Aerial Work Platform Market Size, Share & Trends Analysis Report By Product Type (Boom Lifts, Scissor Lifts), By Engine Type (Electric, Engine-powered), By End User, By Region, And Segment Forecasts, 2020 - 2027

Report Overview

The global aerial work platform market size was valued at USD 10.48 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 6.0% from 2020 to 2027. Increasing government investment in the private sector, growing private investment in the real-estate sector, and rapid infrastructure development in the Asia Pacific region are anticipated to surge market growth over the coming years. On account of the increasing proliferation of 5G, demand for utility infrastructure is expected to increase exponentially in India, Japan, China, and South Korea. In addition, growing demand for the renting and leasing of access equipment, along with increased retail space in Brazil, Peru, Chile, India, UAE, and China, is anticipated to stimulate market growth over the coming years.

As the U.S. economy shows signs of slowing, the country’s construction industry is anticipated to witness sluggish growth over the upcoming period. However, the growth of the e-commerce industry, coupled with America’s deteriorating infrastructure, is projected to drive the U.S. AWP market over the coming years.

A large number of construction projects have been delayed or canceled on account of the impact of the novel coronavirus, by the governments and companies that commissioned them. In addition, supply chain bottlenecks of materials and equipment, including raw materials such as steel from Asia, are anticipated to cause project delays or reduced spending over the coming years, thereby restricting the market growth over the forecast period.

Implementation of stringent worker safety regulations worldwide, along with a surge in the adoption of advanced lifting technologies, is expected to stimulate the product demand over the coming years. In addition, the rise in the number of rental AWP companies in China in the last three years, coupled with a rise in construction spending in the ASEAN region, is expected to create opportunities for AWP manufacturers over the next seven years.

There is a shift happening with aerial work platforms. A significant number of manufacturers are using CAN bus technology, which is a combination of sensors and controllers, to provide new features and functions to workers in order to reduce work-related accidents. In addition, rising demand for self-propped aerial work platforms in developed economies is expected to create opportunities for AWP manufacturers over the coming years.

Product Type Insights

Boom lifts held the largest revenue share of 65.0% in 2019 and are anticipated to maintain their lead over the forecast period as they are versatile machines that could be used from utilities and construction to storage and shipping industries. Boom lifts provide greater flexibility than scissor lifts as they are supported by a hydraulic arm for easy maneuvering around obstacles and could reach greater heights compared to scissor lifts.

Articulating and telescopic are the two types of boom lifts that are usually used in the construction and manufacturing industries. Articulating boom lifts are used in hard-to-reach areas, such as building and narrow spaces with curved facades and protruding structures. Telescopic boom lifts are used for reaching all structures safely, such as utility or construction on a multi-story building.

The scissor lifts segment is expected to expand at a CAGR of 6.5% from 2020 to 2027 owing to an increase in construction activities and growth of the warehouse industry. These lifts are usually used to elevate workers to high areas and are commonly used in industrial and manufacturing settings. Most of these lifts are used for painting and maintenance work, however, they can be used for outdoor work on uneven terrain surfaces as well.

Most of the scissor lifts can only reach heights of 20-50 feet, which is significantly less than boom lifts. In addition, these lifts can only move up and down, therefore, there is no way to maneuver them around obstacles. However, these lifts offer large platforms that allow a whole team to reach a project at once, thus driving the segment over the forecast period.

End-user Insights

The construction segment held the largest revenue share of 52.6% in 2019. In commercial construction, there would be a decline in the company’s demand for building work due to the massive slumps in profits and sales. In addition, the structure of demand is expected to change because of the permanent changes in behavior, such as less retail space, fewer offices (as there will be more people working from their homes), and fewer hotels (as there will be fewer leisure trios), thus restricting the AWP demand over the coming months.

As a large number of existing residential properties in the developing economies ages, new construction struggles to keep up with the increasing demand. As a result, the business for improvement, maintenance, and upkeep of existing properties in the housing market flourishes. In addition, the increasing need for more infrastructure and property developments in the Asia Pacific region is expected to surge the segment growth over the coming years.

Aerial work platforms are highly used in the maintenance and construction of mining infrastructure, including processing facilities, overhead conveyors, and other facilities in and around the mine site. Robust demand for new infrastructure investment in the metals and mining sector is expected to create opportunities for AWP manufacturers over the forecast period.

