PUBLISHER: Grand View Research | PRODUCT CODE: 1301185
PUBLISHER: Grand View Research | PRODUCT CODE: 1301185
The global aerial work platform market size is expected to reach USD 33.78 billion by 2030, registering a CAGR of 8.9% from 2023 to 2030, according to the recent reports of Grand View Research, Inc. The growth of the construction sector, especially in developing countries, has significantly contributed to the expansion of the market. Rapid urbanization, infrastructure development initiatives, and the need to maintain & repair existing structures have created a strong demand for reliable and safe aerial lifts. Aerial work platforms are primarily used in construction and maintenance activities across diverse industries, enabling tasks, such as efficient product placement, storage of goods in warehouses, and various other applications.
The market is influenced by economic conditions and geopolitical factors. Economic downturns, recessions, and fluctuations in currency exchange rates can have a direct impact on construction and infrastructure development projects, resulting in a decrease in demand for AWPs. Moreover, geopolitical tensions, trade disputes, and regulatory uncertainties can disrupt global supply chains, making it difficult for manufacturers to source raw materials and distribute their products efficiently. These factors pose challenges to the market and can affect its overall performance. The functionality and efficiency of AWPs have been significantly enhanced through technological advancements.
Manufacturers are integrating innovative features, such as telescopic booms, articulating arms, self-leveling capabilities, and advanced control systems. These developments have expanded the range of applications for AWPs and improved their overall performance, making them more appealing to end-users. For example, the rise of automated warehouses in developed countries has created a need for numerous single-scissor lifts, double-scissor lifts, and other lifting tables for product and pallet placement. Substantial funding and investments from various e-commerce and logistics companies worldwide in constructing warehouse buildings are expected to contribute significantly to the overall growth of the market.