April 21, 2024
Aerial Work Platform (AWP) Truck Market

Aerial Work Platform (AWP) Truck Market is Estimated to Witness High Growth Owing to Rising Infrastructural Developments

The aerial work platform (AWP) truck market involves vehicles that are equipped with hydraulically or mechanically elevated work platforms to provide access to otherwise unreachable areas and heights at construction sites and civil infrastructure. AWP trucks allow workers to reach higher altitudes for essential maintenance, repair, and construction activities in a much safer manner as compared to ladders or scaffolding. The growing construction and infrastructural development activities, along with stringent safety regulations, are prompting greater demand for AWP trucks across the global construction industry.

The Global aerial work platform (AWP) truck market is estimated to be valued at US$ 16585.87 Bn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period from 2024 to 2030.

Key Takeaways

Key players operating in the aerial work platform (AWP) truck market are Nike, Adidas, Puma, Under Armour, New Balance, ASICS, VF Corporation, Lululemon, Columbia Sportswear, Ralph Lauren, Li Ning, L Brands, H&M, Zara, Uniqlo, Forever21, Gap, Next, Esprit, and C&A. The key players are focusing on expanding their product portfolios and manufacturing facilities across the global to leverage the growth opportunities generated by rising infrastructural activities.

The increasing investments in infrastructure development projects around the world offer massive opportunities for players in the AWP truck market. Additionally, growing urbanization and the implementation of stricter workplace safety regulations are encouraging the use of AWP trucks.

The major global players are expanding their presence across emerging markets through strategic partnerships and joint ventures. regions witnessing increased industrialization and rapid infrastructure growth offer lucrative expansion opportunities. Regions like Asia Pacific and Latin America are projected to witness fastest growth during the forecast period.

Market drivers

The growing construction spending on infrastructure projects such as roads, bridges, dams, buildings, and others is a key factor driving the demand for aerial work platform trucks. Rising construction activities globally due to rapid urbanization, population growth, expansion of real estate and transportation sectors, etc. are fueling the need for aerial work vehicles for various applications such as inspection, maintenance and repair of tall structures safely. This is expected to augment the aerial work platform truck market substantially over the coming years.

PEST Analysis

Political: Stringent safety regulations regarding Aerial Work Platform (AWP) Truck Market Growth  will be proposed and enforced in developed regions like North America and Europe to reduce risks of accidents at construction sites.

Economic: Growth in infrastructure development projects for commercial and residential buildings across developing nations in Asia Pacific and Latin America will drive demand for AWP trucks during the forecast period.

Social: Increasing awareness about workplace safety and availability of equipment rentals will boost adoption of AWP trucks for maintenance of utilities, electrical work and other applications.

Technological: Introduction of electric and hybrid-powered AWP trucks integrated with technologies like telematics and sensors for safety will gain market traction over the coming years.

Geographical concentration

North America region currently dominates the aerial work platform truck market in terms of value, owing to early adoption of powered access equipment backed by stringent workplace safety compliances in industries like construction and utilities. Accessibility of rentals and availability of numerous industry players also contributes to high market concentration in the region.

Fastest growing region

Asia Pacific region is poised to grow at the fastest rate during the forecast period led by infrastructure development initiatives underway in major economies like China and India. Rising construction of buildings, bridges and modernization of public transport will spur demand for AWP trucks for versatile applications at elevated working heights in the region. Investments by global players and availability of affordable options are supporting market growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it