Aerial Work Platforms Market is expected to reach US$ 28,951.38 million by 2030
Increasing Trend of Renting Equipment is Driving the Aerial Work Platforms Market Growth
According to our latest market study on "Aerial Work Platforms Market Forecast to 2030 — Global Analysis — by Type and End-user," the market was valued at US$ 16,210.00 million in 2022 and is expected to reach US$ 28,951.38 million by 2030; it is anticipated to record a CAGR of 7.52% from 2022 to 2030.
The increasing trend of renting equipment rather than outright ownership aligns with the evolving needs and preferences of businesses across industries. Renting AWPs provides businesses with a cost-efficient alternative to purchasing, particularly for those with intermittent or project-specific needs. This approach allows companies to allocate capital to other critical areas while still gaining access to advanced and specialized AWP models. Renting allows businesses to access the latest and most advanced AWP models without the upfront capital investment. This is particularly advantageous in industries where technological innovation and efficiency are crucial for staying competitive. Many businesses have short-term or project-specific requirements for elevated work platforms. Renting AWPs caters to these needs effectively, allowing companies to secure the equipment for the duration of the project without the burden of long-term ownership commitments. The rising demand for rental services contributes to the growth of the broader rental industry. For instance, in April 2023, Manlift Group, a Dubai-based aerial work platform rental firm, announced an investment of US$ 27.53 million in the rapidly growing infrastructure development projects in India for the aerial work platforms market in the upcoming five years. A robust rental market encourages competition among suppliers, leading to improved services, expanded fleets, and competitive pricing, further fueling the demand for rented AWPs. Thus, the increasing trend of renting equipment is anticipated to create numerous opportunities for the aerial work platforms market growth during the forecast period.
Aerial Work Platforms Market Share — by Region, 2023
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Source: The Insight Partners Analysis
The ecosystem analysis of the aerial work platforms market encompasses a diverse range of stakeholders that collectively contribute to the planning, design, manufacturing, distribution, utilization, and maintenance of aerial platforms. This ecosystem includes various players involved in different stages of the aerial work platform manufacturing lifecycle.
Terex Corporation, IMER International SpA, Fabrication Authorities International Inc, Hinowa SpA, Tadano LTD, Zoomlion Heavy Industry Na Inc, Sany Palfinger SPV Equipment Co Ltd, Jinan Nostec Equipment Co Ltd, JLG Industries Inc, and Xuzhou Construction Machinery Group Co Ltd are the key manufacturers of aerial work platforms market. These companies design and manufacture aerial work platforms using a variety of materials, technologies, and innovative products. They focus on creating platform components that are safe, durable, and compliant with industry standards.
The aerial work platforms market share of Europe is characterized by its dynamic nature, with key trends and factors shaping its trajectory. The construction sector remains a significant driver, fueling the demand for AWPs in building construction, maintenance, and infrastructure projects. Europe's commitment to stringent safety regulations enhances the importance of AWPs in ensuring secure elevated access.
Despite high inflation rates and geo-political disturbances such as the Russia-Ukraine war, European countries have steadily grown in the construction and manufacturing industries. Residential construction activities in these countries have experienced slow growth due to high interest rates and low disposable income. However, the commercial and industrial sectors have shown a positive outlook due to growing government intervention. The oil & gas industry has also experienced changes in the overall scenario as the countries focused on reducing dependency on Russia and emphasizing domestic production and renewable energy. The growing infrastructure development in the oil & gas industry in terms of power plants, oil refineries, and gas stations is driving the Europe aerial work platforms market growth.
Terex Corporation, IMER International SpA, Fabrication Authorities International Inc, Hinowa SpA, Tadano LTD, Zoomlion Heavy Industry Na Inc, Sany Palfinger SPV Equipment Co Ltd, Jinan Nostec Equipment Co Ltd, JLG Industries Inc, and Xuzhou Construction Machinery Group Co Ltd are among the key aerial work platforms market players profiled during this study. In addition, several other important aerial work platforms market players have been studied and analyzed during the study to get a holistic view of the aerial work platforms market and its ecosystem.
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