PUBLISHER: Grand View Research | PRODUCT CODE: 1376069
PUBLISHER: Grand View Research | PRODUCT CODE: 1376069
The global aerial work platform truck market size is expected to reach USD 21.93 billion by 2030, registering a CAGR of 7.6% from 2023 to 2030, according to a new report by Grand View Research, Inc.. Increasing government investment in the construction sector paired with growing concerns regarding worker safety is expected to drive AWP truck industry growth over the coming years. The growing emphasis on infrastructure development along with rising private investment in real-estate may also spur product demand. In addition, increasing demand for material handling, especially in manufacturing units and factories, is anticipated to significantly fuel AWP truck market growth.
This equipment is primarily used to elevate workers and equipment throughout the maintenance or construction process. The developing telecommunication industry owing to rapidly increasing smartphone users, particularly in Asia, may escalate aerial work platform truck market demand. Industry growth can be attributed to strong economic growth, especially in countries such as India, China, Brazil, and some parts of Europe.
Technological advancements resulting in the development of electrically or hydraulically propelled elevating platforms in order to meet emission standards and cope with growing environmental issues are also anticipated to favorably impact growth. Rising demand application areas such as the construction of wind, solar, and other energy-generation installations may drive revenue over the coming years.