The global aerial work platforms market is predicted to grow at a rate of about 6% CAGR through 2031, according to a recent Fact.MR analysis on the subject. By 2021, the market is predicted to be worth US$ 9.3 billion, according to the analysis. Boom lift preference will continue to dominate, with an absolute potential valued at US$ 2.5 billion expected during the forecast period.
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Key Manufacturers
Some of the major key players in the aerial work platform truck market are CTE, AICHI Corporation, Tedano, Paksan, Nandan GSE, Haulotte India and Isuzu Telescoping, among other prominent players.
The aerial work platform trucks market is relatively concentrated worldwide. The market is now experiencing expansion, and by the conclusion of the forecast period, it is anticipated that the level of competition will have decreased. Occasionally, more advanced technology is launched with the goal of improving the functionality of aerial work platform vehicles. As a result, during the forecast period, manufacturers would be able to produce aerial work platform trucks that are more productive, modern, and technologically sophisticated.
Key Statistics Supporting the Surge
- Boom lifts expected to yield an absolute opportunity worth US$ 2.5 Bn, registering a value CAGR of 4%
- Construction segment to account for 37% share of boom lifts until 2031
- North America to emerge as the dominant market, capturing 40% revenue share
- Nearly 2/5th of global demand for aerial work platforms to be stimulated by Europe
- Asia to be an opportunistic market, accounting for a third of the global market revenue
Key Segments
According to the powered type
- Engine Powered
- Electric
According to the type
- Boom lifts
- Scissor lifts
- Personnel portable lifts
- Vertical mast lifts
According to the platform
- Below 10 M
- 10-20 M
- 20-30 M
- Above 30 m
According to the application
- Rental Services
- Construction and mining
- Government Projects
- Transportation
- Utility
- Others
Regional Analysis
Globally, North America has the largest market share for aerial work platform trucks, with the United States being the largest market, followed by Europe. The need for cold milling machines has grown in both East Asia and South Asia. From their combined GDP contributions, China and India spend a significant amount on infrastructure development and road building.
Aerial work platform truck demand is growing quickly in Japan as a result of the country’s expanding infrastructure. A robust rate of demand growth is also being seen in European nations. The aerial work platform truck market is showing a brisk increase in demand in the Middle East and Africa.
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