Aerial work platform trucks are specialized vehicles used for temporary access and working at high altitudes. These trucks feature movable booms, buckets, platforms or scaffolds which are attached to a truck chassis. They are essential for construction, maintenance, telecommunication, and transportation projects which require access to areas at high elevations. Rapid growth of infrastructure projects in Asian countries such as India, China, Indonesia and Vietnam has significantly increased demand for aerial work platforms over the past few years.
The global aerial work platform truck market is estimated to be valued at US$16585.87 Bn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving growth in the aerial work platform truck market is the expansion of company operations into Asian markets where infrastructure development is booming. Major manufacturers like Terex, JLG, and Haulotte have established production facilities, distribution centers and service networks in high growth Asian countries to capture rising demand. These companies are investing heavily in the construction of new plants, expansion of existing facilities, technology upgrades and recruitment of local staff. For example, Terex has production sites in China, India and Japan catering specifically to the aerial work platform needs of Asian infrastructure and utility projects. Further developing local supply chains helps companies overcome trade barriers and provide products tailored to regional standards, accelerating their market share growth.
Segment Analysis
The global aerial work platform truck market can be segmented based on type into boom lifts, scissor lifts, vertical mast lifts, personnel portable lifts, and others. Among these, the boom lifts segment dominates the market and accounted for over 30% of the total market share in 2023. Boom lifts are widely used for applications that require working at elevation or heights, given their ability to provide stable and elevated work platforms for users. Their versatility and outreach capabilities make them suitable for a variety of end-use industries like construction, mining, utilities, and telecommunication.
Key Takeaways
The global Aerial Work Platform Truck Market Size is expected to witness high growth over the forecast period of 2023 to 2031. The market size was valued at US$ 16585.87 Bn in 2023 and is anticipated to grow at a CAGR of 9.4% during the forecast period.
Regional analysis: North America currently holds the highest share in the global aerial work platform truck market. This is primarily attributed to stringent workplace safety regulations and rapid infrastructure development activities in the region. However, the Asia Pacific region is poised to grow at the fastest pace during the forecast period supported by increasing construction and industrial activities across India, China and other developing Asian countries.
Key players: Key players operating in the aerial work platform truck market include Nike, Adidas, Puma, Under Armour, New Balance, ASICS, VF Corporation, Lululemon, Columbia Sportswear, Ralph Lauren, Li Ning, L Brands, H&M, Zara, Uniqlo, Forever21, Gap, Next, Esprit, and C&A. Major players are focusing on new product launches, partnerships and acquisitions to strengthen their market position and serve increasing customer demand in different geographies.
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