The global Aerial Work Platform (AWP) Truck Market is critical equipment widely used in various industrial and construction activities for jobs at height. AWP trucks are compact and versatile equipment useful for tasks like inspection, cleaning and maintenance of tall structures. It provides safe and efficient access to work at height through elevated platforms attached to truck mounted hydraulic and mechanical booms, scaffolds, baskets, or buckets.
The global Aerial Work Platform (AWP) Truck Market is estimated to be valued at US$ 14397.45 mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends: The growing construction industry across the globe especially in emerging economies is a major factor boosting demand for AWP trucks. Construction activities require work to be performed at elevate heights for tasks like repair, maintenance, glass cleaning etc. and AWP trucks provide safe and efficient solutions to carry out such high altitude jobs. The rising number of construction projects of buildings, bridges and other infrastructure has augmented the need for advanced access equipment like AWP trucks among contractors. Rapid urbanization and increasing investments in commercial and public infrastructure in developing regions will continue to propel the demand for AWP trucks over the forecast period.
Strength: AWP truck offers flexibility in operation as it can be used for various applications like maintenance and construction tasks at elevated heights. It provides safe and efficient access to difficult work locations.
Weakness: High operational and maintenance costs associated with AWP trucks. Safety risks involved due to working at heights. Skilled operators are required to efficiently operate these trucks.
Opportunity: Growth in construction and infrastructure development activities worldwide along with investments in maintenance of existing infrastructure offers huge market opportunity. Increasing urbanization rate demands advanced equipment for vertical construction works.
Threats: Slowdown in global economy can hamper infrastructure projects and hence demand for AWP trucks. Technological advancements leading to alternatives like drone-mounted tools pose competitive threats.
The Global Aerial Work Platform (AWP) Truck Market Size is expected to witness high growth during the forecast period of 2023 to 2030. The global Aerial Work Platform (AWP) Truck Market is estimated to be valued at US$ 14397.45 mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
Regional analysis: North America dominates the global AWP truck market currently. Growing construction activities across USA and Canada is driving the regional demand. Asia Pacific region is expected to witness fastest growth over the coming years supported by rising infrastructure development projects in China and India. Countries like Japan also contribute significantly to the regional market size.
Key players: 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. These players are focusing on new product launches and expansion in developing markets to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it