Aerial Work Platform Market is Estimated for US$ 19.43 Billion on the Back of surging Demand that’s Redefining Construction Sector by Forecast 2033
As per the researchers at Zion Market Research, the global aerial work platforms market is expected to achieve a noteworthy milestone, reaching an estimated worth of US$ 19.43 billion by the year 2033. This projection reflects a moderate CAGR of 6.1%. Notably, this figure represents a significant surge from its anticipated value of US$ 10.75 billion in 2023.
The market contenders are also spreading their businesses to unexploited regional markets along with new product launches to obtain a prominent share in the global market. To cite, Zoomlion, in November 2018, had declared the rollout of its new aerial work intelligent solutions in 3 diverse groups: electro-hydraulic, electric, and lithium battery-powered platforms.
Growing Infrastructural Transformation Expected To Propel The Global Market Growth
The growth of the global aerial work platform is primarily driven by factors such as the increasing rural & urban infrastructure transformation projects to deal with the growing population need around the world. The need for such machinery utilized for maintenance & construction activities is swiftly rising from the general industrial and infrastructure sectors. As a result of the improved security and safety factors related to access platforms, these equipment are installed in large numbers by big and small construction firms, maintenance operators, and contractors. Furthermore, the intensifying government expenditure for infrastructural development comprising railways, roadways, electricity, and water, around the world are also expected to boost the growth of the global aerial work platform market during the forecast period.
By Platform Height, 10 To 20 Meters Segment Anticipated To Capture Highest Market Share
Based on platform height, the 10 to 20 meters segment is anticipated to account for the highest share in the global aerial work platforms market. This segmental expansion can be credited the rising need for maintenance, cleaning work, and glass-gazing at commercial locations. Numerous firms have built application along with height-specific machineries to cope with the snowballing customer need. These platforms can be transported easily and need less time for installation, offering time-saving benefits to operators. As a result of the growing need in several applications, firms are designing environment-friendly and safe platforms and lifts that provide improved steadiness at heightened operations, thus propelling the market growth.
Asia Pacific Projected To Lead The Global Market During The Forecast Period
Geographically, the global aerial work platform is expected to be dominated by Asia Pacific during the forecast period on account of the rising cognizance of price-conscious consumers along with investments by government in Malaysia, India, and numerous other Asian nations. Furthermore, these nations are also observing numerous construction activities in several industry verticals that need well-organized platforms for carrying out high-elevation work actions, thereby fueling the market growth in this region.
The leading players within the global aerial work platform market include-
- JLG Industries
- Linamar Corporation
- Terex Corporation
- MEC Aerial Work Platforms
- Haulotte Group
- Tadano Ltd.
- V-tech Hydraulics
- Mtandt Limited
- Snorkel International
- Zhejiang Dingli Machinery Co
The global aerial work platform market is segmented as follows:
By Product
- Boom Lifts
- Scissor Lifts
- Vertical Mass Lifts
- Personal Portable Lifts
By Type
- Electric
- Engine Powered
By Platform Height
- Below 10 Meters
- 10 to 20 Meters
- 20 to 25 Meters
- Above 25 Meters
By Application
- Rental
- Construction & Mining
- Government
- Transportation & Logistics
- Utility
By Region
- North AmericaThe U.S.Canada
- EuropeFranceThe UKSpainGermanyItalyRest of Europe
- Asia PacificChinaJapanIndiaSouth KoreaSoutheast AsiaRest of Asia Pacific
- Latin AmericaBrazilMexicoRest of Latin America
- Middle East & AfricaGCCSouth AfricaRest of Middle East & Africa
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