The Global Aerial Work Platform Market Size Was Valued At USD 9.24 Billion In 2021. The Market Is Projected To Grow From USD 9.81 Billion In 2022 To USD 16.06 Billion By 2029, Exhibiting A CAGR Of 7.3% During The Forecast Period.

Aerial Work Platform Market Overview:

The global COVID-19 pandemic has been unprecedented and shocking. Demand for aerial work platforms is lower than expected in all regions compared to what it was before the pandemic. Based on our research, the global market for aerial work platforms fell by 6.5% between 2019 and 2020.

Aerial work platforms are also called cherry pickers and mobile elevating work platforms. They are made to lift a person or person to a certain height, depending on what is needed. They are used in a wide range of situations, such as cleaning windows, maintaining electricity, remodelling, logistics, retail, and many more. They can be used for tasks both inside and outside. Scaffolding and ladders are no longer used on many job sites because aerial lifts are flexible and easy to move. They may be powered by people or by batteries. The growth of the aerial work platform market is driven by the rapid growth of technology, mechanisation, and urbanisation around the world, which has increased the need for aerial lifts. It has features like high efficiency, versatility, ease of use, low cost, being light and small. It is used on building sites, in schools, churches, warehouses, places where electricity is fixed, and other places.

Globally, more money is being spent on public infrastructure because more homes and businesses are being built. This has helped the growth of the global market. For example, the Indian government planned to spend about USD 583.1 million on building homes and businesses in Uttar Pradesh, India, in July 2022. As the number of people living in cities grows, there is a greater need for urban space planning and building, which drives the growth of the market. The growth of the market is helped by government plans to invest a lot in both the private and public sectors. For example, India's Smart City Mission plans to spend about USD 27.33 billion to build 100 smart cities all over the country. Aerial lifts are also in high demand because of the fast growth of manufacturing and infrastructure in developing countries like China, India, Brazil, and others. A rise in the number of accidents caused by poorly built scaffolding and the risk of falling also makes more people want to use aerial work platforms.

Market Dynamics:

Latest Trends:

To keep up with the competition in the market, key players are now focusing on introducing new technologies like electric-powered and remote-controlled systems. For example, in November 2021, a Chinese company called Zoomlion Heavy Industry Science & Technology Co Ltd put out a new all-electric telescopic boom lift. Telescopic boom lifts in the ZT22JE and ZT26JE series are used indoors and are powered by lithium batteries. These lifts can move up to 24.4 to 28.7 metres in height. They can move by 3,600 feet and have a boom lift with four-wheel drive. It comes with an 80-volt lithium battery that takes seven hours to fully charge. LGMG Europe also planned to show the market new telescopic boom lifts that were powered by electricity in 2022. It can work at heights between 36 m and 50 m. In the past few years, new technology has been added to these machines, which is expected to help the market grow.

Driving Factors:

These products have benefits like being portable, flexible, easy to use, and mobile. They are used in industries like construction maintenance and electricity maintenance. Compared to other platforms, these products take up less space. Traditional products like scaffolding or ladders are being replaced by new and improved platforms, which helps the market grow. It can be very dangerous to work at certain heights, like in building maintenance, light maintenance, and other places. In the past, these jobs were done with wooden ladders or scaffolding. Also, more accidents are happening because of scaffolding construction. These products are used to lift people up to certain heights and make work more efficient. The operational safety of aerial lifts is always getting better because of important things like operator training, equipment inspection, experience, and fewer accidents. So, these products could make it less likely for accidents to happen at work. These things are what are making the market grow.

Restraining Factors:

Producers use important raw materials like metals, metal alloys, and stainless steel. Changes in the prices of raw materials can affect the prices of these goods and the manufacturers' ability to make money. For example, if the prices of steel, metal, and alloys went up, it could make these products more expensive and hurt their sales. For example, Global Data says that the price of steel before COVID-19, in March 2020, will be between USD 500 and USD 800. Steel went up in price by about 200% and was worth USD 1,800 in 2021. So, it is likely that changes in the prices of raw materials will slow the growth of the market.

Alternative products like scaffolding, ladders, and others have been used for a long time in the construction, utility, and transportation industries. This is easy to use and doesn't cost much. Ladders and scaffolding are easy to move from one place to another because they are light and small. It is hard to get from one place to another using lifts in the air, especially in developing countries. Aerial lifts are also used to clean windows and paint. When compared to a ladder or a scaffold, these products are very expensive. These things are expected to slow the growth of the market.

Segmentation Analysis:

By Product Type:

The market is divided into scissor lifts, boom lifts, telehandlers, and other types of products. During the forecast period, the segment with the highest CAGR is scissor lifts, with a growth rate of 7.7%. (2022-2029).

Boom lifts are expected to have the highest growth rate because they are cost-effective, easy to use, and don't need a lot of space to work. It is used on construction sites and places where electricity needs to be fixed.

The scissor lifts market is expected to grow at the fastest rate, thanks to features like motorised lifts that can be controlled by remote and safety features that make accidents less likely. It has a special benefit, like the fact that you can change the height in more than one way.

The telehandler lifts market is expected to grow at a moderate rate. This is because construction sites will need to move heavier loads more often. Also, the number of these machines is expected to grow as more skyscrapers are built in different economies.

In the "Others" section, there are vertical mast lifts and other things. The market is growing because more vertical mast lifts are being used in construction maintenance, electrical maintenance, and logistics. The market is also growing because there is more demand for vertical mast lifts and rough terrain in the construction, mining, and logistics industries.

