The Aerial work platform (AWP) Market is estimated to be valued at US$ 40.95 Mn 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 (AWP), also known as aerial lifts, scissor lifts, or cherry pickers are self-powered mobile elevating work platforms for temporary access applications for industrial or construction projects. They are powered by battery, gas, or diesel and are used for applications such as maintenance, window cleaning, high rise construction and repair. AWP come in different types such as boom lifts, scissor lifts, vertical mast lifts and others and provide safer, quicker and easier access to work at heights for maintenance, construction and other applications.

Market key trends:

One of the key trends driving the growth of the aerial work platform market is the rise in construction and infrastructure development projects across the globe. Governments in developing countries are spending heavily on infrastructure projects such as roads, bridges, rail networks and others which is boosting the demand for construction equipment including aerial work platforms. Furthermore, steady growth in non-residential construction activities along with rise in maintenance and repair activities is also contributing to the market growth. Additionally, stringent safety regulations regarding work at heights and growing awareness about safety will further augment the adoption of aerial work platforms during the forecast period.

Porter's Analysis

Threat of new entrants: New companies find it difficult to enter the aerial work platform market due to high initial capital requirements and presence of established global players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of multiple product options from various manufacturers.

Bargaining power of suppliers: A few large suppliers exist for components like chassis and mast, giving them some bargaining power over OEMs.

Threat of new substitutes: Substitutes like scaffoldings pose low threat as AWPs offer advantages like mobility, flexibility and safety.

Competitive rivalry: Intense competition exists among global players to increase market share through product innovations and expansion into emerging countries.

SWOT Analysis

Strengths: growing construction industry globally and demand for rental equipment boost market. Wide product portfolio of customized AWPs caters diverse industry needs.

Weaknesses: seasonal industry affected by economic cycles. High product and transportation costs reduce margins.

Opportunities: emerging economies increasingly adopting safety standards for construction sites creates needs. Technological advancements lead to compact, fuel-efficient models.

Threats: strict emission norms challenge use of fuel engines. Delays in infrastructure projects in some countries affects replacement demand.

Key Takeaways

The Global Aerial work platform (AWP) Market Share is expected to grow at a CAGR of 9.1% during 2023-2030 due to rapid urbanization and infrastructure development globally. The Asia Pacific region dominates currently due to massive infrastructure spending by China and India and is expected to grow the fastest in the forecast period.

Regional analysis: The Asia Pacific region currently holds the largest share of the global AWP market attributed to large scale infrastructure development activities in China and India. Government initiatives to develop smart cities and strengthen road, rail and port networks are driving the regional market. Additionally, adoption of industry safety standards in construction is further propelling the regional demand.

Key players analysis: Key players operating in the aerial work platform market include 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. These industry leaders are focusing on new product launches catering various industry needs.

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https://www.newswirestats.com/aerial-work-platform-awp-market-share-size-forecast-outlook-2023-2030/