The 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 or aerial trucks are vehicles used for temporary elevated access for people or equipment to inaccessible heights. They include boom lifts, scissor lifts, aerial ladders and other mobile elevating work platforms. AWP trucks help perform maintenance, construction and inspections in high places safely. They provide an alternative to traditional dangerous work methods like ladders and scaffolding.
Market key trends:
The aerial work platform truck market is expected to witness substantial growth owing to increasing urbanization and rising construction activities globally. According to the United Nations, the urban population is projected to grow to 6.7 billion by 2050 from 4.2 billion in 2018. This rapid urbanization coupled with rising infrastructural development will fuel the demand for AWP trucks during construction, maintenance and renovation of buildings and structures. Furthermore, increasing industrialization in emerging economies of Asia Pacific and Latin America has augmented the need for heavy machinery like AWP trucks for various industrial applications which is estimated to drive the growth of the market over the forecast period.
Porter’s Analysis
Threat of new entrants: Low costs of manufacturing and purchasing existing equipments pose low threat to new entrants. However, dominance of existing players with established distribution network creates hurdles.
Bargaining power of buyers: Large buyers like construction companies can negotiate on prices due to their high purchase volumes. However, differentiated product offerings by manufacturers ensure that barganing power remains moderate.
Bargaining power of suppliers: Major raw materials include steel and electronic components. Dominance of few suppliers for these materials results in moderate bargaining power. However, availability of substitutes maintain pricing pressure.
Threat of new substitutes: Technological innovations can lead to development of substitutes like drone-based inspection. However, advantages of personnel safety, payload capacity and vertical reach make AWP trucks irreplaceable for now.
Competitive rivalry: Intense due to large number of global and regional manufacturers competing on product quality, pricing and service offerings.
SWOT Analysis
Strengths: Safety, productivity & efficiency gains for personnel working at height. Payload capacity and vertical reach for access applications.
Weaknesses: High acquisition and operational costs. Technical complexity leads to need for trained operators.
Opportunities: Infrastructure growth in developing nations. Increasing construction of high-rise buildings and wind farms. Technological advancements for remote operation, electrification etc.
Threats: Trade barriers and import restrictions across regions. Stringent safety regulations increasing compliance costs. Economic slowdowns affecting construction spending.
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 investments in infrastructure development and construction activities worldwide. The market was valued at US$ 11643.3 Mn in 2021.
Regional analysis: North America dominated the global market in 2021 with over 30% market share owing to rising number of infrastructure projects and presence of major manufacturers in US and Canada. Asia Pacific is projected to witness fastest growth during the forecast period, driven by infrastructure developments in China, India and Southeast Asian countries.
Key players: Key players operating in the 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. These players are focusing on new product launches, partnerships and expansions to increase geographic footprint and market share.
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