(MENAFN- GetNews) According to a new report published by Grand View Research, increasing government investment in the private sector, growing private investment in the real-estate sector, and rapid infrastructure development in the Asia Pacific region are anticipated to surge market growth over the coming years.
The global aerial work platform market size is anticipated to reach USD 16.76 billion by 2027 , according to a new report by Grand View Research, Inc. , expanding at a CAGR of 6.0% from 2020 to 2027 . Increasing government investment in the private sector, along with rapid infrastructure development in Asia Pacific, is anticipated to surge market growth over the forecast period.
Implementation of stringent worker safety regulations worldwide, rising adoption of advanced lifting technologies, and a growing number of rental AWP companies in China in the last three years, coupled with a rise in construction spending in the ASEAN region, are expected to create opportunities for AWP manufacturers over the next seven years.
Aerial work platforms are highly used in the maintenance and construction of mining infrastructure, including processing facilities, overhead conveyors, and other facilities in and around the mine site. Robust demand for new infrastructure investment in the metals and mining sector is expected to create opportunities for AWP manufacturers over the forecast period.
According to Eurostat, EU construction output growth is anticipated to see a contraction of 11.5% in 2020, followed by a rebound of 6% in 2021 , on account of the ongoing coronavirus pandemic. In addition, no increase in spending on commercial facilities, along with reduced government spending and economic uncertainty, is expected to restrict market growth over the forecast period.
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Aerial Work Platform Market Report Highlights
• Asia Pacific is expected to expand at the fastest CAGR of 7.6% from 2020 to 2027 owing to an increase in construction activities in the ASEAN region, along with rising demand for access equipment in the Indian steel industry
• By engine type, the engine-powered aerial work platform segment is expected to witness the fastest growth from 2020 to 2027 owing to increasing demand for diesel boom lifts for heavy-duty outdoor work and rough terrain surfaces
• By product type, boom lifts are anticipated to maintain their lead over the forecast period as they are versatile machines that could be used from utilities and construction to storage and shipping industries
• The electric engine type segment held the largest share of 62.4% in 2019 owing to rising demand for maintenance and repair services in the residential construction sector
• The construction end-use industry is expected to maintain its lead over the forecast period on account of increasing investments in new infrastructure, along with reforms to encourage Public Private Relationships (PPPs) in the Asia Pacific region.
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Aerial Work Platform Market Segmentation
Grand View Research has segmented the global aerial work platform market on the basis of engine type, product type, end-user, and region:
Aerial Work Platform Engine Type Outlook (Revenue, USD Million, 2016 – 2027)
Aerial Work Platform Product Type Outlook (Revenue, USD Million, 2016 – 2027)
• Boom Lifts
• Scissor Lifts
• Vertical Mast Lifts
• Personal Portable Lifts
Aerial Work Platform End-user Outlook (Revenue, USD Million, 2016 – 2027)
• Retail, Storage, and Warehouses
• Transportation and Logistics
Aerial Work Platform Regional Outlook (Revenue, USD Million, 2016 – 2027)
• North America
• Asia Pacific
• South Korea
• Central & South America
• Middle East & Africa
• South Africa
• Saudi Arabia
List of Key Players of Aerial Work Platform Market
• Terex Corporation
• JLG Industries
• Aichi Corporation
• Haulotte Group
• Linamar Corporation
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About Grand View Research
Grand View Research is a market research and consulting company based in the State of California with headquarters in San Francisco. The company offers consulting services tailored for business organizations to assist them with understanding and exploring their potential on a large scale. At the same time, Grand View Research caters to the individual research needs to provide a customized research service.
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