LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global aerial work platform truck market to grow at a CAGR of close to 8% during the period 2018-2022, according to their latest market research report.
In this report, Technavio highlights the increased penetration of the rental model as one of the key emerging trends in the global aerial work platform truck market. The shift of end-users toward renting aerial work platform truck rather than owning one is one of the recent trends in the global aerial work platform truck market. The increasing rentals of aerial work platform trucks will lead to a rise in the purchase of such vehicles by rental organizations, to keep their fleet updated with the latest models. Various end-users prefer to rent truck-mounted cranes rather than purchase them due to the unstable nature of the construction industry. Market consumers often choose to rent aerial work platform trucks instead of making a purchase owing to the temporary requirements for aerial work platforms trucks in building projects and maintenance activities.
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In this report, Technavio analysts highlight the growing demand from the construction industry as a key factor contributing to the growth of the global aerial work platform truck market:
Global aerial work platform truck market: Growing demand from the construction industry
The number of new construction in several developed and emerging countries is on the rise after a prolonged depression in the global construction market. In regions such as APAC and EMEA, the demand for aerial work platform trucks is expected grow significantly. Countries such as China, India, Saudi Arabia, the UAE, Malaysia, and Indonesia are witnessing a rise in the income levels and rapid urbanization. This is shifting a substantial share of the population toward urban cities and towns.
According to a senior analyst at Technavio for construction, “The transition of the population from rural to urban areas will need significant investments in order to develop new housing and public infrastructure, which is expected to present major growth opportunities for the global aerial work platform truck market.”
Global aerial work platform truck market segmentation
This market research report segments the global aerial work platform truck market into the following products (boom lifts, scissor lifts, personal portable lifts, and vertical mast lifts), end-users (construction, telecom, and T&L), and key regions (the Americas, APAC, and EMEA).
Of the three major end-users, the construction segment held the largest market share in 2017, accounting for nearly 35% of the market. The market share for this end-user is expected to decrease by 2022. The fastest growing end-user is telecom, which will account for nearly 24% of the total market share by 2022.
The Americas was the leading region for the global aerial work platform truck market in 2017, accounting for a market share of nearly 38%. By 2022, APAC is expected to register the highest growth rate.
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