LONDON--(BUSINESS WIRE)--The new truck-mounted aerial work platform (AWP) market research from Technavio indicates negative growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the growing popularity of rentals,” says a senior analyst for Industrials at Technavio. The vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. As the markets recover Technavio expects the truck-mounted aerial work platform (AWP) market size to grow by USD 273.80 million during the period 2020-2024.
Truck-Mounted Aerial Work Platform (AWP) Market Segment Highlights for 2020
- The truck-mounted aerial work platform (AWP) market is expected to post a year-over-year growth rate of -5.28%.
- Based on the end-user, the utility sector saw maximum growth in 2019. The increasing use of rental equipment will be one of the primary factors that will increase the truck-mounted aerial work platform market growth.
- The market growth in the segment will be significant during the forecast period.
Regional Analysis
- 39% of the growth will originate from the Europe region.
- The rising government spending on infrastructural projects is one of the prime factors that will facilitate the truck-mounted AWP market growth in Europe over the forecast period.
- The UK and Germany are the key markets for truck-mounted aerial work platforms in Europe.
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Notes:
- The truck-mounted aerial work platform (AWP) market size is expected to accelerate at a CAGR of over 3% during the forecast period.
- The truck-mounted aerial work platform (AWP) market is segmented by the end-user (Utility sector, Construction sector, and Others) and geography (Europe, North America, APAC, MEA, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including A Time Manufacturing Co., AICHI Corp., Altec Inc., CELA Srl, CTE S.p.A., Manitex International Inc., Morita Holdings Corp., PALFINGER AG, RUTHMANN GmbH & Co. KG, and Terex Corp.
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