Aerial Work Platform (AWP) Industry analysis of effective business strategies 20

Posted by rohit on December 2nd, 2020

Market Overview

An aerial work platform (AWP) or also called elevating work platform (EWP) is a mechanical device that is used to provide momentary access for people or instruments to unreachable areas, especially at height. There are different types mechanized access platforms are available and are referred as scissor lift or cherry picker. The lift functions in it can be controlled by the operator at the control base of the unit on the work platform itself. AWPs are used for various purposes including construction and maintenance work or by firefighters for emergency access in the time of emergency. They are designed to lift limited weight, typically less than one ton, though some have high safe working load.

The global aerial work platforms (AWP) market was valued at US$ 8,454 Mn in 2018 and 91,204 Thousand Units in terms of volume by the end of 2018 and is expected to grow at a CAGR of 6.0% during the forecasted period (2019-2027)

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Market Dynamics

Ambitious constructions companies often prefer to buy their own construction equipment, instead of renting them. This is due to availability of easy and lucrative financing options. Such options offer companies flexible payment terms and increase their purchasing power, which in turn, is expected to boost the demand for aerial work platforms and thereby, drive the market growth during the forecast period.

Aerial work platforms find extensive applications in construction industry and is used to perform tasks such as loading, lifting, and transportation. Moreover, high growth of construction industry, owing to growing urbanization is expected to drive the market growth in the near future. For instance, the global construction industry is expected to be valued at US$ 15 trillion by 2025, up from US$ 8.0 trillion in 2012. Furthermore, according to United Nations DESA, as of 2014, 54% of the world’s population lives in urban areas. According to the same source, this share is expected to increase to 60% by 2050.

Aerial work platform equipment are expensive to purchase, which makes it challenging for small- and medium-sized companies challenging to buy one. There has been a substitution effect that has affected end users to rent the AWP. Moreover, AWPs require timely inspection and maintenance, like other mechanical equipment, which expensive as well. Thus, these factors are expected to restrain the market growth in the near future.

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Key companies operating in the market are Linamar Corporation, JLG Industries, Inc., MEC Aerial Work Platforms, Terex Corporation, Tadano Ltd., Haulotte Group, Mtandt Limited, V-tech Hydraulics, Zhejiang Dingli Machinery Co, Ltd., and Snorkel International, Inc.

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rohit

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rohit
Joined: February 6th, 2020
Articles Posted: 341

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