by The Aerial Work Platform (AWP) Truck Market is estimated to be valued at US$ 11643.3 Mn in 2022 and is expected to exhibit a CAGR of 11.2% over the forecast period 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Aerial work platform (AWP) trucks, commonly known as cherry pickers or bucket trucks, are equipped with a telescoping or articulating boom supported by a truck carrier and platform. They allow workers to access locations at heights inaccessible from ground level ladders or scaffolding. The platforms are designed to provide working surfaces for workers and their tools, equipment, and materials while enabling them to work at heights safely. Major industries utilizing AWP trucks include construction, telecommunication, and utility maintenance.
Market Dynamics:
The AWP truck market is expected to witness significant growth over the forecast period, owing to rising construction activities driven by increasing urbanization, rising infrastructure investments, and commercial and residential construction projects across the globe. Rapid growth in the construction sector has boosted the demand for lifting platforms and equipment such as AWP trucks. According to the World Economic Forum, global infrastructure investment needs are estimated to be around US$ 94 trillion by 2040. Governments around the world are focusing on improving infrastructure through investments in highways, bridges, rail networks, power grids, and 5G networks rollouts. For instance, the U.S. government approved a historic $1 trillion infrastructure bill in November 2021 to repair aging infrastructure. Such rising investments in construction and infrastructure development are expected to propel the growth of the AWP truck market over the forecast period.
Segment Analysis
The Aerial Work Platform (AWP) truck market is dominated by the boom lifts sub-segment. Boom lifts accounted for over 40% of the global market share in 2021. They are primarily used for indoor applications such as maintenance and construction activities where higher reach and platform stabilization are required. The compact design and efficient maneuvering of boom lifts make them suitable for confined workspaces.
PEST Analysis
Political: Stringent safety regulations and emission norms regarding material lifting equipment in many countries are driving the demand for technologically advanced AWP trucks.
Economic: Growth of the construction and infrastructure industries along with investment in public utilities is positively impacting the AWP truck sales.
Social: Increasing awareness about workplace safety and ergonomics is propelling the adoption of AWP trucks over conventional manlifts.
Technological: Integration of telematics, remote monitoring, and anti-collision systems in AWP trucks have improved their operational efficiency while elevating the work experience.
Key Takeaways
The global Aerial Work Platform (AWP) Truck market is expected to witness high growth, exhibiting a CAGR of 11.2% over the forecast period of 2022 to 2030, due to increasing investment in infrastructure development and public utility projects. The market was valued at US$ 11,643.3 Mn in 2021.
North America dominated the global market in 2021 with a share of over 35%, driven by strong government spending on public infrastructure projects. The Asia Pacific region is expected to be the fastest growing market, expanding at a CAGR of 12.5% during 2022-2030 on account of rapid urbanization and growth of construction and real estate industries across China, India, and Southeast Asian countries.
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
