by The Aerial Work Platform (AWP) Truck Market is estimated to be valued at US$ 11,643.3 Mn in 2022 and is expected to exhibit a CAGR of 11.2% over the forecast period from 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Aerial work platforms, commonly known as AWP trucks or bucket trucks, are essential equipment used for various infrastructure development activities such as construction, maintenance, and repair of buildings, bridges, cell towers, and utility lines. They provide efficient access to elevated workspaces and are safer alternatives to ladders or scaffolds.
Market Dynamics:
The rising infrastructure development activities across the global construction industry are expected to be a key driver for the AWP truck market over the forecast period. Rapid urbanization coupled with growing investments towards construction of roads, highways, railway networks, power transmission & distribution lines, and telecommunication towers are augmenting the demand for AWP trucks. Furthermore, the growing maintenance requirements of existing infrastructure are also supporting the utilization of these trucks. Stringent work-at-height safety regulations in several countries are further boosting the replacement demand for advanced electric and hydraulic AWP trucks.
Market key trends:
One of the key trends in the aerial work platform (AWP) truck market is the increasing development of electric AWP trucks. With growing awareness about environmental pollution and focus on reducing carbon emissions, manufacturers are increasingly focusing on developing electric AWP trucks. For instance, JLG Industries has developed boom lifts, scissor lifts and telehandlers that are fully electric. The electric AWP trucks have lower operational costs, produce zero emissions, and require less maintenance compared to diesel or gasoline powered trucks. This trend is expected to gain significant traction in the coming years.
SWOT Analysis
Strengths: Electric AWP trucks have lower fuel and maintenance costs compared to diesel/gasoline variants. They also produce zero emissions, thus helping construction companies adopt more environment-friendly equipment.
Weaknesses: Limited battery backup reduces productivity. High initial costs of electric trucks compared to traditional variants.
Opportunities: A strong focus on renewable energy and electric vehicles will drive demand. Growth in infrastructure projects in developing nations provides new markets.
Threats: Slow adoption due to constraints around battery technology and charging infrastructure currently. Dependent on raw material price volatility for batteries.
Key Takeaways
The global aerial work platform (AWP) truck market size was valued at US$ 11,643.3 Mn in 2021 and is expected to grow at a CAGR of 11.2% during 2022-2030. Rising infrastructure development activities along with increasing construction of commercial and residential buildings are key factors driving the growth of the AWP truck market.
North America accounted for the largest share in the global AWP truck market in 2021 owing to high investment in infrastructure projects across the US, Canada. Additionally, stringent norms regarding worker safety and presence of prominent industry players in the region has further contributed to the market growth.
Some of the prominent players operating in the aerial work platform truck market are 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. Key players are focusing on developing innovative electric models to comply with emission norms and gain a competitive edge in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
