by The global aerial work platform (AWP) market is estimated to be valued at US$ 40.95 Mn in 2023 and is expected to exhibit a CAGR of 9.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Aerial work platforms, also known as AWPs or aerial platforms, are mechanical devices used to provide temporary access for workers to inaccessible areas, usually at height. AWPs come in both vehicle-mounted and self-propelled types, and are equipped with buckets, scissors, booms, platforms or other attachments for lifting personnel, equipment and materials. They find major applications in construction, maintenance and repair activities across industries such as infrastructure, oil & gas, commercial and domestic. AWPs provide a safer and efficient alternative to ladders and scaffolding for working at heights. With enhanced safety features and lifting capacities, AWPs help reduce risks and speed up work.
Market key trends:
The aerial work platform market is driven by the rising infrastructure development activities around the world. Major construction of roads, bridges, airports, commercial buildings and other civil structures is augmenting the demand for AWPs. Additionally, growing repair and maintenance needs of existing infrastructure is also propelling the market growth. There is a rising preference for aerial work platforms over conventional lifting equipment such as ladders and scaffolding due to enhanced safety, operation convenience and efficiency offered by AWPs. Manufacturers are focusing on product innovations and integrating smart technologies in aerial work platforms to improve performance. Introduction of hybrid-electric and battery-powered AWP models is a key trend witnessed in the market.
Porter’s Analysis
Threat of new entrants: The AWP market requires high investment costs for R&D, manufacturing facilities and equipment. Established players dominate distribution channels limiting scope for new entrants.
Bargaining power of buyers: The presence of numerous buyers results in lower bargaining power of individual buyers. However, large construction companies possess higher bargaining power.
Bargaining power of suppliers: The presence of many component suppliers limits their bargaining power against AWP manufacturers. However, suppliers of certain technologically advanced components possess higher bargaining power.
Threat of new substitutes: Substitutes include scaffolding and lifting technicians. However, AWPs offer improved safety, productivity and accessibility which limits threat from substitutes.
Competitive rivalry: The global AWP market is a highly competitive space dominated by numerous international and local players. Manufacturers compete based on product quality, pricing, delivery timelines and aftersales service.
Key Takeaways
The Global Aerial work platform (AWP) Market Share is expected to witness high growth, exhibiting CAGR of 9.1% over the forecast period, due to increasing infrastructure development and construction activities across the world. Rapid urbanization and investments in public infrastructure will drive the AWP equipment demand.
The Asia Pacific region is expected to dominate the AWP market during the forecast period. Presence of emerging economies like China and India experiencing significant infrastructure growth supports the regional market. Furthermore, rising construction of roads, bridges and commercial buildings boosts the APAC AWP market.
Key players operating in the Aerial work platform (AWP) market include Toyota Industries Corporation, CTE, Dinolift, Terex Corporation, Haulotte Group, Holland Lift International bv, Hunan Sinoboom Heavy Industry Co. Ltd., IMER International SpA, J C Bamford Excavators Ltd., Oshkosh Corporation, Linamar, Manitou Group, MEC, Niftylift (UK) Limited, PALFINGER AG, Snorkel, SOCAGE, Tadano Ltd., TEUPEN, Zhejiang Dingli Machinery Co, Ltd., and Zoomlion Heavy Industry Science & Technology Co., Ltd. Key players compete based on product features, pricing and service quality.
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