LONDON--(BUSINESS WIRE)--The global aerial work platform truck market size is poised to grow by USD 1.89 billion during 2020-2024, progressing at a CAGR of over 8% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The rise in construction activities across countries is the major factor in driving the market growth. The AWP truck is witnessing high demand due to the increasing number of new constructions in several developed and developing countries. Aerial lifts, especially boom lifts, are widely used for constructing high-rise buildings. Several countries such as China, India, Saudi Arabia, the UAE, Malaysia, and Indonesia are witnessing significant growth in income levels and urbanization. The AWP truck market is expected to grow during the predicted period due to the transition of the population from rural to urban areas which will require high investments for developing new housing and public infrastructure.
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- The major aerial work platform truck market growth came from boom lifts segment. These lifts are ideal for use in confined spaces such as an apartment building construction project in dense, urban areas. Boom lifts are widely used in AWP trucks because of its several benefits, such as maneuvering up, ability to accommodate in tight work areas, and ability to achieve difficult positioning. However, market growth in this segment will be slower than the growth of the market in the scissor lifts, and vertical mast lifts segments.
- North America was the largest aerial work platform truck market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. Growing demand for technologically advanced construction machinery, rapid growth in the number of commercial and residential infrastructural projects, and rising need to provide safe working conditions to workers will significantly influence aerial work platform truck market growth in this region.
- The global aerial work platform truck market is fragmented. Altec Inc., Bronto Skylift Oy Ab, Haulotte Group, Linamar Corp., Manitex International Inc., Manitou BF, Oshkosh Corp., Tadano Ltd., Terex Corp., and Toyota Industries Corp. are some of the major market participants. To help clients improve their market position, this aerial work platform truck market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global aerial work platform truck market 2020-2024 is expected to have Negative. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/aerial-work-platform-truck-market-industry-analysis
Growing Adoption of Electric and Hydraulically Propelled AWP Trucks will be a Key Market Trend
The harmful effects of GHG emissions by fossil-fuel operated AWP trucks, such as air pollution and ozone depletion, have resulted in increasing demand for low-emission vehicles. Market vendors are introducing electric and hydraulically propelled AWP trucks that have reduced or zero emissions. Hybrid AWP truck models running on a combination of two different power sources help in increasing rental flexibility and boosting machine utilization. The growing adoption of electric and hydraulically propelled AWP trucks, which is one of the critical aerial work platform market trends, will positively influence the growth of the market during the forecast period.
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Aerial Work Platform Truck Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist aerial work platform truck market growth during the next five years
- Estimation of the aerial work platform truck market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the aerial work platform truck market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of aerial work platform truck market vendors
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Value chain analysis
- Market segmentation analysis
PART 04: MARKET SIZING
- Market definition
- Market sizing 2019
- Market size and forecast 2019-2024
- Market Outlook
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY PRODUCT
- Market segmentation by product
- Comparison by product
- Boom lifts - Market size and forecast 2019-2024
- Scissor lifts - Market size and forecast 2019-2024
- Vertical mast lifts - Market size and forecast 2019-2024
- Personnel portable lifts - Market size and forecast 2019-2024
- Market opportunity by product
PART 07: CUSTOMER LANDSCAPE
PART 08: MARKET SEGMENTATION BY END-USER
- Market segmentation by end-user
- Comparison by end-user
- Construction - Market size and forecast 2019-2024
- Telecom - Market size and forecast 2019-2024
- T&L - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by end-user
PART 09: GEOGRAPHIC LANDSCAPE
- Geographic segmentation
- Geographic comparison
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity
PART 10: DECISION FRAMEWORK
PART 11: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 12: MARKET TRENDS
- Use of telematics for fleet management
- Growing adoption of technology and innovations in AWP trucks
- Growing adoption of electric and hydraulically propelled AWP trucks
PART 13: VENDOR LANDSCAPE
- Landscape disruption
- Competitive scenario
PART 14: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Altec Inc.
- Bronto Skylift Oy Ab
- Haulotte Group
- Linamar Corp.
- Manitex International Inc.
- Manitou BF
- Oshkosh Corp.
- Tadano Ltd.
- Terex Corp.
- Toyota Industries Corp.
PART 15: APPENDIX
- Research methodology
- List of abbreviations
- Definition of market positioning of vendors
PART 16: EXPLORE TECHNAVIO
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.