Aerial Work Platform Market Size, Share & COVID-19 Impact Analysis, By Product Type (Scissor Lifts, Boom Lifts, Telehandler, Others), By Power Type (Engine Powered, Electric Powered, Hybrid), By Lifting Height (Less than 20 Feet, 20 Feet - 50 Feet, More than 50 Feet), By Application (Construction, Utilities, Transportation, Others), and Regional Forecast, 2022-2029

The global aerial work platform market size was valued at USD 9.24 billion in 2021 and is projected to grow from USD 9.81 billion in 2022 to USD 16.06 billion by 2029, exhibiting a CAGR of 7.3% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with aerial work platform experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global aerial work platform market exhibited a decline of -6.5% in 2020 as compared to 2019.

Aerial work platforms are also known as mobile elevating work platform, cherry pickers, and aerial lifts. They are designed for lifting a person or individual at a certain height as per requirement. They are used across applications such as window cleaning, electricity maintenance, remodeling, logistics, retail, and many more. They can be utilized for indoor as well as outdoor tasks. Aerial lifts have replaced scaffolding and ladders on many job sites, owing to their flexibility and mobility. They may be manually or battery powered aerial lifts. A rapid growth of technological advancements, with mechanization and urbanization globally, has increased the demand for aerial lifts, which drives the aerial work platform market growth. It has features such as high efficiency, versatility, easy to use, cost-effective, lightweight, and compact in size. It is used in construction sites, schools, churches, warehouses, electricity maintenance sites, and others.

A rise in residential and commercial construction activities has risen investments in public infrastructure globally, which boosted the growth of the global market. For instance, in July 2022, the Indian government planned to spend around USD 583.1 million on residential and commercial construction activities in Uttar Pradesh, India. A growth in urbanization results in need for urban space planning and construction related activities, which drives the growth of the market. Governmental initiatives for heavily investing in the private as well as public sectors are supporting the growth of the market. For instance, government initiatives, such as Smart City Mission, plan to spend around USD 27.33 billion to build 100 smart cities across India. Also, rapid manufacturing and infrastructural development in developing countries, such as China, India, Brazil, and others, surges the demand for aerial lifts. In addition, rise in the number of accidents due to improper scaffolding construction and risk of falling also surges the demand for aerial work platforms.

COVID-19 IMPACT

COVID-19 Pandemic Resulted in the Partial or Complete Closures of Construction Activities

Partial or complete lockdown was implemented globally due to COVID-19 outbreak, which resulted in a downfall of many manufacturing processes. In addition, halted construction related activities, manufacturing facilities, and disruption in supply chain influenced undesirably on the growth of the market. For instance, the net sales of Terex Corporation dropped by 52.9% from 2019-2020.

The major players recorded a substantial drop in revenue produced during 2020. For instance, net sales of Manitowoc Company Inc. dropped by around 27% in 2020 as compared to 2019. In the long term, the COVID-19 pandemic is anticipated to have an affirmative impact on the global market. According to different sources, from the second quarter of 2020, the demand for aerial work platforms kept on growing and is set to register a significant growth. Besides, technologically developed products and work on research & development are estimated to hold the process of long-term growth of the market.

Additionally, introduction of vaccines against COVID-19 and safety measures taken by governments across the globe are anticipated to recover the growth of the market by mid-2022 at full pace.

LATEST TRENDS

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Technological Progression in Product to Dynamically Boost Market Growth

Nowadays, key players are focusing on introducing technological advancements with electric powered and remote operated systems to strengthen the market competition. For instance, in November 2021, Zoomlion Heavy Industry Science & Technology Co Ltd based in China launched a new all electric telescopic boom lift to the market. ZT22JE and ZT26JE series telescopic boom lifts are indoor models, which are powered by lithium batteries. These lifts have lifting heights up to 24.4 to 28.7 meters. They are capable of moving by 360⁰ and have four-wheel drive boom lift. It is equipped with an 80-volt lithium battery, which is getting full charge by seven hours. In addition, in 2022, LGMG Europe planned to showcase new electrically powered telescopic boom lifts to the market. It is able to work with heights of up to 36 m to 50 m. In the past few years, these machines have implemented new technological advancements, which is projected to boost the market growth.

DRIVING FACTORS

Increasing Safety Standards Globally to Boost Market Growth

Benefits associated with these products such as portability, flexibility, easy to use, and mobility, which find their application in industries such as construction maintenance and electricity maintenance works. These products require less space compared to other platforms. Replacement of traditional products, such as scaffolding, or ladder with advanced and innovative platforms, contributing market growth. Working at certain heights is quite dangerous sometimes, specifically in building maintenance, light maintenance, and other sites. Traditionally, these operations are performed by using wooden scaffolding or ladder. Also, there is an increase in number of accident cases due to scaffolding construction. These products are used for lifting personnel at certain heights and improving the productivity of work. Vital factors, such as operator training, equipment inspection, experience, and reduced number of incidents, are constantly augmenting operational safety for the application of aerial lifts. Thus, these products could reduce the possibility of accidents at work. Such factors are driving the growth of the market.

