Aerial Work Platform Truck Market size worth $11 billion by 2024: Global Market Insights, Inc.
Aerial Work Platform Truck Market size is expected to reach USD 11.16 billion by 2024; according to a new research report by Global Market Insights, Inc.
Global aerial work platform truck market size is poised for steady growth owing to surge in demand for low-level access units, hybrid and niche machines. Key industry trends include rise in demand across the rental sector due to engagement in fleet replacement programs. Growing emphasis on operator safety is expected to fuel aerial work platform truck market size. Initiatives such as training programs for dealers, contractors and rental centers making operator safety as a primary focus are providing avenues for industry growth. In addition, continuous fine-tuning of lift equipment in order to meet customer requirements is anticipated to play a key role in driving product demand.
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The need to provide need specific aerial work platforms helps enhance productivity and avoid being over or under-equipped. Further, hybrids are a trend expected to play a long-term role. Rise in engine cost has driven the need for improved hybrid electric performance, and is further estimated to spur aerial work platform truck market size. These products are required to abide by the ANSI (American National Standards Institute) standards during production. They are also expected to comply with several other norms developed by ANSI in collaboration with Scaffold Industry Association pertaining to fall protection, and aerial lift components such as vehicle-mounting elevating and rotating aerial devices.
In addition, government mandates and policies such as emission control regulations have resulted in increased emphasis on the manufacturing and adoption of all-electric and hybrid-electric aerial lifts. Manufacturers focus on developing Tier 4 solutions for increased efficiency and low carbon emission on account of growing demand for these solutions.
Browse key industry insights spread across 103 pages with 53 market data tables & 47 figures & charts from the report, “Aerial Work Platform (AWP) Truck Market Size By Application (Construction, Telecommunication, Transport & Logistics, Government), By Product (Boom Lifts, Scissor Lifts, Vertical Mast Lifts, Personal Portable Lifts), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, Japan, India, China, Mexico, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key insights from the report include:
- Demand across applications that need direct overhead access will drive scissor lift industry revenue, with the segment forecast to grow at 18.3% CAGR from 2016 to 2024.
- Boom lifts represented over 35% of the aerial work platform truck market share in 2015, with robust demand expected in the coming years.
- Real estate investments and rising number of infrastructure activities, particularly in Brazil, India, China, and Indonesia will contribute considerably to demand across the construction sector. Worker safety concerns on a global scale will continue contributing to demand, with revenue forecast to surpass USD 4 billion by 2024.
- Investments in maintenance services helps enterprises reduce the operational cost as well enables them to focus on their core business competencies. Incorporation of high-end technology to monitor equipment failure through the use computers provides real time equipment performance metrics.
- U.S. aerial work platform truck market size will continue dominating revenue owing to high private investment accompanied by renovation activities over the forecast period. Asia Pacific AWP truck market share with 18.7% CAGR estimations represents an attractive regional segment.
- Key industry participants include Aichi, Terex, Haulotte, and Tadano. Other major industry players are Hunan Runshare, CTE, Ruthmann, Teupen, Time Benelux, etc. Intense competition has pushed manufacturers to produce technically advanced and application specific products, while providing safety as well as technical support. This primarily includes equipment statistics, government representation, and educational and training programs.