NEW YORK, Jan. 25, 2021 /PRNewswire/ -- Award winning market research company Fact.MR's recently published aerial work platforms market projects a substantial increase in 2021 over 2020, as the world recovers from the pandemic crisis, leading to a reinvigoration of the construction industry. A stable CAGR is likely for the next 10 years, representing a positive growth outlook.
As per Fact.MR's projections, over half of the global aerial work platforms revenue is expected to be generated by boom lifts. Applications have increased in the wake of rapid infrastructure development such as power and telephone lines, with current projections estimating a valuation of nearly US$ 3 trillion by 2021-end. Hence, manufacturers are investing in intensive research and development programs to dole out new product lines equipped with precision-based solutions.
Furthermore, vendors are increasingly targeting investments across the Asia-Pacific, specifically in the East Asian landscape. China promises to be the most lucrative market, fueled by rising government initiatives to bolster the domestic construction industry. Since May 2020, the local governments across provinces have issued bonds worth US$ 150 billion, surpassing the earlier US$ 101 billion mark in January last year. Opportunities are also expected to abound in India, with the industry likely to rebound at over 11% by 2021-end.
"Burgeoning safety concerns during construction activities has generated increased demand for robust equipment, thus heightening expansion prospects for aerial work platforms in upcoming years. The market is interspersed with several technological breakthroughs aimed at achieving precision in operations," remarks the Fact.MR analyst.
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Key Takeaways from Fact.MR's Aerial Work Platforms Study
- By product type, scissor lifts to enjoy substantial market share, attributed to longer lifespans and quiet working environment
- Construction industry to remain primary end-use segment, mining and agriculture to emerge as some of the other application areas
- U.S likely to account for nearly two-fifths of the revenue share by 2021
- U.K to experience modest Y-o-Y growth, attributed to declining construction output by over a third due to the pandemic crisis
- Stimuli packages unfurled by governments to render French and German markets stable
- Immense growth opportunities likely to present themselves in the Chinese, Japanese and Korean markets
Prominent players profiled in Fact.MR's aerial work platforms report include Haulotte Group, Tadano Limited, MEC Aerial Work Platforms, Oshkosh Corporation, Zoomlion Heavy Industry Science & Technology Co. Ltd., Linamar Corporation, Palfinger AG and Terex Corporation among others.
The aforementioned players are capitalizing on a booming construction and infrastructure market across the Asia Pacific, more specially in China. For instance, Haulotte Group announced in December 2020 that it intends to inaugurate a brand new facility called Fei Long across the East Asian giant, equipped with Industry 4.0 manufacturing capabilities spanning over an area of 80,000 m2 in the Jinagsu Province.
Manufacturers are also emphasizing on restructuring of company operations to widen their outreach. In October 2020, Tadano Group announced the restructuring of its subsidies- Tadano Demag GmbH and Tadano Faun GmbH- with the objective of becoming a global leader in the lifting equipment industry. The intention is to introduce a new line of crawler cranes to its existing product line-up.
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More Insights on the Aerial Work Platforms Market
Fact.MR, in its new offering, presents an unbiased analysis of the global aerial platforms market. The study divulges essential insights on the aerial work platforms market on the basis of product type (scissor lifts, boom lifts, other AWP's), and end use industries (AWP rental service providers, end use industries (construction, entertainment, commercial, manufacturing, others) across seven major regions.
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