May 22, 2024

The Aerial Work Platform (AWP) Market Is Driven By Growing Construction Industry Globally

 AWPs offer safe, stable and efficient platforms for workers to perform tasks at heights, without the need for dangerous ladders or scaffolding. The growing construction industry across both residential and commercial sectors has fueled the demand for AWPs, as they allow builders to easily install windows, assemble scaffolding, perform repairs, mount signage and work on infrastructure projects safely at elevated positions. Various types of AWPs include boom lifts, scissor lifts, personnel portable lifts and straight boom lifts, which offer versatile lift height ranges from a few feet to over 100 feet based on job requirements. AWPs provide an economical solution to work at heights compared to the installation and dismantling of ladders or scaffolding. They also reduce man hours spent on manual lifting and improve productivity.

The global Aerial Work Platform Market is estimated to be valued at US$ 40.95 Mn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the AWP market is the growing demand for electric and battery-powered aerial work platforms. Traditionally, diesel and gas-powered AWPs have been commonly used. However, strict emissions regulations along with noise and hydrocarbon pollution concerns have led rental companies and contractors to shift towards clean electric options. Electric aerial lifts offer numerous advantages such as zero emissions, quiet operation for indoor use, low maintenance costs and reduced fueling requirements. Leading manufacturers have introduced new electric scissor, boom and telehandler lifts with extended battery ranges. For instance, electrical scissor lifts can now achieve operating times of over 8 hours on a single charge. This has significantly expanded the usability of electric AWPs for a wide variety of construction and facility maintenance tasks. The growing emphasis on sustainability and greener operations across industries will continue driving demand for electric aerial work platforms in the coming years.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the AWP market requires heavy investments in assets and equipment.

Bargaining power of buyers: The bargaining power of buyers is high as there are multiple established players offering similar products in the market.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required are standard but suppliers have established relationships with OEMs.

Threat of new substitutes: The threat of new substitutes is low as AWPs have specialized application and there aren’t close substitute products.

Competitive rivalry: Competition in the market is high as major players globally operate in the market.

Key Takeaways

The Global Aerial Work Platform (AWP) Market Size is expected to witness high growth. The global Aerial Work Platform Market is estimated to be valued at US$ 40.95 Mn in 2024 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030.

The North American region currently dominates the AWP market due to stringent workplace safety regulations. The Asia Pacific region is expected to witness the fastest growth in the forecast period due to increasing construction activities.

Key players operating in the AWP market are Quest Diagnostics, Eurofins Scientific, SYNLAB International, Sonic Healthcare, LabCorp, Unilabs, Lifelabs, Healthscope, Clinical Reference Laboratory, ACM Medical Laboratory. Quest Diagnostics and LabCorp are the leading players in the market.

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