Aerial Work Platform Market Newer segments of application 2031
Aerial work platforms, also known as mobile elevating work platforms (MEWPs) or cherry pickers, are crucial equipment for reaching elevated workspaces. They find application in construction, maintenance, logistics, and various other sectors. The global AWP market was valued at around USD 17.46 billion in 2022.
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Market Size and Growth
Experts predict the AWP market to register a healthy Compound Annual Growth Rate (CAGR) of around 8.0% to 8.9% during the forecast period (2023-2031), reaching a valuation of USD 37.61 billion by 2031.
Market Segmentation
The AWP market can be segmented based on various factors:
- Service Type: Ownership, Rental
- Sourcing Type: New, Used
- Application: Construction & Maintenance, Telecommunication & Utility, Others (Aviation, Events)
- Industry Vertical: Construction, Manufacturing, Transportation & Logistics, Utilities
- Region: North America, Europe, Asia Pacific, Rest of the World
Regional Analysis
North America is expected to hold the dominant market share throughout the forecast period due to strong growth in construction and telecommunication sectors [2]. The Asia Pacific region is anticipated to witness the fastest growth rate owing to rapid urbanization and growing infrastructure investments.
Market Drivers and Challenges
Drivers:
- Increasing construction activities globally
- Growing focus on safety standards in workplaces
- Rising demand for maintenance and repair services in various industries
- Development of electric and hybrid AWPs for reduced emissions
Challenges:
- Stringent safety regulations and rising compliance costs
- High initial investment for AWPs
- Skilled labor shortage for operating AWPs
Market Trends
- Rising adoption of electric and hybrid AWPs for environmental sustainability
- Integration of advanced technologies like telematics and IoT for improved efficiency and safety
- Increasing focus on rental models for AWPs due to lower upfront costs
- Growing demand for compact and versatile AWPs for confined spaces
Future Outlook
The AWP market is poised for significant growth in the coming years, driven by increasing urbanization, growing investments in infrastructure development, and rising safety concerns in workplaces. Technological advancements and the adoption of eco-friendly models are expected to further propel market expansion.
Key Market Study Points
- Growth prospects of different AWP types (boom lifts, scissor lifts, etc.)
- Impact of regional regulations on the AWP market
- The role of rental models in driving AWP adoption
- Emerging applications of AWPs in various industries
Competitive Landscape
Major players in the AWP market include JLG Industries, Genie (Terex Corporation), Haulotte Group, Zoomlion, Oshkosh Corporation, Aichi Corporation, Niftylift, and Manitou Group. These companies are constantly innovating to develop new models and cater to diverse customer needs.
Recent Developments
- Manufacturers are focusing on developing lightweight and compact AWPs for better maneuverability in congested work areas.
- Increased adoption of telematics and data analytics platforms for real-time monitoring of AWP performance and fleet management.
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