RESTRAINING FACTORS

Variation in Raw Material Prices to Hamper Product Demand

Metals, metal alloys, and stainless steel are important raw materials used by producers. The fluctuation in raw material prices can affect the prices of these products and profitability of manufacturers. For example, an increase in the prices of steel, metal, and alloys, which could surge the cost of these products, could impact the product sales. For instance, according to Global Data, prior to COVID-19, in March 2020, the pricing of steel ranges from USD 500 to USD 800. In 2021, the prices of steel grew up by around 200%, and traded at USD 1,800. Hence, the variation in raw material prices is predicted to act as a constraint for the growth of the market.

Preference of Customers Toward Cost-effective Alternatives such as Scaffolding and Ladder is Curbing Market Growth

Alternative products, such as scaffolding, ladder, and others, have been utilized by construction, utilities, and transportation sectors for a long time. This requires low cost and is easy to use. Ladders and scaffolding are lightweight, and are convenient for transportation from one place to another. In terms of aerial lifts, it is difficult to move from one place to another place, specifically in developing nations. In addition, aerial lifts are also utilized in window cleaning and painting applications. Such products require high cost compared to ladder and scaffolding. Such factors are projected to restrain the market growth.

SEGMENTATION

By Product Type Analysis

Significant Development in Aerial Work Platform is Anticipated to Provide a Considerable Growth to Scissor Lifts Segment

By product type, the market is classified into scissor lifts, boom lifts, telehandler, and others. The scissor lifts segment exhibits a highest CAGR of 7.7% during the forecast period. (2022-2029).

The boom lifts segment is projected to propel the strongest growth rate, owing to features such as cost efficiency, easy to use, and low space required to operate. It is used for construction and electricity maintenance sites.

The scissor lifts segment is expected to grow at the highest rate due to features such as remote operated, motorized lifts, and also reduces accidents. It has a special advantage such as it provides multiple height adjustment options.

The telehandler lifts segment is projected to exhibit moderate growth, owing to rise in need to lift heavier loads at construction sites. Also, these machines are anticipated to grow with increasing skyscraper constructions in various economies.

Others segment includes vertical mast lifts and others. Rise in use of vertical mast lifts in construction maintenance, electricity maintenance sites, and logistics sites fuels the growth of the market. In addition, rise in demand for vertical mast lifts and rough terrains across construction, mining, and logistics sectors drives the growth of the market.  

By Power Type Analysis

Engine Powered Segment Set to Observe Significant Growth Due to Features Associated with Engine Powered Devices

By power type, the market is categorized into engine powered, electric powered, and hybrid.

The engine powered segment is growing with substantial growth, owing to many aerial lifts products adopting LPG based engine or diesel engine for operation. Engine powered aerial lift offers features such as energy efficiency, flexibility, and improved productivity.

The electric powered segment is anticipated to witness strong growth, owing to features such as zero emission control, noise control, and environment-friendly. It is basically used for construction sites as well as maintenance sites.

Hybrid segment has decent growth due to upgraded emission standards and limitations in indoor use of engine powered aerial lifts and hybrid aerial lifts.

By Lifting Height Analysis

More than 50 Feet Segment to Dominate the Market Due to Flexibility

By lifting height, the market is categorized into less than 20 feet, 20 feet - 50 feet, and more than 50 feet.

The less than 20 feet segment is set to observe huge growth, owing to their applications in construction, utility, and transportation.

The 20 feet - 50 feet segment is anticipated to witness strong growth due to adoption of these lifts in small as well as large enterprises. It has features such as engine as well as electric powered aerial lifts. Additionally, due to increasing utilization and heavy upsurge in the product demand, manufacturers are focusing on launching new products in this range.

More than 50 feet segment dominates the market as manufacturers are introducing aerial lifts having lifting height up to more than 50 feet Aerial lifts with more than 50 feet in height increase efficiency by providing greater horizontal and vertical reach. Such factors drive the growth of the market.   

By Application Analysis

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Construction Segment Set to Observe Significant Growth owing to Rise in Construction Related Activities

By application, the market is categorized into construction, utilities, transportation, and others. 

The construction segment dominates the market due to rise in residential and non-residential construction activities and government spending in private sectors, which boost the market growth. Scissor lifts and boom lifts are largely adopted at construction and maintenance sites.  

The utilities segment is projected to experience exponential growth, owing to rise in use of scissor lifts and telehandler for electricity maintenance, water management, sewage management, and renewable energy sectors. It offers advantages such as easy to use, fuel saving, and increases safety while performing operations.

Transportation segment is experiencing substantial growth in future, owing to adoption of aerial lifts for indoor operations such as warehouses, trucks, inventory transport, and others. Growth in the transportation industry surges the demand for aerial lifts in logistics and packaging applications, which fuels the growth of the market.

Others segment includes mining, aerospace, and defense sectors. This segment is anticipated to grow with stable growth, owing to rise in construction related activities and establishment of multiple warehouses in diverse geographies. Such instances boost the market growth.

