Moreover, the rapid development of equipment from myriad industries has pushed manufacturers to sell technically fitted instruments such as electrification and hybridization technology, thus further widening the potential of development over the near future for the market for aerial work platforms. Scissor lifts are likely to remain highly preferred, accounting for over half of aerial work platforms sold through 2031.
Key Takeaways of Aerial Work Platforms Market Study
- Between 2021 and 2031, the aerial work platform market will expand at a CAGR of 12.0%
- The U.S. will emerge as a highly lucrative pocket, accounting for over 90% of the North American market in 2021, in terms of value
- The U.K. will exhibit steady growth post slowdown in 2020. FMI projects it to record above 1.5% Y-o-Y growth in 2021
- Rising construction spending will continue supporting demand from Germany and France
- Investment in infrastructural development will boost growth in Japan, South Korea, and China
“While investment towards technological improvements remains a key focus, key market players are expected to mostly rely on rental businesses to expand their footprint. Besides this, some of the companies are incorporating sensors in aerial work platforms to help them detect potential obstruction averting risk of accidents on site,” said a lead analyst at FMI
Who is Winning?
Some of the leading companies operating in the aerial work platforms market are Terex Corporation, J C BAMFORD EXCAVATORS Ltd., Aichi Corporation, Haulotte Group, Linamar Corporation, Hunan Sinoboom Heavy Industry Co. Ltd., Manitou Group, Tadano Limited, Zhejiang Dingli Machinery Co., Ltd., OSHKOSH CORPORATION, MEC AERIAL WORK PLATFORMS, PALFINGER AG, IMER INTERNATIONAL SpA, MANTALL HEAVY INDUSTRY CO., LTD, NOBLELIFT INTELLIGENT EQUIPMENTCO., LTD. These companies have been focusing on product launches besides strategic collaborations to gain a competitive advantage.
For instance, in October 2019, Manitou unveiled five new boom lifts for the market in North America. These were diesel-powered boom lifts and the models were ATJ 60, TJ 8, TJ 65+, TJ 80+, and TJ 65. With this, the company expanded its MEWP line.
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About the Report:
According to FMI, the market research report offers an impartial analysis of the aerial work platform market which contains a global industry analysis for 2016–2020 and market forecasts for 2021–2031. The research report analyzes on global aerial work platform market through different categories. The global market analysis of the aerial work platform provides pricing information through various life cycle studies, product life cycles, key market developments and innovations that are being introduced in the development of the aerial work platform and product acceptance in various end-use.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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