Aerial Work Platform (AWP) Truck Market: Rapidly Evolving Industry…… COVID-19….



The global aerial work platform (AWP) truck market is expected to reach USD 8.0 billion by 2022, according to a new report by Grand View Research, Inc. Increasing government investment in construction sector paired with growing concerns regarding worker safety is expected to drive AWP truck industry growth over the coming years. Growing emphasis on infrastructure development along with rising private investment in real-estate may also spur product demand. In addition, increasing demand for material handling, especially in manufacturing units and factories, is anticipated to significantly fuel AWP truck market growth.
The global construction industry, once thriving with increased investments, has been severely affected by the suspension of the construction activities in the wake of the ongoing pandemic. Shortage of labors coupled with potential supply chain bottlenecks of materials and equipment is expected to cause project delays in the ongoing funded projects and may lead to reduced spending in the upcoming projects. Uncertainty around the actual duration of the prevailing lockdown makes it hard to anticipate how a recovery in the construction industry will unfold. On similar lines, the HVAC industry has been adversely affected by the COVID-19 outbreak due to the shutting down of several component manufacturing facilities across China, European countries, Japan, and the U.S. This has consequently led to a significant slowdown in the production of HVAC equipment. Lockdowns imposed by the governments in the wake of the Covid-19 outbreak has not only affected manufacturing but also pegged back the consumer demand for HVAC equipment. The report will account for Covid19 as a key market contributor.
This equipment is primarily used to elevate workers and equipment throughout the maintenance or construction process. The developing telecommunication industry owing to rapidly increasing smartphone users, particularly in Asia, may escalate aerial work platform truck market demand. Industry growth can be attributed to strong economic growth, especially in countries such as India, China, Brazil, and some parts of Europe.
Technological advancements resulting in the development of electrically or hydraulically propelled elevating platforms in order to meet emission standards and cope with growing environmental issues are also anticipated to favorably impact growth. Rising demand application areas such as construction of wind, solar and other energy-generation installations may drive revenue over the coming years.
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https://www.grandviewresearch.com/industry-analysis/global-aerial-work-platform-truck-market/request/rs1
Further key findings from the study suggest:
·         Boom lifts market is poised for high growth over the next six years owing to increasing usage of these lifts for tricky architecture or smaller spaces with limited access. This can be further attributed to the several benefits offered by these lifts such as mobility, tight turning radius, standard oscillating axle, and compact design.
·         Construction applications accounted for over 30% of the overall AWP truck industry in 2014, and are expected to witness high growth over the forecast period. Growing infrastructure development and private investment in real-estate are expected to be key factors responsible for growth in this sector.
·         Telecommunication industry is expected to exhibit high growth, which can be attributed to increasing number of smartphone users particularly in Asia. Smartphone proliferation and the associated need for improved telecom infrastructure for better connectivity are expected to elevate demand in the telecommunication industry.
·         North America captured a sizable share of the aerial work platform truck market in 2014, which can be attributed to considerable technological advancements. In addition, increasing maintenance and repair activities coupled with growing concerns and norms regarding worker safety are further propelling product demand in this region.
·         Key industry players such as Tadano, Aichi, Terex and Haulotte focus on automating manufacturing process so as to improve product quality and reliability. Mergers & acquisitions also form a part of core business strategy. Industry participants also emphasize on mergers and collaborations as it helps in joint sales and marketing efforts and product development.
The global aerial work platform truck market size was estimated at over USD 2 billion in 2014. 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. Rise in maintenance and repair activities in developed regions such as Europe and North America may also catapult aerial work platform (AWP) truck market demand.
Increasing government investment in the construction industry and rapid infrastructure development coupled with growing private investment in the real-estate sector; particularly in Asia Pacific is 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 coupled with growing concerns regarding worker safety.
Aerial work platform truck products mainly comprise boom lifts, scissor lifts, vertical mast lifts and personal portable lifts. Boom lifts are estimated to exhibit high growth and account for the majority of the market share over the next few years. This may be attributed to increasing usage in intricate architectural settings or confined spaces with limited access. Further, boom lifts also offer several benefits including, more platform height, mobility, tight turning radius, standard oscillating axle and compact design.
Scissor lifts and vertical mast lifts segment accounted for over 45% of the global aerial work platform truck industry in 2014. 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 also spur product demand significantly.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/aerial-work-platform-truck-market
Grand View Research has segmented the global aerial work platform truck market on the basis of product, end-use:
Aerial Work Platform Truck Product Outlook (Revenue, USD Million, 2012 - 2022)
·         Boom Lifts
·         Scissor Lifts
·         Vertical Mast Lifts
·         Personnel Portable Lifts
Aerial Work Platform Truck End-Use Outlook (Revenue, USD Million, 2012 - 2022)
·         Construction
·         Telecommunication
·         Transport & Logistics
·         Government
·         Others
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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