April 23, 2024
Aerial Work Platform (AWP) Truck Market
Ict

The Rising Demand for Aerial Work Platform Truck Market is Driven by Innovations in Safety Features

The aerial work platform (AWP) truck market has seen significant growth over the past decade due to rising demand for safer and efficient access to heights for maintenance, construction and infrastructure development activities. AWP trucks provide versatile lifting of people or equipment to overhead work areas through self-propelled hydraulic or mechanical powered platforms along with advanced features like outriggers, railings, guard rails and safety harnesses.

The Global AWP Truck Market is estimated to be valued at US$ 16585.87 Bn in 2024 and is expected to exhibit a CAGR of 9.4% over the forecast period from 2024 to 2030.

AWP trucks are versatile equipment used across industries like construction, shipping & logistics, cell tower maintenance and infrastructure activities. They offer an efficient alternative to ladders, scaffolding or scaffold lifts by providing safe personnel lifting capacity ranging from 250 lbs to 1000 lbs. AWP trucks have platforms that can elevate personnel and machinery to heights ranging from 20 feet to over 100 feet through hydraulic or mechanical booms and scissor lifts. Some key advantages of AWP trucks include reduction of man hours needed for overhead jobs, improved safety compliance over traditional means, multi-directional positioning abilities and ability to work in confined spaces. The growing infrastructure spending and construction activities globally have increased the demand for AWP trucks.

Key Takeaways

Key players operating in the AWP truck market are Nike, Adidas, Puma, Under Armour, New Balance, ASICS, VF Corporation, Lululemon, Columbia Sportswear, Ralph Lauren, Li Ning, L Brands, H&M, Zara, Uniqlo, Forever21, Gap, Next, Esprit, and C&A. Key players are focusing on expanding their product portfolio with advanced features like increased lifting capacity, hybrid-electric powertrains for lower emissions, and enhanced safety systems.

The demand for AWP trucks is growing significantly due to increased infrastructure spending, construction of renewable energy facilities, and rising renovations and retrofitting activities globally. developing economies are witnessing a strong surge in demand due to rapid urbanization and infrastructure development projects.

Global players are expanding their presence in developing markets through partnerships and franchise agreements. Regions like Asia Pacific and Latin America offer high growth potential due to rising construction spending and rapid economic growth. Key players are also focused on scaling up production capacities to cater to growing global demand.

Market Key Trends

One of the key trends in the Aerial Work Platform (AWP) Truck Market Demand  is the increasing adoption of battery-powered electric models. Several top AWP manufacturers have unveiled electric scissor lifts and boom lifts with lithium-ion batteries that offer lower noise and zero emissions operations ideal for indoor and urban workspace environments. Electric AWP trucks are gaining popularity due to growing emphasis on sustainability and environmental-friendly equipment across end-use industries. Features like flexible charging, extended run-time and convenient maintenance are accelerating the shift towards electric truck models.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in AWP Truck market is moderate as the market requires large capital investment, established brand name and distribution channels.

Bargaining power of buyers: The bargaining power of buyers is high in the market as there are many established players and buyers can easily switch to substitutes.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many suppliers for raw materials in the market.

Threat of new substitutes: The threat of new substitutes is moderate as there are few alternatives to AWP trucks available in the market.

Competitive rivalry: The competitive rivalry is high due to presence of many domestic and international brands operating in the market.

Geographical Regions

North America holds the largest share in the global AWP Truck market in terms of value owing to high construction activities and presence of major players in the region.

Asia Pacific is projected to be the fastest growing region during the forecast period driven by increasing infrastructure development projects, growing construction industry and rise in number of construction companies in emerging economies like China and India.

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