FeedingTrends
a year ago
2 min read

Sales of Aerial Work Platforms Is to Grow at $ 16.6 Bn by 203

The market for aerial work platforms is expanding gradually and is anticipated to grow at a CAGR of about 6% through 2032. By 2022, the market is predicted to be worth US$ 9.3 billion, according to the analysis. Boom lift preference will continue to dominate, with an absolute opportunity valued at US$ 16.6 billion during the forecast period.

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The technological aspects in association with the Aerial Work Platforms Market give this research an additional edge over others. The estimates on future market size, market share, structure, and revenue are part of this discussion anticipated to help companies in the industry. The report also presents the vendor landscape and a corresponding detailed analysis of the major vendors operating in the market. Analysis of upstream raw materials, downstream demand and current market dynamics is also performed here.

The rising demand for aerial work platforms from the construction industry is expected to drive the market. The increasing number of infrastructure projects and real estate construction is likely to have a positive impact on the market. Additionally, the demand for rental services is anticipated to fuel the market growth over the forecast period. Furthermore, the introduction of advanced technologies such as hybrid and electric powered aerial work platforms is expected to boost the market growth in the coming years. However, the high cost of aerial work platforms and the lack of skilled operators is likely to hamper the market growth. The availability of substitutes such as ladders and scaffolds is also expected to restrain the market growth.

Major Aerial Work Platforms Service Providers

  • Terex Corporation

  • Haulotte Group

  • Oshkosh Corporation

  • JLG Industries Inc.

  • Linamar Corporation

  • Tadano Limited

  • Aichi Corporation

  • MEC Aerial Work Platforms

  • Palfinger AG

Competitive Landscape

Key players involved in the market are rigorously investing in the development and launches of new products to gain a competitive advantage and expand their consumer base. Mergers & acquisitions along with diversification of product portfolios are key business strategies implemented by participants in the industry.

  • In September 2021, JLG Industries, Inc. announced the launch of the JLG® 670SJ self-leveling boom lift, equipped with JLG’s exclusive and patented self-leveling technology. The 670SJ is engineered to automatically adapt to terrain on slopes up to 10 degrees in any direction, while driving with full functionality at a class-leading 67-ft platform height.

  • In March 2021, MEC Aerial Work Platforms introduced its newest product line of vertical mast lifts; the MEC Mast Electric (MME) Series. The MME Series leads with direct electric drive for high efficiency, longer duty cycles, and higher product residual value. It offers two heights to choose from: the MME20 with a platform height of 20 feet and the MME25 with a non-rotating vertical mast lift platform height of 25 feet.

  • Zhejiang Dingli Machinery Co., Ltd. acquired 24% of Trupen’s stock rights in August 2020. Trupen is a dominant player in spider Aerial Work Platform design, research, development, industrial production, and marketing.

    • Terex Corporation introduced the ‘Genie® Z-45 Substation Utility Boom,’ a mobile elevated work platform, in January 2021. It is specifically built for power substation tasks where an insulated device is necessary but conventional bucket trucks are not permitted.

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