Aerial Work Platform Global Market Report 2024

The aerial work platform market has grown strongly in recent years. It will grow from $12.51 billion in 2023 to $13.33 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The expansion observed in the historical period can be credited to several factors, including the rise in greenhouse farming, efforts to prevent pest infestations, initiatives focused on crop protection, strategies for enhancing crop yields, and measures taken to protect crops from UV radiation.

The aerial work platform market is expected to see strong growth in the next few years. It will grow to $17.47 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The anticipated growth in the forecast period can be attributed to several factors, including population growth concerns and the need for food security, shifts in climatic conditions, a rising adoption of precision agriculture practices, the increasing prevalence of vertical farming, and the implementation of sustainable agriculture initiatives. Major trends expected during this period encompass innovations in net materials, the development of anti-hail and frost protection nets, the use of netting for organic farming purposes, utilizing nets for shade and climate control, and fostering collaborations between farmers and technology providers.

The anticipated surge in residential and commercial construction activities is poised to drive the growth of the aerial work platform (AWP) market. Residential construction involves building homes, apartments, and similar structures for residential purposes, while commercial construction pertains to structures used for business or commercial purposes. Aerial work platforms play a vital role in both these sectors by offering temporary access to elevated areas, facilitating safer and easier execution of tasks at height, including roofing, painting, window cleaning, electrical work, and construction. These factors contribute significantly to the expansion of the aerial work platform market. For example, in February 2022, ConstructConnect, Inc., a US-based software company, reported that US construction starts rose by 5.9 percent to $747 billion in 2021, with residential construction experiencing a growth of 14.5 percent. Similarly, Canadian commercial and residential construction starts increased by 6.5 percent to $91.8 billion in 2021, with substantial growth observed in residential construction, escalating by 19.7 percent. Hence, the upsurge in residential and commercial construction activities propels the growth of the aerial work platform market.

The expanding scope of logistics operations is expected to contribute to the growth of the aerial work platform market. Logistics encompasses the efficient planning, execution, and control of the flow and storage of goods, services, and related information from the point of origin to the point of consumption, meeting customer requirements. The burgeoning expansion in logistics necessitates aerial work platforms to support various tasks associated with storage, transportation, and facility maintenance. For instance, in June 2023, Penske Logistics, a US-based provider of innovative supply chain and logistics solutions, highlighted that in 2022, total business logistics costs in the US surged by 19.6% to a substantial $2.3 trillion, with logistics expenses accounting for 9.1% of the nation's Gross Domestic Product (GDP). This notable increase underscores the significance of aerial work platforms in supporting logistics operations. Hence, the increasing expansion in logistics activities drives the growth of the aerial work platform market.

Technological advancements have emerged as a significant and popular trend within the aerial work platform market. Key companies operating in this sector are actively engaged in developing cutting-edge technologies to fortify their market positions. For instance, JLG Industries Inc., a prominent US-based company, introduced the JLG 670SJ self-levelling boom lift in September 2021. This innovative boom lift incorporates sophisticated technology that automatically adjusts to varying terrains on slopes up to 10 degrees in all directions. The smart-adapting steel chassis with self-levelling technology ensures seamless adaptation to terrain. Additionally, the lift features automated single-sensor load detection with zero-load calibration, restricting the operating range based on the platform load to maintain compliance within the designated work envelope. It also facilitates real-time monitoring of ground-level conditions while working at height, constantly providing performance data from sensors displayed on a digital platform in the lift.

Major companies in the aerial work platform market are dedicated to developing innovative products such as the Snorkel A46JRTE to enhance their market profitability. The Snorkel A46JRTE, launched by JLG Industries, Inc. in September 2021, is a groundbreaking addition to the aerial work platform industry, introducing the advantages of lithium-ion battery power to rough-terrain boom lifts. This innovation significantly contributes to environmental sustainability, cost efficiency, and operator experience, paving the way for a more eco-friendly and efficient future for aerial work platforms.

In August 2022, Manitou Group, a France-based manufacturer specializing in material handling and mobile elevating work platforms, acquired the intellectual property of ATN Platforms for an undisclosed amount. This strategic acquisition aims to expand Manitou Group's offerings in aerial work platform solutions. It also provides access to the expertise of approximately twelve ATN Platforms employees, who will continue working from their base in Tonneins, France. ATN Platforms, a French company, specializes in manufacturing aerial work platforms tailored to meet the needs of rental companies.

Major companies operating in the aerial work platform market report are Terex Corporation, MEC Aerial Work Platforms, JLG Industries Inc., Galmon (S) Pte Ltd., Aichi Corporation, Haulotte Group SA, EdmoLift AB, Manitou Group, Linamar Corporation, Advance Lifts Inc., Altec Industries Inc., Oshkosh Corporation, Skyjack Inc., Tadano Limited, Liebherr-International AG, Palfinger AG, Ponss Group, Hunan Sinoboom Intelligent Equipment Co. Ltd., LGMG Holding S.p.A., Zhejiang Dingli Machinery Co. Ltd., XCMG Group, Ruthmann GmbH, Teupen Maschinenbau GmbH, Time Benelux NV, Econo Lift Ltd., Bishamon Industries Corp., Snorkel International Ltd., Genie, Holland Lift, Dinolift OY.

North America was the largest region in the aerial work platform market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global aerial work platform market during the forecast period. The regions covered in the aerial work platform market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the aerial work platform market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary product types in the aerial work platform category include scissor lifts, boom lifts, telehandlers, and other specialized variants. A scissor lift is a mechanical device utilized for elevating or lowering objects and operates using electricity as its power source. It can be powered by hybrid, electric, or fuel-based mechanisms, offering lifting capacities ranging from 20 feet to various other height specifications such as 20 to 50 feet, 50 to 70 feet, and above 70 feet. The primary end-users for these platforms include construction, utilities, logistics and transportation, and other sectors.

The aerial work platform market research report provides aerial work platform market statistics, including aerial work platform industry global market size, regional shares, competitors with a aerial work platform market share, detailed aerial work platform market segments, market trends and opportunities, and any further data you may need to thrive in the aerial work platform industry. This aerial work platform market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The aerial work platform market consists of sales of golf carts, scissor lifts, vertical mast lifts, trailer-mounted boom lifts, and personnel lifts. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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