Aerial Work Platform Truck Market Size & Trends
The global aerial work platform truck market size was valued at USD 12.19 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030. The surge in demand across the telecommunication sector, especially in China, India, Brazil, Indonesia, and Taiwan, is expected to drive industry growth over the coming years. The rise in maintenance and repair activities in developed regions such as Europe and North America may also catapult the aerial work platform (AWP) truck market demand.
Increasing government investment in the construction industry, rapid infrastructure development, and growing private investment in the real-estate sector, particularly in Asia Pacific, are also estimated to escalate demand over the next few years. The industry is poised for growth owing to rising demand for material handling equipment in manufacturing units and factories and growing concerns regarding worker safety.
The COVID-19 pandemic positively impacted the market for aerial work platform (AWP) truck. The pandemic caused disruptions in various industries, including the construction, manufacturing, and maintenance sectors. As operations gradually resumed, there was a heightened need for efficient and agile equipment like AWP trucks to accelerate the pace of work and meet project deadlines. AWP trucks enable workers to perform tasks at heights quickly and effectively, enhancing productivity and minimizing project delays.
Product Insights
Aerial work platform truck products mainly comprise boom lifts, scissor lifts, vertical mast lifts, and personal portable lifts. The boom lift segment accounted for the largest revenue share of 37.5% in 2022. It may be attributed to increasing usage in intricate architectural settings or confined spaces with limited access. Further, boom lifts offer several benefits, including more platform height, mobility, tight turning radius, standard oscillating axle, and compact design.
The scissor lifts segment is expected to grow at a significant CAGR of 7.6% during the forecast period. Increasing demand in maintenance and installation applications may fuel scissor lifts demand over the next few years. Additionally, operational benefits offered by scissor lifts, such as maneuvering capability in tight spaces, may spur product demand significantly.
End-use Insights
The end-use segments include construction, telecommunication, transport & logistics, and government sectors. The construction segment held the largest revenue share of 35.0% in 2022, owing to increasing government and private investment in the real-estate sector and infrastructure development. Growing concerns regarding worker safety are also anticipated to fuel product demand in this sector.
The telecommunication segment is expected to grow at a significant CAGR of 7.9% over the forecast period. It may be attributed to a surge in demand, particularly for relevant infrastructure across the telecommunication sector, primarily in developing regions such as Brazil, India, and China.
The transport & logistics sector may also grow considerably due to the growing demand for material handling in manufacturing plants. The government sector is expected to be driven by increasing investment in infrastructure development and other related activities.
Regional Insights
North America dominated the market and accounted for the largest revenue share of 31.2% in 2022. The robust construction industry and stringent regulatory scenario regarding regional safety norms drive product demand. Latin America and MEA may also witness an upsurge in demand, attributed to the changing regulations and a rise in government investment for infrastructure development. Additionally, a growing number of large construction projects, especially in Middle east countries, is anticipated to elevate product demand over the coming years.
Asia Pacific is expected to grow at a significant CAGR of 7.5% due to growing infrastructure and heavy investments, both in the commercial and domestic sectors. Smartphone proliferation and the associated need for improved telecom infrastructure may positively impact the industry demand over the forecast period.
Key Companies & Market Share Insights
The industry players are undertaking strategies such as product launches, acquisitions, and collaborations to increase their global reach. For instance, in June 2022, Haulotte, a major French aerial work platform, partnered with Bouygues Energies & Services. As part of the collaboration between the two organizations, Bouygues, an engineering, and services specialist, will conduct real-world testing of a Haulotte MEWP (Mobile Elevating Work Platform) integrated with a hydrogen fuel cell system across multiple construction sites for one year. The following are some of the major participants in the global aerial work platform (AWP) truck market:
AICHI CORPORATION
Altec Industries
Bronto Skylift
CTE
RUNSHARE Heavy Industry Company, Ltd
Calcanto Werbeagentur
Shenyang North Traffic Heavy Industry Group Co., Ltd
Tadano Ltd.
Terex Corporation
TEUPEN Maschinenbau GmbH
Recent Developments
For instance, in February 2023, ACE, Indian material handling and construction equipment manufacturing company, launched India's first electric crane with a lifting capacity of 180 tonnes. These innovations offer real-time monitoring, remote diagnostics, energy efficiency, and reduced environmental impact, aligning with the growing demand for sustainable and connected solutions.
For instance, in February 2021, Oshkosh Corporation, an American industrial company, invested in Micro vast, a provider of next-generation battery technologies for specialty and commercial electric vehicles. This new partnership strengthened and advanced the progress of electrified solutions across the JLG product line, including vertical access lifts, scissor lifts, boom lifts, low-level access lifts, towable lifts stock, order picker lifts, and telehandlers.
In September 2022, Imer, an Italy-based manufacturer, launched IM 5080, a mini scissor lift model, at Bauma, held in Germany. The IM 5080 has a capacity of 230kg, with a total weight of 810kg and one operator. It can be fitted with a manual podium attachment of 6cm, which assures a capacity of 130kg.
In April 2022, ProLift Toyota, a material handling company, merged with another Toyota-owned subsidiary, Toyota Material Handling Ohio. This merger allows ProLift to bring additional resources to the existing customers and expand its operations in central and northern Ohio.
In April 2023 LineWise, a utility company, improved its insulated work platform. One enhancement was adding a hydraulic articulation feature, allowing the jib to reach angles of up to 45 degrees. This modification facilitates access to challenging areas that were previously difficult to reach. The insulated work platform is specifically developed for installation on hydraulically telescoping cranes to increase the utilization of existing equipment.