Aerial Work Platform Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)

Aerial Work Platform Market Size

Aerial Work Platform Market Trends and Market Drivers

Technology Advancement Is Biggest Trend

• IoT can enhance aerial lift systems by enabling sensors to collect real-time data on performance, engine health, hydraulic systems, and battery levels and send it to operators remotely, to ensure optimal machine health.
• As the main concern with these lifts is overloading and machine malfunction, this new technology is being used to give real-time alerts and notification during machine failure and overloading, to ensure safety.
• Moreover, autonomous aerial lifts are gaining popularity for operation without human assistance.
• In January 2022, JLG Industries announced a partnership with U.S.-based robotics company RE2 to manufacture a remote-controlled aerial lift with solar panels.

Urbanization and Infrastructure Development Are Driving This Market

• The rapid urbanization and infrastructure development are driving this market.
• As cities are expanding and populations are increasing, the demand for efficient and safe equipment for construction, maintenance, and warehousing is increasing.
• Governments worldwide are investing in the development of bridges, highways, airports, tourism spots, and residential and commercial spaces.
• To improve transportation infrastructure by 2047, India has allocated 3.3% of its GDP to construction.
• Specific plans include a 200,000-kilometer national highway network by 2025, 220 airports and 23 operational waterways by 2030, and 35 multi-modal logistics parks.
• For this, the budgetary outlay has risen to INR 5 lakh crore in FY24 from INR 3.7 lakh crore in FY23.

High Maintenance and Purchase Costs Restrict Market Growth

• Modern AWPs are becoming more expensive to buy and maintain because of the incorporation of advanced technologies, which include IoT sensors, AI-driven safety systems, and batteries.
• Since next-generation AWPs are expensive to buy, only large construction & maintenance, industrial, and warehousing corporations can purchase them; smaller projects must rely on manual labor.
• As a result, many businesses would rather rent AWPs than buy them because renting offers greater efficiency and frees them from the maintenance and purchase expenses.

Aerial Work Platform Market Analysis

Product Insights

• Scissor lifts are the largest category in this market, with a share of 45% in 2024, due to their versatility for various industries and efficiency.
• As they are safe and stable, warehousing and logistics companies prefer them to reduce the risk of an accident or injury. Moreover, they can accommodate multiple workers as they have a wider platform than other AWPs.
• Boom lifts are expected to witness the highest CAGR, of 9.5%, during the forecast period.
• Their extendable arms allow them to access elevated and hard-to-reach areas and offer horizontal and vertical reach.
• They have a reach of about 185 feet, while a scissor lift can reach a 20–50-foot height. This offers the former an advantage while working on tall buildings, electric towers, and other high structures.
• Modern and futuristic hotel projects, such as Epicon in Saudi Arabia, which will have two towers, will offer opportunities in this market.
• The Gulf Railway project, which aims to enhance regional connectivity in Saudi Arabia, the U.A.E., Oman, Bahrain, Kuwait, and Qatar with a total network of 2,177 kilometers, could also drive the demand for AWPs as they can be used in for bridge construction and railway electrification.

Below are the product types considered in the project:

• Boom Lift (Fastest-Growing Category)
• Vertical Lift
• Scissor Lift (Largest Category)
• Others

Lifting Height Insights

• The more than 50 feet category holds the largest share, of 55%, in this market. Lifts with this reach are mostly recommended for high-elevation tasks, to reduce manual labor needs and enhance efficiency.
• This extended height is ideal for the installation of transmission lines, road lighting, signage, and scaffolding systems and work on tall buildings and bridges.
• Moreover, they are recommended for maintenance tasks on buildings and other structures.
• Majorly, boom lifts are used for these tasks.
• The less than 20 feet category will witness the fastest market growth in the forecast period because these variants are easy to use in confined spaces, such as warehouses.
• Moreover, they are suitable for small construction and maintenance works at churches, libraries, schools, hospitals, and other places with ceiling clearance limitations.

The lifting heights covered in this report are:

• Less than 20 feet (Fastest-Growing Category)
• 20–50 feet
• More than 50 feet (Largest Category)

Propulsion Insights

• The internal combustion engine (ICE) category holds the largest share, in 2024 in this market. The conventional engine remains a popular choice due to its high power and performance, making it suitable for heavy-duty tasks.
• Not only is it preferred for its reliability but it is also more cost-efficient than battery-operated aerial lifts, as maintenance and purchase costs are minimal.
• Moreover, they are suitable for longer operational durations, ensuring continuous operation on outdoor job sites.
• The battery electric category is expected to witness the fastest market growth, with a CAGR of 9.7%.
• This is ascribed to the rising demand for emission-free machines, which is why OEMs are shifting to battery-operated aerial work platforms.
• Their carbon emission and noise reduction capability makes them suitable for indoor projects and even outdoor projects in noise-sensitive areas, such as educational campuses and residential colonies.
• Some models even have regenerating braking systems to convert the kinetic energy of braking into stored battery power, to enhance energy efficiency.

