Aerial Work Platforms Market to grow at a CAGR of 6%
A recently-published report by Fact.MR reveals that the global aerial work platforms market is projected to grow at a CAGR of 6% during the forecast period (2021 to 2031), surpassing nearly US$16 billion by 2031. Growth is spearheaded by the ever-increasing scope of infrastructure projects across such countries as China, India, Brazil, and Mexico.
From 2016 to 2020, sales of aerial work platforms inclined at a CAGR of 4.2%. Prospects declined significantly in H1 2020, attributed to the recessionary wave ushered in by COVID-19 on the global construction industry. Double-digit contraction figures were projected for both residential and non-residential sectors. However, with the lifting of restrictions, sales have rebounded, expected to clock US$9.3 billion by 2021-end.
Owing to multiple advantages of aerial work platforms such as greater safety and faster maintenance, aerial work platform rental service providers are launching their distribution centers in these regions, further supporting the growth of the aerial work platforms market. Furthermore, manufacturers are emphasising on incorporating advanced sensor technologies to prevent construction site accidents, prompting further research & development.
Key takeaways from the market study
- Boom lifts expected to yield an absolute opportunity worth US$ 2.5 Bn, registering a value CAGR of 4%
- Construction segment to account for 37% share of boom lifts until 2031
- North America to emerge as the dominant market, capturing 40% revenue share
- Nearly 2/5th of global demand for aerial work platforms to be stimulated by Europe
- Asia to be an opportunistic market, accounting for a third of the global market revenue
“As governments of several countries are re-evaluating safety standards, adoption of aerial work platforms is on the rise, with key manufacturers emphasising on incorporating smart sensors to reduce construction fatalities”, says the senior research analyst.
The global aerial work platforms market is highly consolidated with 7-8 players accumulating 65-70% of the share. Manufacturers are focusing on product innovation in order to increase their reach and maintain their position in the market.
- In September 2021, JLG Industries, Inc., announced the launch of the JLG 670SJ self-leveling boom lift. Equipped with JLG’s exclusive and patented self-leveling technology, the 670SJ is engineered to automatically adapt to terrain on slopes up to 10 degrees in any direction, while driving with full functionality at a class-leading 67-ft platform height.
- In March 2021, MEC Aerial Work Platforms introduced its newest product line of vertical mast lifts; the MEC Mast Electric (MME) Series. The MME Series leads with direct electric drive for high efficiency, longer duty cycles, and higher product residual value. The MME Series offers two heights to choose from the MME20 with a platform height of 20 feet and the MME25 with the non-rotating vertical mast lift platform height of 25 feet.