by The aerial work platform (AWP) truck market comprises truck-mounted aerial platforms and work lifts that provide temporary access to heights for industrial, maintenance, and construction applications. AWP trucks are available in various boom and scissor lift configurations with platform heights ranging from 20 feet to over 100 feet. Key features include an enclosed insulated platform for electrical work, proportional controls for smooth operation, emergency lowering system, anti-sway controls, and safety railing. The growing construction and infrastructure development activities across the globe have increased the demand for AWP trucks for construction, installation and maintenance of buildings, bridges, telecommunication towers and utility lines. Continuous investment in infrastructure modernization and expansion of utility networks are also propelling the need for AWP trucks.
The global Aerial Work Platform (AWP) Truck Market is estimated to be valued at US$ 14397.45 mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the aerial work platform truck market is product innovation and development of new technologies. Over the past few years, manufacturers have focused on designing more efficient and advanced aerial work platforms with increased payload capacity, extended working heights and new boom configurations to serve diverse construction and industrial applications. In addition, there is an increased focus on developing electric and hybrid-electric AWP trucks to reduce emissions and fuel costs. Zoomlion Heavy Industry Science & Technology Co. Ltd., for example, launched its heavy-duty 100-meter electric scissor lift in 2021. Adoption of robotics, IoT and telematics is another emerging trend, enabling remote monitoring of fleet equipment health and utilization tracking. The development of AI-assisted safety systems and collision avoidance technologies also aim to enhance operational safety.
Porter’s Analysis
Threat of new entrants: The aerial work platform (AWP) truck market requires high capital investment for manufacturing facilities and equipment. Established players have significant economies of scale and brand recognition which poses barriers for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of multiple domestic and international brands. However, specialized nature of equipment increases switching costs.
Bargaining power of suppliers: Presence of numerous component suppliers limits their bargaining power. Suppliers do not have significant influence on pricing.
Threat of new substitutes: There are limited product substitutes for AWP trucks used in construction, infrastructure and utility applications. Specialized design restricts threat from substitutes.
Competitive rivalry: The market is consolidated with presence of few global players. Intense competition on pricing and new product development leads to competitive rivalry.
Key Takeaways
The Global Aerial Work Platform (AWP) Truck Market Size is expected to witness high growth. The global Aerial Work Platform (AWP) Truck Market is estimated to be valued at US$ 14397.45 million in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the global aerial work platform (AWP) truck market. China accounts for more than 35% of the global AWP truck sales. India is also an emerging market and is expected to grow at over 12% during the forecast period. North America and Europe are other major regions for AWP trucks. Stringent workplace safety regulations in these regions are driving the adoption of AWP trucks. Countries such as U.S., Germany, UK, France are expected to witness steady demand.
Key players operating in the aerial work platform (AWP) truck market include 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. The key players are focusing on new product launches and mergers & acquisitions to strengthen their market position. For instance, in 2022, Haulotte Group acquired the Italian aerial work platform manufacturer, Barazzoni S.r.l to expand its product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