REGIONAL INSIGHTS

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The scope of the global market is characterized into five regions, North America, Europe, Asia Pacific, the Middle East and Africa, and South America.

North America is in the best position to lead the market, owing to strong economic growth in countries including the U.S. and Canada. A good infrastructure industry, and advancements in these products, and also vital numbers of suppliers in the U.S., and Canada contributed positively to the growth of the market in North America.

U.S. to Witness Fastest Growth Attributed to Adoption of Technological Advancements in Aerial Work Platform

Several manufacturers such as Oshkosh Corporation, Terex Corporation, and others have strong product portfolio across the U.S. In addition, it has a well-established infrastructure sector and utility industry, which fuels the demand for these products. Also, it is widely used in various industries such as electricity maintenance, transportation, logistics, and others. This is expected to increase the demand for aerial work platform.

The Asia Pacific region is projected to grow with the highest growth rate, owing to rise in adoption of aerial lifts in mining, construction, utility, and related applications. A rise in government spending on new construction related activities, coupled with rise in demand for aerial lifts, boosts the market growth. For instance, in 2021, the Indian government planned to spend around USD 529.7 million on construction activities. Such instances fuel the market growth.

Europe is growing with steady growth with an increase in product launches by improving the supply chain of these products. Rise in use of smartphones, results in upgrading of telecom towers, which fuels the demand for such products for maintenance purposes. These factors boost the growth of the market.  

The South America market is expected to grow with a decent growth rate, owing to the rise in acceptance of scissor lifts and self-leveling boom lifts for construction purposes. These factors fuel the demand for aerial lifts in South America.

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GCC countries are projected to grow with moderate growth rate due to rise in ongoing construction projects such as Assima Tower Building, Ciel Tower, and others. This is projected to rise the need for aerial lifts for construction activities, propelling the market growth in the Middle East.    

KEY INDUSTRY PLAYERS

Prominent Players Emphasize on Strategies to Develop Overall Market Presence

Chief players have implemented tactics, such as product introductions, acquisitions, and business extension to refine the product portfolio of aerial work platform and improve the geographic location of manufacturers globally. Moreover, key players are more fixated on making investments in R&D activities and developing a wide array of novel products. For instance, numerous companies have recently introduced remotely operated aerial lifts and electric powered aerial lifts. Development of these products is anticipated to attract a wide customer base toward the market over the forecast period.

Oshkosh Corporation and Maxi-Metal Inc. are adopting Acquisition as a Vital Strategy to Refine Product Portfolio  

In June 2022, Oshkosh Corporation acquired Maxi-Metal Inc. based in the U.S. that deals in aerial lifts, commercial pumpers, rescue trucks, wildland trucks, mini pumpers, and fire apparatus. The acquisition is aimed to improve the product portfolio and geographical presence globally.

Additionally, accessibility of supply chain network and franchise network is predicted to fuel the growth of the market.

LIST OF KEY COMPANIES PROFILED:

• Terex Corporation (U.S.)


• Sany Group (China)


• Manitowoc Company Inc (U.S.)


• Tadano Ltd (Japan)


• Liebherr International AG (Netherlands)


• Palfinger AG (Germany)


• Konecrane Co (KUHN Group) – (Switzerland)


• Zoomlion (U.S.)


• Oshkosh Corporation (JLG Industries Inc) (U.S.)


• XCMG Group (U.K.)

KEY INDUSTRY DEVELOPMENTS:

• June 2020 – Haulotte Group launched a new HT16 RTJ boom lift. It is designed for working in demanding projects and challenging environments. It has a weight lifting capacity of 250 kg, and also has a dual load capacity of 350 kg.   


• March 2022 – Haulotte signed a partnership with Jungheinrich AG, which deals in material handling equipment and aerial lift products. The partnership is aimed to introduce new sales and service centers in Norway.


• October 2021 - JCB India Pvt Ltd, a subsidiary of J.C. Bamford Excavators Limited, launched a new range of electric scissor lifts such as S2632E, S1930E, S3246E, and S4046E. It is able to work with heights of 7.71 m, 9.92 m, 11.7 m, and 13.9 m. These machines support scissor lifts and telescopic boom machine.


• February 2020 - Sinoboom launched a new articulated boom lift GTZZ46J. It is basically designed for petrochemical sectors. It can able to working with height of 153 feet. It has features such as long working life, high lifting capacity, flexible, and efficient.


• August 2022 - Zhejiang Dingli Machinery Co Ltd launched a new electric BT44RT boom lift to the market. It is operated by electric, diesel, and hybrid. It has a lifting height of 16 meters to 44 meters. It has a maximum load capacity of 450 kg.  

REPORT COVERAGE

An Infographic Representation of Aerial Work Platforms Market

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The research report focuses on leading regions across the globe to offer a better understanding to end-users. Moreover, the report offers insights into the industry dynamics and analyzes technologies utilized at a rapid pace across the world. It also displays some of the key factors and restraints to help the readers gain in-depth knowledge about the market.

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