The aerial work platform market has been segmented by product into boom lifts, scissor lifts, vertical mass lifts and personal portable lifts. Among these segments, the scissor lifts segment dominated the aerial work platform market in the year 2016 and is anticipated to continue its dominance over the forecast period owing to its rising popularity in emerging economies. Ease of operation and high level of safety are some of the factors that are estimated to drive the demand for scissor lifts in aerial work platform market during the forecast period.
The global market of aerial work platform accounted for USD 7.8 Billion in 2015 and is anticipated to reach the market valuation of 14.2 Billion by 2023 by expanding at a compound annual growth rate of 6.2% over the period 2016-2023. This can be attributed to adoption of time saving and safe equipment. Further, the rising investment in construction and infrastructure development is anticipated to drive the growth of aerial work platform market with significant revenue by the end of 2023.
In the regional segment, North-America is expected to expand at a compound annual growth rate of 5.9% over the period 2016-2023. This can be attributed to rapid growth in building construction combined with rising concern towards maintenance and repair activities of constructed buildings. Further, the rapid urbanization in infrastructure and telecommunication sector in emerging economies such as India, China, Japan and others is anticipated to make Asia-Pacific as the fastest growing market in overall aerial work platform market across the globe. Furthermore, the Middle-East countries are anticipated to beef up the demand for aerial work platforms owing to rising skyscrapers combined with growing construction projects.
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Wide Scale Applications in End-Use Industry
The growth of theaerial work platform market is riding on the back of the wide scale applications of aerial work platforms in end-use industry for maintenance, repair and installation activities among others. Further, rise in urbanization, availability of aerial work platform on rental basis along with rising investment in construction sector are some of the factors that are believed to supplement the growth of aerial work platform market around the globe.
However, high cost, lack of skilled engineers, technicians and operators are the major factors dampening the growth of aerial work platform market.
The report titled “Aerial Work Platform Market: Global Demand, Growth Analysis & Opportunity Outlook 2023” delivers detailed overview of the aerial work platform market in terms of market segmentation by mechanism, product type, fuel type, platform height, end-user and by region.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the aerial work platform market which includes company profiling of Aichi Corporation, Time Benelux, Teupen, Ruthmann, Bronto Skylift, Haulotte, Tadano and others.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the aerial work platform market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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