Aerial Work Platform Market Size, Share & Trends Analysis Report By Product (Boom, Scissor), By Propulsion Type (ICE, Electric), By Application (Construction, Utilities), By Lifting Height, By Region And Segment Forecasts, 2023 - 2030

Research Methodology

A three-pronged approach was followed for deducing the aerial work platform market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for aerial work platform market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of aerial work platform market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Aerial Work Platform Market Categorization:

The aerial work platform market was categorized into four segments, namely product (Boom Lifts, Scissor Lifts, Vertical Lift), propulsion (ICE, Electric, Air,), lifting height (Less than 20 ft,21-50 ft, More than 51 ft), application (Construction, Utilities, Logistics & Transportation), and regions (North America, Europe, Asia Pacific, Latin America, Middle East & Africa).

Segment Market Methodology:

The aerial work platform market was segmented into product, propulsion, lifting height, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The aerial work platform market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into eighteen countries, namely, the U.S.; Canada; UK; Germany; France; Italy; Spain; China; India; Japan; Australia; South Korea; Brazil; Mexico; Argentina; U.A.E.; Saudi Arabia; South Africa

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Aerial work platform market companies & financials:

The aerial work platform market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• Terex Corporation was established in 1986 as Terex U.S.A. and is headquartered in Connecticut, United States. The company is involved in the production of various offerings such as aerial work platforms, cranes, and materials processing machinery. In addition, Terex Corporation designs, develops, and supports products that are utilized in application areas such as construction, manufacturing, maintenance, energy, minerals, and material management. The company produces its products in facilities located in North & South America, Asia, and Australia. The company functions its business through two segments including aerial work platforms and materials processing. The aerial work platforms business segment designs, manufactures, services, and markets aerial work platform equipment, telehandlers, light towers, and utility equipment as well. Terex Corporation manufactures products including portable aerial work platforms, scissor lifts, self-propelled articulating and telescopic booms, trailer-mounted articulating booms, telehandlers, portable material lifts, trailer-mounted light towers, and utility equipment. In addition, the company also manufactures associated replacement parts and components.

• MEC was established in 1976 and headquartered in California, United States. The company is involved in the designing and manufacturing of aerial work platforms. It designs and manufactures slab scissor lifts, rough terrain scissor lifts, and boom lifts. In addition, the company delivers safety solutions, and services & training. Moreover, MEC is also involved in the innovation of better safety solutions.

• JLG Industries was established in 1969 and is headquartered in Pennsylvania, United States. The company designs and manufactures access equipment. In addition, it offers training and support services as well. JLG Industries delivers a full line of aerial work platforms stock pickers, telehandlers, trailers, mast booms, and equipment accessories. These products are offered to a wide range of application industries including agriculture & landscaping, aviation & aerospace, commercial & retail, demolition, energy, entertainment, general construction, heavy construction, industrial, institutional, mining, and warehouse & distribution.

• Galmon (Singapore) was established in 1982 and is now headquartered in Tuas, Singapore. The company sells, rents, and services mobile elevating platforms including boom lifts, personnel lifts, spider lifts, telehandlers, custom-built lifts, scissor lifts, truck/trailer-mounted lifts, mobile aluminum scaffold towers, and other equipment. It offers a wide range of services that are tailored to meet the on-site requirements and budgets. Application industries such as manufacturing, building maintenance, construction, marine, aviation, commercial and public sectors are served by Galmon (Singapore). In addition, the company provides technical support and customer services to its clients.

• Aichi Corporation was established in 1962 and is now headquartered in Ageo, Japan. The company is involved in the manufacturing and selling of mechanized vehicles for industries including construction electric utilities, cargo handling, shipbuilding, telecommunications, and rail industries. The key products manufactured by the company include aerial work platforms, digger derricks, and other specialized vehicles. Aichi Corporation employed a workforce of 1,008 people as of March 31, 2020.

• EdmoLift AB was founded in 1964 and is now headquartered in Härnösand, Sweden. The company functions as a producer and supplier of pallet-handling products, material-handling aids, and scissor lift tables as well. It offers its products to user industries such as manufacturing, packaging, engineering, processing, healthcare, and research. The company also delivers customized solutions to its customers while matching their requirements. Tilting equipment, supply lift tables, pallet lifters, arm lifts, lift trolleys, work positioners, and other related materials handling equipment are the key products offered by EdmoLift AB.

• Haulotte Group was founded in 1985 and is now headquartered in Lorette, France. The company’s primary business activities are designing, manufacturing, and marketing of products focused on mobile elevating work platforms and telehandlers. The company offers seven people lifting equipment product ranges, three telehandler ranges, customized financing services, and services to optimize equipment lifecycles. The company operates its business through three segments including design & assembly, distribution, and rental business. Haulotte Group offers its products to rental companies, industrial end-users, and special equipment military solutions.

• Wiese USA was established in 1944 and is headquartered in Missouri, United States. The company delivers material handling equipment and innovative services as well. It provides its equipment and services to a range of companies located across Kansas, Illinois, Missouri, Indiana, Tennessee, Arkansas, and Mississippi. Wiese USA provides equipment including aerial lifts, dock and doors, electric forklifts, IC forklifts, high-capacity forklifts, warehouse products, personnel and utility vehicles, safety products, terminal tractors, railcar movers, floor care, and used equipment.

• Linamar Corporation was founded back in 1966 and is now headquartered in Ontario, Canada. The company offers power train system solutions to commercial truck, off-highway, light vehicle, energy, and industrial OEM markets. Linamar Corporation operates its business through two operating segments including the industrial segment and the transportation segment. These segments are further divided into five operating groups that involve agriculture, machining & assembly, skyjack, light metal casting, and forging. Across the 61 manufacturing locations, 25 sales offices, and 10 R&D centers, the company has an employee strength of 27,000. Linamar Corporation has its existence in 17 different countries located across the globe in regions including North & South America, Europe, and Asia.

• Advance Lifts, Inc. was founded in 1974 and now has its headquarters in Illinois, United States. The company is involved in designing, manufacturing, and selling of products such as loading dock lifts, industrial turntables, container tilters, industrial scissors lift tables, work access lifts, multistage lifts, container dumpers, and reciprocating conveyors. Advance Lifts, Inc. has an extensive network of distributors that supply products and offer timely services to its clients operating across various industries.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Aerial Work Platform Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 - 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Aerial Work Platform Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.