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Aerial Work Platform (AWP) Market Size

Report ID: GMI689
Published Date: Sep 2023
Report Format: PDF

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Aerial Work Platform (AWP) Market Size

Aerial Work Platform Market size was valued at USD 9.3 billion in 2022 and is estimated to register a CAGR of 10.2% between 2023 and 2032. Construction and infrastructure development projects worldwide are driving the demand for aerial work platforms. The versatility and safety they offer have made them indispensable tools in the construction industry, contributing significantly to the business market growth.

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The proliferation of e-commerce companies has accelerated the construction of warehouses to meet the growing demand for online shopping and fast deliveries. These warehouses often feature high shelving and racking systems, requiring frequent maintenance & inventory management at elevated heights. AWPs have become essential for efficiently accessing and servicing these tall storage structures. As e-commerce continues to expand, the need for AWPs in warehouse construction and maintenance will also increase, thereby driving market growth.

Aerial Work Platform Market Report Attributes
Report Attribute	Details
Base Year:	2022
Aerial Work Platform Market Size in 2022:	USD 9.3 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	10.2%
2032 Value Projection:	USD 24.1 Billion
Historical Data for:	2018 to 2022
No. of Pages:	200
Tables, Charts & Figures:	299
Segments covered:	Product, Type, Platform Height, Application, Region
Growth Drivers:	Proliferation of construction projects across the globe Significant developments in aerial work platforms Rising smart city projects worldwide Emerging AWP rental service providers in the MEA and Asia Pacific Rising investments in infrastructure maintenance activities in Europe and North America Considerable urbanization in Asia Pacific and Europe Advancements in the mining & construction industries of Latin America
Pitfalls & Challenges:	Lack of availability of technicians & skilled operators High maintenance costs of AWPs High initial purchase cost of AWPs

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The high maintenance costs associated with aerial work platforms pose a challenge to the aerial work platform market growth. Regular maintenance, inspections, and repairs are crucial to ensure the safe & efficient operation of these machines. These costs can add up significantly over time, affecting the overall ownership cost for businesses. Companies may hesitate to invest in AWPs or opt for shorter replacement cycles due to the financial burden of maintenance, impacting market expansion despite their many benefits.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of aerial work platform was worth USD 9.3 billion in 2022 and may witness 10.2% CAGR from 2023 to 2032, due to the surge in construction and infrastructure development projects worldwide.

The electric type segment held over 70% of the aerial work platform market share in 2022 and is projected to grow by 2032, due to advantages, such as reduced emissions, quieter operation, and improved energy efficiency.

North America recorded over 35% of the AWP industry share in 2022 driven by the ongoing investment in infrastructure including road construction, bridge repair, and urban expansion.

Zhejiang Dingli Machinery Co., Ltd., Aichi Corporation, Zoomlion Heavy Industry Science and Technology Co., Ltd., Terex Corporation (Genie), Haulotte Group SA, JLG Industries, Inc., and Skyjack, Inc.