June 24, 2024
Aerial Work Platform Truck Market

Aerial Work Platform Truck Market Is Expected To Be Flourished By Infrastructure Development Projects Worldwide

Aerial work platform (AWP) trucks, also known as bucket trucks or boom lift trucks, are specially designed heavy commercial vehicles used for lifting workers and equipment to an elevated working position. These trucks feature booms, buckets, telescopic devices, and elevated platforms to provide stable and secure access to overhead areas of buildings and structures. Aerial work platform trucks are primarily used in construction, telecommunication, arboriculture, and utility infrastructure maintenance activities. They allow workers to reach higher areas safely without climbing or working from ladders. Some common applications include installation and repairs of lighting, electrical wiring, cell towers, rooftop equipment, bridges, commercial signs, and pruning of trees.

The global Aerial Work Platform Truck Market is estimated to be valued at US$ 16,585.87 Bn in 2023 and is expected to exhibit a CAGR of 9.4%  over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.

This growth can be attributed to rising construction of new bridges, roads, residential and commercial buildings around the world which is increasing the demand for AWP trucks for various installation and maintenance activities at height.

Market Dynamics

Infrastructure Development Projects: Rapid urbanization and growing population have boosted the ongoing infrastructure development projects across both developed and developing economies. Mega projects such as construction of bridges, roads, rail networks, power transmission lines require AWP trucks for overhead installation and repair work. According to the World Bank, the global infrastructure investment needs are estimated to be USD 94 trillion by 2040. This rising infrastructure expenditure is expected to drive the aerial work platform truck market during the forecast period.

Growing Demand in Construction Industry: Surging residential and commercial construction activities due to rising disposable income levels are increasing the implementation of AWP trucks. These trucks enable workers to safely access higher areas of building construction sites for tasks such as installations of curtain walls, glass panes, lighting fixtures and signage. Statistics indicate the global construction industry output is forecasted to expand by 85% and reach USD 15.5 trillion by 2030. This burgeoning construction industry will augment aerial work platform truck sales.

Segment Analysis

The global aerial work platform truck market is dominated by the boom lifts sub-segment. Boom lifts accounted for over 35% of the market share in 2023 owing to their versatility and ability to provide working heights of up to 100 feet or more. The boom lifts sub-segment is followed by scissor lifts which held a market share of around 30% in 2023. Scissor lifts are compact in size and are ideal for indoor applications where space is constrained. The telescopic lifts sub-segment is also gaining popularity among end-users for applications that require working heights between 20-40 feet.

PEST Analysis

Political: Governments across major economies have outlined supportive regulatory policies for workplace safety which is boosting the demand for aerial work platform trucks. Certain countries have also implemented stricter emission norms favoring electric aerial work vehicles.
Economic: Strong construction activities along with infrastructure development projects in regions such as Asia Pacific and Middle East are driving the aerial work platform truck market growth. The market is also buoyed by recovery in commercial & industrial investments post COVID-19 pandemic.
Social: Rising worker safety concerns and implementation of safety regulations in industries such as construction, transportation and utilities are propelling the adoption of aerial work platform trucks for access applications.
Technological: Manufacturers are focusing on integrating aerial work platform trucks with technologies such as remote monitoring and operation assistance systems to enhance safety and productivity. Electric and hybrid-electric aerial work vehicles are gaining traction to meet stringent emission standards.

Key Takeaways

The global Aerial Work Platform Truck Market Size is expected to witness high growth over the forecast period of 2023 to 2031. The global Aerial Work Platform Truck Market is estimated to be valued at US$ 16585.87 Bn  in 2023 and is expected to exhibit a CAGR of 9.4%  over the forecast period 2023 to 2031.

Asia Pacific is projected to be the fastest growing regional market for aerial work platform trucks during the forecast period. The aerial work platform truck market in Asia Pacific is driven by strong construction and infrastructure spending in countries such as China and India.

Key players operating in the aerial work platform truck market are Nike, Adidas, Puma, Under Armour, New Balance, ASICS, VF Corporation, Lululemon, Columbia Sportswear, Ralph Lauren, Li Ning, L Brands, H&M, Zara, Uniqlo, Forever21, Gap, Next, Esprit, and C&A. Among these, Nike led the market with over 25% share in 2023 owing to its strong brand recognition and product portfolio in the athletic and sportswear categories. Adidas followed with a market share of around 20% in 2023, driven by its prominent position in the sports-style apparel segment.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it