Aerial Work Platform (AWP) Truck Market Estimated To Witness High...

Aerial Work Platform (AWP) Truck Market Estimated To Witness High Growth Owing To Rising Construction Activities

Сообщение 2023-12-19 13:16:59

2Кб

Aerial work platform (AWP) trucks, also known as aerial lifts or boom lifts, are specialized vehicles used to provide temporary access for workers and equipment to inaccessible areas, usually at heights. AWP trucks are commonly used in construction, transport, telecommunication, and utility maintenance for tasks such as glass and building facade installation and maintenance, lighting and signage work, overhead line inspection, and repairs. The global AWP truck market features a wide variety of electric, diesel, and hybrid powered vehicle models with boom and scissor lifts ranging from small, compact truck-mounted units to heavy truck load cranes with multi-sectional booms.

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 Dynamics:
One of the key drivers for the growth of the aerial work platform (AWP) truck market is the rising construction activities around the world. Rapid urbanization and growing infrastructure investments in developing countries are fueling demand for cranes and lifts to facilitate various construction tasks such as cladding, glazing, lighting, and HVAC installation and repairs on buildings and structures. According to estimates by Global Construction Perspectives and Oxford Economics, the global construction market is projected to grow by 85% to hit USD 15.5 trillion by 2030 from USD 8.3 trillion in 2020. Furthermore, government initiatives for infrastructure development and construction of utilities such as power transmission and distribution networks are contributing to the utilization of AWP trucks. Manufacturers are also investing in innovative product designs and advanced safety features making the vehicles more user-friendly and fuel-efficient which is further supporting adoption.

SWOT Analysis
Strength: Aerial work platforms (AWPs) offer safer, more productive and efficient access to work at heights. They allow workers to work at heights without the need for ladders or scaffolding which reduces injuries. AWPs enable fast and easy vertical movement reducing manual handling and physical exertion. They provide overhead access to clean, maintain and repair buildings, infrastructure and industrial assets.
Weakness: High initial investment costs of purchasing AWPs can be prohibitive for some small businesses and contractors. Maintenance and repair costs of AWPs can also be high due to complex engineering and moving mechanical parts. Poor ground conditions or unstable surfaces can limit where some wheeled AWPs can be safely used.
Opportunity: Growth in construction, infrastructure and manufacturing industries is driving demand for rental of AWPs. Rising workplace safety regulations is increasing requirements for powered access equipment over manual methods like ladders. Technology advances are enhancing operator safety, precision and productivity of new AWP models. Expanding electric battery powered AWP fleet options are reducing emissions and fuel costs.
Threats: Economic downturns can negatively impact demand from rental companies and contractors. Strict emissions regulations pose transition challenges for engine-powered fleets. Competition from lower-cost imported AWPs is increasing from Asian and European manufacturers. Labor shortages risk delaying or limiting infrastructure and construction projects.

Key Takeaways

The Global Aerial Work Platform (AWP) Truck Market Size is expected to witness high growth. 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 related content comprises the Asia Pacific region currently dominates the AWP market and is expected to maintain its position as the fastest growing region over the forecast period due to strong presence of construction industries and government investment in infrastructure development in major countries like China and India. Europe and North America are also significant mature markets and major producers of AWPs.

Key players related content comprises Key players operating in the aerial work platform 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.

For more insights, read- http://insightfulmarket.weebly.com/blog/the-global-aerial-work-platform-awp-truck-market-growth-accelerated-by-higher-demand-for-fall-protection-equipment