The propulsions covered in this report is:

• Internal Combustion Engine (Largest Category)
• Battery Electric (Fastest-Growing Category)
• Hybrid Electric

Level of Autonomy Insights

• The manual category holds the largest share of this market, in 2024. Due to the lack of smart technologies, manually operated machines are cheaper to procure, easier to operate, and cost-effective to maintain.
• A broader range of manual boom lifts, scissor lifts, and vertical lifts than semi- and fully autonomous ones is available with construction/industrial equipment companies.
• With less-complex technology, their maintenance cost is minimal, which makes them preferable among smaller entities for use in construction, warehousing, and retail applications.
• The semi-autonomous category will witness the fastest growth in this market, of 9.4%, over the forecast period.
• To ensure safety and reduce operational errors, AWPs are being integrated with smart technologies, including sensors, automatic leveling, obstacle detection, and stability management.
• With IoT, real-time information can be obtained to predict maintenance and make remote diagnoses, thus increasing efficiency, enhancing safety, and simplifying maintenance.

Below are the levels of autonomy covered in this report:

• Fully Autonomous
• Semi-Autonomous (Fastest-Growing Category)
• Manual (Largest Category)

End User Insights

• The construction category is the largest and fastest growing in this market.
• This is due to the multiple upcoming and ongoing construction projects all over the world.
• For instance, Saudi Arabia’s construction market is estimated to reach USD 70.33 billion in 2024 and USD 91.36 billion by 2029, as per the U.S. International Trade Administration.
• AWPs are important in the construction sector as they enhance productivity, safety, mobility, precision, and cost efficiency.
• Moreover, this market is influenced by the complex architecture and excessive heights of many existing and under-construction buildings, as reaching structures too far off the ground with ladders and scaffolds becomes challenging.
• Modern projects, such as Saudi Arabia’s Trojena, which includes ski villages, luxury family resorts, retail shops, and restaurants, drive this market.

Below are the end users studied in this report:

• Freight and Logistics
• Construction (Largest and Fastest-Growing Category)
• Warehousing
• Others

Regional Analysis

APAC Holds Largest Share of Aerial Work Platform Market

• APAC holds the largest aerial work platform market share, of around 50%, in 2024. This is credited to the ongoing and upcoming construction projects, rapid urbanization, population increase, and growth in the focus on the regular maintenance of residential, commercial, and civic infrastructure.
• The Indian construction industry is expected to reach USD 1.4 trillion by 2025, driven by urbanization and new infrastructure projects. The NIP is investing USD 1.4 trillion in infrastructure development.
• Moreover, 35 multimodal logistics parks (MMLP) will be developed at a total cost of USD 6.1 billion, which will cater to 50% of the country’s freight movement.
• China’s 14th five-year infrastructure plan includes transportation, energy, water system, and urbanization projects with an overall investment of USD 4.2 trillion from 2021 to 2025.
• The Middle East and Africa (MEA) will witness significant growth in the forecast period, driven by the construction of new commercial, industrial, and residential spaces.
• Saudi Arabia’s expansion of transportation infrastructure involves the construction of airports in Riyadh and Jeddah and rail projects to connect the Red Sea to the Arabian Gulf.
• The USD 500-billion NEOM City will have 26,500 square kilometers of energy, water, biotechnical, food, manufacturing, and entertainment projects.
• Moreover, the U.A.E.’s construction sector is predicted to grow at a rate of 4.7% per year by 2028, driven by industrial, energy, and transportation infrastructure development. The country aims to attract USD 148.8 billion in foreign direct investment (FDI) over the next nine years.

The countries and regions analyzed in this report include:

• Asia-Pacific (APAC) (Largest and Fastest-Growing Regional Market)
  • China (Largest Country Market)
  • India (Fastest-Growing Country Market)
  • South Korea
  • Japan
  • Australia
  • Rest of APAC
• Europe
  • Germany (Largest Country Market)
  • U.K. (Fastest-Growing Market)
  • France
  • Spain
  • Italy
  • Rest of Europe
• North America
  • U.S. (Larger and Faster-Growing Country Market)
  • Canada
• Latin America (LATAM)
  • Brazil (Largest and Fastest-Growing Country Market)
  • Mexico
  • Rest of Latin America
• Middle East and Africa (MEA)
  • U.A.E. (Fastest-Growing Country Market)
  • Saudi Arabia (Largest Country Market)
  • South Africa
  • Rest of MEA

Aerial Work Platform Market Share

Many major players dominate the aerial work platform market as they have been operational for many decades. They are working to deliver products with high performance, efficiency, and productivity to major industrial and commercial enterprises. Moreover, they offer a wide variety of aerial lifts with new technologies, especially smart operation and electric propulsion.

Aerial Work Platform Market News

• In April 2024, MEC launched its first DualReach 85-J diesel boom, which functions both like a telescopic and articulated boom lift, thus eliminating the need to buy two separate ones.
• In June 2023, Terex Corporation introduced its substation utility boom, which enables the dielectric isolation of the boom tip from the chassis ground, reducing the need to perform boom tip bounding, along with an articulating Z-boom bucket lift for power stations and other applications.
• In March 2023, Tadano announced plans to introduce technologies that will reduce emissions from its construction equipment by 35% and businesses that use it by 25% by 2030, with the ultimate aim of reaching net-zero emissions by 2050.
• In January 2023, JLG Industries announced its new business structure in the EMEAI region.