Stringent labour laws are influencing the adoption of aerial work platforms globally. During the period 2016-2026, the global aerial work platforms market will increase at 6.5% CAGR through 2026.
The global aerial work platforms (AWP) market is poised to reach a market value of US$ 15.3 Bn by 2026, expanding at a CAGR of 6.5% over a 10-year forecast period (2016-2026). Global AWP sales are expected to touch 88,622 units by the end of 2016, valued at US$ 8.1 Bn. Increasing sophistication and mechanisation of the global construction industry is likely to boost the demand for aerial work platforms throughout the world. In a new report titled „Aerial Work Platforms (AWP) Market: Global Industry Analysis and Opportunity Assessment, 2016-2026“, Future Market Insights analyses the market dynamics affecting the global aerial work platforms market and forecasts trends likely to shape this market in the next 10 years.
A steady growth of the global aerial work platforms market can be attributed to a booming construction industry, stringent labour laws and government regulations, and strict adherence to human safety concerns. The market is also likely to receive a boost from simple and attractive equipment financing options, a diversified product portfolio offered by manufacturers while meeting the customised demands of AWP buyers, and a rising demand for AWP equipment from the telecommunication and electrical lines maintenance business vertical.
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Market projections based on segmentation
By Product Type (Boom lifts, Scissor lifts): The boom lifts segment is estimated to account for 42.8% revenue share in the global AWP market by the end of 2016. The scissor lifts segment is estimated to dominate the global AWP market with 57.2% market revenue share by the end of 2016.
By Ownership (Rental service providers, End-use industries): The rental service providers segment is expected to create total incremental opportunity of US$ 5.9 Bn between 2016 and 2026. The end-use industries segment is expected to create total incremental opportunity of US$ 1.2 Bn between 2016 and 2026.
By Motive Mechanism (Self-propelled, Manually propelled, Vehicle mounted): The self-propelled segment is anticipated to expand at a CAGR of 6.7% over the forecast period. The manually propelled segment is estimated to expand at a CAGR of 3.7% over the forecast period.
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The global aerial work platforms (AWP) market is expected to be valued at US$ 15.3 Bn by the end of 2026, increasing at a CAGR of 6.5% during the forecast period. North America is likely to dominate the global AWP market with a 48.3% market revenue share, valued at US$ 3.9 Bn by the end of 2016. In terms of revenue, North America is estimated to account for 45.5% revenue share of the overall AWP market by the end of the forecast period, expanding at a CAGR of 5.9%. The North America and Western Europe markets are collectively likely to account for over two-thirds of the global aerial work platforms market share by the end of 2016. Sales revenue in the APEJ market is poised to increase at the fastest CAGR of 11.7% between 2016 and 2026. China is expected to lead overall market growth in this region.
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The leading players operating in the global aerial work platforms market are Linamar Corporation, JLG Industries, Inc., MEC Aerial Work Platforms, Terex Corporation, Tadano Ltd., Haulotte Group, Mtandt Limited, V-tech Hydraulics, Zhejiang Dingli Machinery Co. Ltd., and Snorkel International, Inc.
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