The global aerial work platform (AWP) truck market is expected to reach USD 8.0 billion by 2022, according to a new report by Grand View Research, Inc. Increasing government investment in the construction sector paired with growing concerns regarding worker safety is expected to drive AWP truck industry growth over the coming years. The growing emphasis on infrastructure development along with rising private investment in real-estate may also spur product demand. In addition, increasing demand for material handling, especially in manufacturing units and factories, is anticipated to significantly fuel AWP truck market growth.
This
equipment is primarily used to elevate workers and equipment throughout the
maintenance or construction process. The developing telecommunication industry
owing to rapidly increasing smartphone users, particularly in Asia, may
escalate aerial work platform truck market demand. Industry growth can be
attributed to strong economic growth, especially in countries such as India,
China, Brazil, and some parts of Europe.
Technological
advancements resulting in the development of electrically or hydraulically
propelled elevating platforms in order to meet emission standards and cope with
growing environmental issues are also anticipated to favorably impact growth.
Rising demand application areas such as the construction of wind, solar, and
other energy-generation installations may drive revenue over the coming
years.
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Aerial Work
Platform Truck Market Report Highlights
- Boom lifts market is poised
for high growth over the next six years owing to increasing usage of these
lifts for tricky architecture or smaller spaces with limited access. This
can be further attributed to the several benefits offered by these lifts
such as mobility, tight turning radius, standard oscillating axle, and
compact design.
- Construction applications
accounted for over 30% of the overall AWP truck industry in 2014, and are
expected to witness high growth over the forecast period. Growing
infrastructure development and private investment in real-estate are
expected to be key factors responsible for growth in this sector.
- Telecommunication industry
is expected to exhibit high growth, which can be attributed to the
increasing number of smartphone users particularly in Asia. Smartphone
proliferation and the associated need for improved telecom infrastructure
for better connectivity are expected to elevate demand in the
telecommunication industry.
- North America captured a
sizable share of the aerial work platform truck market in 2014, which can
be attributed to considerable technological advancements. In addition,
increasing maintenance and repair activities coupled with growing concerns
and norms regarding worker safety are further propelling product demand in
this region.
- Key industry players such as
Tadano, Aichi, Terex, and Haulotte focus on automating the manufacturing
process so as to improve product quality and reliability. Mergers &
acquisitions also form a part of the core business strategy. Industry
participants also emphasize on mergers and collaborations as it helps in
joint sales and marketing efforts and product development.
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Aerial Work
Platform Truck Market Segmentation
Grand View Research has segmented
the global aerial work platform truck market on the basis of product, end-use,
and region:
Aerial Work
Platform Truck Product Outlook (Revenue, USD Million, 2012 - 2022)
- Boom Lifts
- Scissor Lifts
- Vertical Mast Lifts
- Personnel Portable Lifts
Aerial Work
Platform Truck End-Use Outlook (Revenue, USD Million, 2012 - 2022)
- Construction
- Telecommunication
- Transport & Logistics
- Government
- Others
Aerial Work
Platform Truck Regional Outlook (Revenue, USD Million, 2012 - 2022)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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