The global aerial work platform truck market size was estimated at over USD 2 billion in 2014. The surge in demand across the telecommunication sector, especially in China, India, Brazil, Indonesia and Taiwan is expected to drive industry growth over the coming years. Rise in maintenance and repair activities in developed regions such as Europe and North America may also catapult aerial work platform (AWP) truck market demand.
India aerial work platform truck market by product, 2012 - 2022 (USD Million)
Increasing government investment in the construction industry and rapid infrastructure development coupled with growing private investment in the real-estate sector; particularly in Asia Pacific is also estimated to escalate demand over the next few years. The industry is poised for growth owing to rising demand for material handling equipment in manufacturing units and factories coupled with growing concerns regarding worker safety.
Aerial work platform truck products mainly comprise boom lifts, scissor lifts, vertical mast lifts and personal portable lifts. Boom lifts are estimated to exhibit high growth and account for the majority of the market share over the next few years. This may be attributed to increasing usage in intricate architectural settings or confined spaces with limited access. Further, boom lifts also offer several benefits including, more platform height, mobility, tight turning radius, standard oscillating axle and compact design.
Scissor lifts and vertical mast lifts segment accounted for over 45% of the global aerial work platform truck industry in 2014. Increasing demand in maintenance and installation applications may fuel scissor lifts demand over the next few years. Additionally, operational benefits offered by scissor lifts such as maneuvering capability in tight spaces may also spur product demand significantly.
The end-use segments include construction, telecommunication, transport & logistics, and government sectors. The construction sector is expected to hold majority market share as well as grow at a CAGR of over 18.5% owing to increasing government and private investment in the real-estate sector and infrastructure development. Growing concerns regarding worker safety is also anticipated to fuel product demand in this sector.
The telecommunication sector is expected to exhibit high penetration and growth over the forecast period. This may be attributed to a surge in demand particularly for relevant infrastructure across the telecommunication sector primarily in developing regions such as Brazil, India, and China.
The transport & logistics sector may also witness considerable growth owing to growing demand for material handling in manufacturing plants. The government sector is expected to be driven by increasing investment for infrastructure development and other related activities.
Asia Pacific AWP truck market is expected to exhibit high growth on account of growing infrastructure and heavy investments, both in the commercial and domestic sector. Smartphone proliferation and the associated need for improved telecom infrastructure may positively impact the industry demand over the forecast period.
North America and Europe aerial work platform truck markets are anticipated to witness significant growth owing to various up-gradations and renovation activities in these regions. The stringent regulatory scenario in these regions pertaining to safety norms may spur product demand. Latin America and MEA may also witness an upsurge in demand, which may be attributed to changing regulatory scenario and rise in government investment for infrastructure development. Additionally, growing number of large construction projects especially in Middle-east countries is anticipated to elevate product demand over the coming years.
Aichi Corporation, Altec Inc., Bronto Skylift, Runshare, Ruthmann, Tadano, Terex, Teupen and Time Benelux dominate aerial work platform truck market share. Innovation and new product differentiation to serve different application areas may emerge as a key growth strategy. Mergers & acquisitions also form a part of core business strategy. Industry participants compete on the basis of new product development, pricing and enhanced distribution channels in their bid to gain an advantage.
Several vendors and manufacturers concentrate on developing low-weight and boom-supported elevating aerial platforms, that meet the end-user requirements effectively. Further, companies focus on automating manufacturing process so as to enhance product quality and reliability. Companies also emphasize on joint ventures and partnerships for strengthening global footprint. Additionally, mergers and acquisitions are also seen as an essential part of growth strategy and business expansion by major vendors.
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The global construction industry, once thriving with increased investments, has been severely affected by the suspension of the construction activities in the wake of the ongoing pandemic. Shortage of labors coupled with potential supply chain bottlenecks of materials and equipment is expected to cause project delays in the ongoing funded projects and may lead to reduced spending in the upcoming projects. Uncertainty around the actual duration of the prevailing lockdown makes it hard to anticipate how a recovery in the construction industry will unfold. On similar lines, the HVAC industry has been adversely affected by the COVID-19 outbreak due to the shutting down of several component manufacturing facilities across China, European countries, Japan, and the U.S. This has consequently led to a significant slowdown in the production of HVAC equipment. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also pegged back the consumer demand for HVAC equipment. The report will account for Covid19 as a key market contributor.