The retail, storage, and warehouses segment accounted for the second-largest share in the market in 2019. The growth of the FMCG and retail industry has been the main driver for the industrial warehouse industry. In addition, the maturity of the e-commerce industry, along with an increase in disposable income, has increased the demand for warehouses worldwide. Furthermore, the global outbreak of coronavirus has increased the adoption of omnichannel distribution among many companies, thereby increasing the demand for warehousing and logistics space.

Engine Type Insights

The electric aerial work platform segment held the largest revenue share of 62.4% in 2019. It is anticipated to expand at a significant CAGR over the forecast period owing to the rising demand for maintenance and repair services in the residential construction sector. Electric lifts are usually used for indoor job sites as they often have a tighter turning radius and can easily move around narrow warehouse aisles.

In addition, electric lifts are preferred due to zero emissions and quieter operation, along with easy loading and transport in pickup trips, thereby stimulating the segment growth over the coming years. However, these lifts have lower torque, lower maximum capacity, and requires charging periods up to 6-8 hours on an average, thus restricting the product demand over the forecast period.

The engine-powered aerial work platform segment is expected to witness the fastest growth over the forecast period owing to the increasing demand for diesel boom lifts for heavy-duty outdoor work and rough terrain surfaces. In addition, these engines are sized for worst-case loading applications in order to provide greater vertical reach and higher weight capacity.

Diesel has traditionally been barred from many construction job sites, however, with the introduction of Tier II engines, demand for diesel engines in aerial work platform is expected to grow significantly over the coming years. In addition, diesel-powered rough-terrain aerial work platform is 15-20% more fuel-efficient than gasoline engine as it burns an oil-based fuel and fires under compression.

Regional Insights

North America dominated the market and held 37.8% share of the overall revenue in 2019. Asia Pacific is expected to witness the fastest growth over the forecast period. A wide range of aerial work platforms has been recognized and adopted by Chinese construction contractors despite a flat construction market. In addition, the retail industry in China is focusing on the omnichannel network rather than expanding their physical store space to Western levels of saturation, thereby stimulating the storage and warehousing market space in recent times.

Steel producers in India are utilizing AWPs in a big way owing to their numerous benefits associated with regular plant maintenance. Tata Steel is one of the major producers in India that is adopting AWPs readily for carrying out emergency maintenance jobs. The private and state-owned steel plants in the country are buying equipment, especially boom lifts, that have solid non-marking tires, sound alarm, and back camera.

According to Eurostat, EU construction output growth is anticipated to see a contraction of 11.5% in 2020, followed by a rebound of 6% in 2021, on account of the ongoing coronavirus pandemic. In addition, no increase in spending on commercial facilities, along with reduced government spending and economic uncertainty, is expected to restrict market growth over the forecast period.

The Indonesian construction industry is expected to expand at a fast pace in the years to come on account of government investments in transport infrastructure. Malaysia, on the contrary, is expected to face challenges owing to the new government’s policy in order to reduce the country’s debt by cutting investments on construction projects. However, the rising demand for affordable housing homes is expected to strengthen the demand for access equipment over the forecast period.

Key Companies & Market Share Insights

The market is highly consolidated and is driven by product innovations and acquisitions. A large number of companies are investing in research and development in order to gain a competitive edge in the industry. In addition, companies are focusing on incorporating sensor technologies into the equipment to increase worker safety and fuel efficiency. Some of the prominent players in the aerial work platform market include:

• Terex Corporation

• JLG Industries

• Aichi Corporation

• Haulotte Group

• Linamar Corporation

Aerial Work Platform Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global aerial work platform market report on the basis of engine type, product type, end-user, and region:

• Engine Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Electric

  • Engine-powered

• Product Type Outlook (Revenue, USD Million, 2016 - 2027)

  • Boom Lifts

  • Scissor Lifts

  • Vertical Mast Lifts

  • Personal Portable Lifts

• End-user Outlook (Revenue, USD Million, 2016 - 2027)

  • Construction

  • Retail, Storage, and Warehouses

  • Transportation and Logistics

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2027)

  • North America

    • The U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • Italy

    • The U.K.

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

    • Argentina

    • Brazil

  • Middle East & Africa

    • South Africa

    • Saudi Arabia