. But, much recently and slowly the business transactions have started in various parts of the world. The business of the aerial work platform will come up, gradually, once the business transactions will start globally.   

Further findings from the report suggest:

  • As a result of the growing funds in newfangled infrastructures together with the amendment done to promote Public Private Relationships (PPPs) in the Asia Pacific, the end user industry such as building & construction is projected to retain its leadership in the market during the period of the forecast.
  • Since the boom lifts are multipurpose machines and can be utilized from shipping, storage industries to the construction business are expected to keep their dominance, by type of the product, during the period of the forecast.
  • Due to the growth in the construction projects within the ASEAN nations, plus the increasing demand from the Indian Steel Industry, Asia Pacific region is estimated to develop by the top 7.6% CAGR, during the period of the forecast.
  • In 2019, the electric engine sector retained the biggest 62.4% share, due to the growing demand for the services of repair & maintenance in the housing construction segment.
  • The aerial work platform, powered by the engine is estimated to observe the greatest development, during the period of the forecast, due to the growing demand for the diesel engine powered boom lifts for the heavyweight and out of the doors work plus work at the uneven exterior landscapes.

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Engine Type Insights

The electric aerial work platform segment held the largest revenue share of 62.4% in 2019. It is anticipated to expand at a significant CAGR over the forecast period owing to the rising demand for maintenance and repair services in the residential construction sector. Electric lifts are usually used for indoor job sites as they often have a tighter turning radius and can easily move around narrow warehouse aisles.

In addition, electric lifts are preferred due to zero emissions and quieter operation, along with easy loading and transport in pickup trips, thereby stimulating the segment growth over the coming years. However, these lifts have lower torque, lower maximum capacity, and requires charging periods up to 6-8 hours on an average, thus restricting the product demand over the forecast period.

Global aerial work platform market share 

The engine-powered aerial work platform segment is expected to witness the fastest growth over the forecast period owing to the increasing demand for diesel boom lifts for heavy-duty outdoor work and rough terrain surfaces. In addition, these engines are sized for worst-case loading applications in order to provide greater vertical reach and higher weight capacity.

Diesel has traditionally been barred from many construction job sites, however, with the introduction of Tier II engines, demand for diesel engines in aerial work platform is expected to grow significantly over the coming years. In addition, diesel-powered rough-terrain aerial work platform is 15-20% more fuel-efficient than gasoline engine as it burns an oil-based fuel and fires under compression.

Some of the companies for Aerial Work Platform Market are:

  • Linamar Corporation
  • Aichi Corporation
  • Terex Corporation
  • Haulotte Group
  • JLG Industries

Aerial Work Platform Market Segmentation

Grand View Research has segmented the global aerial work platform market on the basis of engine type, product type, end-user, and region:

Aerial Work Platform Engine Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Electric

  • Engine-powered

Aerial Work Platform Product Type Outlook (Revenue, USD Million, 2016 – 2027)

  • Boom Lifts

  • Scissor Lifts

  • Vertical Mast Lifts

  • Personal Portable Lifts

Aerial Work Platform End-user Outlook (Revenue, USD Million, 2016 – 2027)

  • Construction

  • Retail, Storage, and Warehouses

  • Transportation and Logistics

  • Others

Aerial Work Platform Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • Italy

    • The U.K.

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

    • Argentina

    • Brazil

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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