July 02, 2020
As per the report titled ‘Global Aerial Working Platform (AWP) Market – Analysis By Product Type, End-User, By Region, By Country (2020 Edition): Market Insight, Competition Forecast (2020-2025)’, available with Market Study Report LLC, global aerial working platform (AWP) market was worth USD 20.15 billion in 2019 and is expected to register a healthy growth rate through 2025.
Rising concerns regarding worker safety, high demand from construction sector for solutions to operate at elevated heights, and increasing government expenditure towards infrastructure development are the major growth drivers of global aerial working platform market. Apart from this, several mergers, acquisitions, and collaborations among industry players to develop new products and fulfill the consumer requirements are providing impetus to the market growth.
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On the contrary, the COVID-19 pandemic is likely to limit the growth of global aerial working platform market for a short period, cites the report.
Based on the product terrain, scissor lift segment is anticipated to display strong growth over the forecast duration. The growth is attributable to extensive usage of scissor lifts in installation and maintenance operations due to their several functional benefits.
Speaking of the end-user spectrum, construction & mining segment accounts for majority share of global aerial working platform market, trailed by telecommunication and transport & Logistics verticals. Increasing construction of residential and commercial buildings due to rapid urbanization and ongoing maintenance work in several developing economies such as India, China, and Brazil are driving the demand for AWP fleets in construction & mining industries.
Geographically, North America (United States, Canada), Europe (Germany, United Kingdom, France, Italy), and Asia Pacific (India, China) are the prime contributors of global aerial working platform market. The report claims that North America accounted for the largest market share in 2019 and will continue to display robust growth over the estimated timeframe, with US at the forefront. Increasing renovation, maintenance & repairing activities for existing residential and commercial areas are the key factors supporting the regional market expansion.
Key players operating in global aerial working platform market are Dinolift, Niftylift, Tadano Ltd., Zoomlion, Zhejiang Dingli Machinery Co. Ltd., Aichi Corporation, Haulotte Group, Linamar Corporation, Oshkosh Corporation, and Terex Corporation.