By Power Type:

The engine-powered segment is growing quickly because many aerial lifts use engines that run on LPG or diesel. An engine-powered aerial lift has benefits like using less energy, being flexible, and being more productive.

The electric powered segment is expected to grow quickly because it has features like no emissions, less noise, and being good for the environment. It is mostly used on construction sites and sites where repairs need to be done.

Because emission standards have gotten stricter and engine-powered and hybrid aerial lifts can't be used inside as much, the hybrid segment has seen some growth.

By Lifting Height:

Due to their use in construction, utility, and transportation, the less than 20-foot segment is expected to grow a lot.

The 20- to 50-foot range is expected to grow quickly because these lifts are being used by both small and large businesses. It has a motor and electric-powered lifts that go up into the air. Also, manufacturers are focusing on putting out new products in this range because they are being used more and there is a big rise in demand.

Manufacturers are making aerial lifts that can lift up to more than 50 feet, so this segment of the market is the largest. Aerial lifts that are taller than 50 feet are more efficient because they can reach farther in both directions. The market grows because of these things.

By Application:

The construction segment is the most important part of the market. This is because residential and non-residential building projects are on the rise, and the government is spending more money in the private sector, both of which help the market grow. On construction and maintenance sites, scissor lifts and boom lifts are used a lot.

The utilities segment is expected to grow at a very fast rate because more scissor lifts and telehandlers are being used in the electricity, water, sewage, and renewable energy industries. It is easy to use, saves fuel, and makes operations safer.

Due to the use of aerial lifts in warehouses, trucks, inventory transport, and other indoor operations, the transportation segment is expected to grow a lot in the coming years. As the transportation industry grows, there is more demand for aerial lifts in logistics and packaging. This helps the market grow.

The mining, aerospace, and defense sectors are all included in the "Others" segment. This segment is expected to grow at a steady rate because there are more construction projects and more warehouses being built in different places. These kinds of things help the market grow.

Regional Insights:

The global market is made up of five different areas: North America, Europe, the Asia-Pacific region, the Middle East and Africa, and South America.

Due to strong economic growth in places like the U.S. and Canada, North America is in the best position to lead the market. The growth of the market in North America was helped by a strong infrastructure, improvements in these products, and a large number of suppliers in the U.S. and Canada.

The U.S. will have the fastest growth due to the use of new technology in aerial work platforms.

Several companies in the U.S., like Oshkosh Corporation, Terex Corporation, and others, make a wide range of good products. It also has a strong infrastructure and utilities industry, which keeps the demand for its products high. Also, it is used a lot in many different fields, such as the maintenance of electricity, transportation, logistics, and many others. This is likely to make more people want to use aerial work platforms.

The Asia-Pacific region is expected to grow at the fastest rate. This is because more aerial lifts are being used in mining, construction, utility, and other industries. The market is growing because the government is spending more on new building projects and more people are using aerial lifts. For example, the Indian government was planning to spend about USD 529.7 million on building projects in 2021. These kinds of things help the market grow.

Europe is growing steadily because more products are coming out and the supply chain for these products is getting better. As the number of people who use smartphones goes up, telecom towers need to be updated, which increases the demand for these products. The market grows because of these things.

South America's market is expected to grow at a good rate because more construction companies are using scissor lifts and self-leveling boom lifts. These things make people in South America want aerial lifts.

Due to more construction projects like the Assima Tower Building, Ciel Tower, and others, GCC countries are expected to grow at a slow rate. This is expected to increase the need for aerial lifts in building projects, which will help the Middle East market grow.

Scope Analysis

Recent Development:

• In June 2020 – Haulotte Group launched a new HT16 RTJ boom lift. It is designed for working in demanding projects and challenging environments. It has a weight lifting capacity of 250 kg, and also has a dual load capacity of 350 kg.
• In March 2022 – Haulotte signed a partnership with Jungheinrich AG, which deals in material handling equipment and aerial lift products. The partnership is aimed to introduce new sales and service centers in Norway.
• In October 2021 - JCB India Pvt Ltd, a subsidiary of J.C. Bamford Excavators Limited, launched a new range of electric scissor lifts such as S2632E, S1930E, S3246E, and S4046E. It is able to work with heights of 7.71 m, 9.92 m, 11.7 m, and 13.9 m. These machines support scissor lifts and telescopic boom machine.
• In February 2020 - Sinoboom launched a new articulated boom lift GTZZ46J. It is basically designed for petrochemical sectors. It can able to working with height of 153 feet. It has features such as long working life, high lifting capacity, flexible, and efficient.
• In August 2022 - Zhejiang Dingli Machinery Co Ltd launched a new electric BT44RT boom lift to the market. It is operated by electric, diesel, and hybrid. It has a lifting height of 16 meters to 44 meters. It has a maximum load capacity of 450 kg.

Market Segmentation

By Product Type:

• Scissor Lifts
• Boom Lifts
• Telehandler
• Others

By Power Type:

• Engine Powered
• Electric Powered
• Hybrid
• Other

By Lifting Height:

• Less than 20 Feet
• 20 Feet - 50 Feet
• More than 50 Feet
• Other

By Application:

• Construction
• Utilities
• Transportation
• Other

By Companies:

• Terex Corporation (U.S.)
• Sany Group (China)
• Manitowoc Company Inc (U.S.)
• Tadano Ltd (Japan)
• Liebherr International AG (Netherlands)
• Palfinger AG (Germany)
• Konecrane Co (KUHN Group) – (Switzerland)
• Zoomlion (U.S.)
• Oshkosh Corporation (JLG Industries Inc) (U.S.)
• XCMG Group (U.K.)
• Others