Aerial Lifts Market - Forecasts from 2022 to 2027

The aerial lifts market is expected to grow steadily during the forecast period. Aerial lifts have replaced ladders and platforms on many sites because of their mobility and flexibility. It is used as a means of cable transport in which cabins, cars, or open chairs are pulled above the ground using the cables. Aerial lift systems are generally used in mining and mountainous regions where roads are very difficult to build. These lift systems can be easily moved and are used to cross rivers and canyons. It is also used to handle building maintenance, painting, trimming trees, installing heating, ventilation, and air conditioning services, and inventory management. Aerial lifts are establishing a firmer foothold in the industrial and construction sectors due to the high maintenance of the assets. It is mainly utilized by real estate management companies, manufacturers, construction companies, maintenance service providers, and warehouses. The growth of the market can be attributed to rapid urbanization, an increase in the construction of high buildings, an increase in the number of smart cities, and an increase in investment in the construction market. However, the limited availability of trained operators, high costs, and accidents associated with aerial lifts is a concerns for market growth.

Scissor lifts to drive growth

Working at heights is a vital part of the success of a construction or maintenance project. However, aerial access operations can often result in mishaps when there is a lack of training or proper equipment. Scissor lifts are thus, the preferred equipment for accessing massive heights without fear of any mishap. A scissor lift is regarded as a safe and reliable aerial work platform for workers. The OSHA (Occupational Safety and Health Administration) has implemented standards that employers are required to maintain to protect workers against any possibility of hazards associated with scissor lifts. Further, various kinds of scissor lifts are already covered under OSHA's scaffolding standard. This is thus expected to boost the growth of the scissor lifts segment of the market. In saturated markets, such as North America and Western Europe, technologically advanced equipment is mostly preferred for any job. Thus, OSHA and other associations have developed several standards, which promote the growth of the scissor lifts market.

Japan puts a great impetus on safety standards and due to the presence of a large number of OEMs in the region, it requires a large number of these types of equipment for a wide variety of applications, which is further expected to boost the growth of the market. The largest market by far for scissor lifts is estimated to be North America. For instance, in the US, the ANSI (American National Standards Institute) standards were introduced, following the identical CSA standards that were adopted in Canada. This aided in forming a relationship between safety and productivity in the access market, which represented a new era across the region. Thus, the implementation of these safety standards is expected to help in promoting the use of scissor lifts, which in turn is projected to drive the overall market growth.

Development in construction activities to drive market growth

India is projected to gain traction in the market over the analyzed period as key manufacturers are estimated to gain a competitive edge by delivering cost-effective and environment-friendly products. This can be attributed to the country's increasing construction activities will considerably support this growth. According to the National Investment Promotion and Facilitation Agency, called Invest India, the construction market of India is projected to emerge as the third largest in the world by the year 2025. This, increasing investment in construction activities and infrastructural development is expected to be a key factor enabling market growth in India.

Further, the impetus to the construction sector by Brazil's government is expected to create growth opportunities for the market. The government of Brazil has launched an infrastructure concession program, aimed at developing the country's power transmission lines, railway, country's port, roads, and sanitation. Adding to this, programs such as Plano Decenal de Expansao de Energia 2026 and Minha Casa Minha Vida, which are other government initiatives supporting infrastructural development in the country, are expected to create lucrative opportunities for the aerial lifts market.

Furthermore, Germany is also projected to be a major market owing to the constantly rising demand from the nation's construction sector, which acts as a key growth enabler. According to Destatis, the Federal Statistics Office, the construction industry turnover improved by over 2% in October 2020 in the country, and the trend is expected to continue through the analyzed period, creating lucrative opportunities for the aerial lifts market.

COVID-19 Insights

Due to the outbreak of the COVID-19 pandemic, the entire world was forced to go on a shutdown, causing all labor-intensive activities to come to a halt. Owing to the government regulations to save the people from the pandemic, there emerged a compulsive need to mechanize the labor-dependent work sectors. Factors like the shortage of labor and raw materials resulted in various problems in the development and design of new equipment. All of this created a drastic gap in the industrial supply and demand, impacting the revenues of market players. Numerous factories were shut down, and cross-countries trade restrictions were imposed. Thus, all these factors negatively affected the aerial lift market.

Market Segmentation:

By Type

Electric

Engine Powered

By Application

Construction

Mining

Warehousing & Logistics

Others

By Product

Boom Lifts

Scissors Lifts

Cherry Picker

Spider Lift

By Geography

North America

USA

Canada

Mexico

South America

Brazil

Argentina

Others

Europe

Germany

France

United Kingdom

Italy

Spain

Others

Middle East and Africa

UAE

South Africa

Others

Asia Pacific

China

Japan

South Korea

India

Indonesia

Thailand

Taiwan

Others