The Aerial Work Platform (AWP) Truck Market is estimated to be valued at US$ 11643.3 Mn in 2022 and is expected to exhibit a CAGR of 11.2% over the forecast period from 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Aerial work platforms are motorized devices used to provide temporary access to locations at heights for maintenance and construction activities. AWPs are commonly known as bucket trucks or aerial lifts. They come with booms, buckets, scissors or vertical towers for workmen to reach overhead construction areas or equipment. AWP trucks offer safe, reliable and ergonomic access to elevated work areas up to heights of 110 feet or more. They find applications in construction, maintenance, commercial building, telecommunication, forestry and other industries.
Market Dynamics:
The AWP truck market is driven by increasing demand from the construction industry worldwide. Rapid urbanization and infrastructural development projects such as construction of buildings, bridges and roads are fueling the need for AWP trucks. Furthermore, growing maintenance, repair and upgrade requirements of existing infrastructure is also propelling the market growth. The expanding telecommunication industry with rising need for maintenance of cellphone towers, transmission lines and other overhead equipment is augmenting the demand for AWP trucks.
SWOT Analysis
Strength: The aerial work platform truck market has strong growth potential due to rapid industrialization and construction activities globally. There is wide product portfolio available for customers in different configurations. The rising safety regulations related to fall protection are driving the demand for AWP trucks.
Weakness: The high initial investment cost of AWP trucks can restrain its adoption, especially in price-sensitive markets. The maintenance of these trucks requires skilled workforce which is not easily available everywhere.
Opportunity: Growth opportunities exist in emerging economies due to increasing infrastructure development projects. Technological advancements in battery-operated aerial work platforms will further drive the demand.
Threats: Trade war between countries can negatively impact the supply chain of components. Variations in raw material prices pose economic challenges for manufacturers. Safety issues related to machine operation can disrupt the market.
Key Takeaways
The global Aerial Work Platform (AWP) truck market is expected to witness high growth, exhibiting CAGR of 11.2% over the forecast period, due to increasing industrialization and construction activities globally. The growth in building and infrastructure development is a major driver for rising adoption of AWP trucks which provide safety, productivity and access at heights.
Regional analysis: North America dominates the aerial work platform truck market with a share of over 30% in 2021. The US accounts for the largest demand due to strong economic growth and presence of key players. However, Asia Pacific region is expected to exhibit fastest growth rate during the forecast period led by China, India and other Southeast Asian countries. Rapid urbanization and government investments in public infrastructure are fueling the AWP truck sales.
Key players related content: Key players operating in the aerial work platform truck market are XCMG Group, SANY Group, Zoomlion Heavy Industry Science & Technology Co., Ltd., AICHI CORPORATION, Altec Industries, Bronto Skylift, Hunan RUNSHARE Heavy Industry Company, Ltd., Dinolift, HAULOTTE GROUP, Hunan Sinoboom Intelligent Equipment Co, Ltd., JLG Industries, Inc., Manitou Group, Niftylift (UK) Limited, Skyjack, Zhejiang Dingli Machinery Co, Ltd., Linamar Corporation, Manitex International. These companies are focusing on new product launches and partnerships to gain competitive advantage.
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