Market Overview:
The global 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 2022 to 2030, as highlighted in a new report published by Coherent Market Insights.
Aerial work platform trucks, also known as AWP trucks, are specialized heavy equipment vehicles used for temporary elevated work at heights. They allow elevated access for various applications such as maintenance, construction and repair activities at heights varying from a few meters to over 50 meters. Some key features of AWP trucks include boom or scissor lifts, cradles or platforms for workers, controls to operate movement and vertical lifting from the ground level or platform. They offer significant advantages over traditional means of access such as ladders by providing stable and safe working platforms at heights along with functions to move horizontally and vertically as per the task requirements. The growing construction industry and infrastructure development activities have been driving the demand for AWP trucks.
Market key trends:
Electric AWP trucks are gaining rapid popularity due to various benefits they offer over conventional diesel variants. They are zero emission, do not produce noise pollution and have lower fuel and maintenance costs over the lifetime. Many leading manufacturers have introduced innovative electric truck models with longer run times on a single charge and boosted productivity features. Regulatory push for emission reduction and automation is further propelling the electric AWP market. Intensifying construction of green buildings, renewable energy infrastructure and focus on worksite safety are some of the key trends fueling growth of the global aerial work platform trucks market.
Porter’s Analysis
The threat of new entrants: The aerial work platform (AWP) truck market requires high initial capital investments for manufacturing facilities and extensive R&D which poses barrier for new companies.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and undifferentiated products offered by existing vendors.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of component suppliers and differentiated products.
Threat of new substitutes: Threat from substitutes is low as AWP trucks have applications that cannot be replaced.
Competitive rivalry: Intense competition among existing vendors to gain market share.
Key Takeaways
The global aerial work platform (AWP) truck market is expected to witness high growth, exhibiting CAGR of 11.2% over the forecast period, due to increasing construction spending and infrastructure development projects.
Regional analysis: North America dominates the global AWP truck market currently owing to increased spending on infrastructure projects. Asia Pacific is expected to be the fastest growing region due to rising construction activities in China and India.
Key players operating in the aerial work platform (AWP) 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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile itx
