by Aerial work platform (AWP) trucks, commonly known as cherry pickers or boom lifts, are mobile elevating work platforms used to provide temporary access for people or equipment to inaccessible areas, usually at height. AWP trucks are commonly used in construction, shipping ports, infrastructure development projects, airport ground support, entertainment & broadcasting and many other industries for tasks including inspection, maintenance and repairs. Some key product types include boom lifts, scissor lifts and personnel portable lifts. For instance, boom lifts are truck-mounted hydraulic and telescopic arm type lifting platforms that can elevate passengers along with tools and equipment.
The global AWP truck market is estimated to be valued at US$ 14,397.45 million in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing demand for infrastructure development projects across both developing and developed economies is expected to be a major driver for the global AWP truck market during the forecast period. As highlighted in the heading, infrastructure development requires construction of roads, railways, bridges, ports and other structures which increases the demand for lifting equipment like AWP trucks for tasks like construction, maintenance and inspection activities. Another key driver is the introduction of new emission norms worldwide which is propelling manufacturers to develop battery-powered electric aerial work platforms. These zero emission vehicles are well-suited for cities with stringent eco-norms and also provide benefits like low operational costs.
Segment Analysis
The aerial work platform (AWP) truck market is dominated by the boom lifts segment which holds around 45% market share. Boom lifts are highly versatile and can be used for various applications such as construction, telecommunication work, and maintenance activities. They offer elevated work platforms mounted on truck chassis with extensible articulating or telescoping booms, scissor lifts, or vertical masts to position workers. The increasing demand from rental companies and growing need for maintenance of overhead infrastructure like power lines, cell towers, and buildings is driving the boom lifts segment growth.
PEST Analysis
Political: Stringent safety regulations regarding use of aerial work platforms in many countries are boosting demand for products confirming to regulatory standards.
Economic: Growing construction spending on infrastructure projects and non-residential buildings is fueling market growth. Rapid urbanization is also increasing the need for overhead maintenance activities.
Social: Changing demographics and rising living standards are driving the construction of modern housing, shopping malls, and other commercial complexes which require aerial work platforms for various activities.
Technological: Introduction of platform control systems with increased safety features and remote control operation are enhancing productivity and performance. Electric and hybrid-electric aerial work platforms are gaining traction due to environmental regulations.
Key Takeaways
The Global Aerial Work Platform (AWP) Truck Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The global AWP truck market is estimated to be valued at US$ 14,397.45 million in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Regional analysis
The Asia Pacific region is expected to witness fastest growth led by China and India. Investments in transportation and utility infrastructure are increasing substantially through various government initiatives such as the High-Speed Rail project, Smart Cities Mission and electrification of rural areas in India. Both countries are also witnessing robust commercial real estate and industrial construction activities which involve maintenance work at heights, driving the aerial work platform market.
Key players
Key players operating in the aerial work platform (AWP) truck market are XCMG Group, SANY Group, Zoomlion Heavy Industry Science & Technology Co., Ltd., AICHI CORPORATION, Altec Industries, Bronto Skylift, Hunan RUNSHARE Heavy Industry Company, Ltd., Dinolift, HAULOTTE GROUP, Hunan Sinoboom Intelligent Equipment Co, Ltd., JLG Industries, Inc., Manitou Group, Niftylift (UK) Limited, Skyjack, Zhejiang Dingli Machinery Co, Ltd., Linamar Corporation, and Manitex International.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
