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The Truck-Mounted Aerial Work Platform (AWP) Market size is estimated to grow at a CAGR of 6.3% between 2022 and 2027 and the size of the market is forecast to increase by USD 1,623.11 million. The growth of the market depends on several factors, such as the increased government spending on infrastructure in APAC, the rapid growth in the power utility sector, and the use of truck-mounted AWPs as a substitute for scaffolding.
This report extensively covers market segmentation by end-user (utility sector, construction sector, and manufacturing and others), product type (boom lifts, scissor lifts, vertical mast lifts, and personnel portable lifts), and geography (Europe, North America, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Truck-Mounted Aerial Work Platform (AWP) Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
In the APAC region, a number of public infrastructure projects have been envisaged or are underway in different APAC countries such as India, China, and Japan. Many of these projects are large in terms of investments. Many countries in APAC give high importance to infrastructure development because infrastructure spending is directly proportional to economic growth. This is because rapid economic growth provides jobs and ensures important services such as energy and housing.
Moreover, a country with a strong infrastructure encourages multinational companies (MNCs) to make heavy investments and set up their establishments. Infrastructure has an impact not only on overall economic development but also on living standards and the Human Development Index of a country. This helps respond to a variety of needs arising from population growth and the rise in citizens' spending power. It is expected to drive the demand for truck-mounted AWPs in APAC, thereby driving the growth of the truck-mounted aerial work platform market in focus during the forecast period.
In order to prevent or reduce the amount of environmental and noise pollution and emissions resulting from construction activities, AWPs mounted on electric vehicles are gaining traction. Electric trucks mounted with AWPs find higher adoption in urban areas for city maintenance of public lighting and street signs or for indoor work. These electric truck-mounted AWPs offer high performance and are of compact size.
However, these vehicles are highly valued because of their compact size, and they can be used on the sides of roads and on pavements without impeding other traffic. They're becoming a very common means of work for high-level building and maintenance activities that don't require much time to finish. Such trends are expected to drive the growth of the global truck-mounted aerial work platform (AWP) market during the forecast period.
With regard to national and regional macroeconomic conditions, the construction sector is highly sensitive. A period of moderate but slow growth and unprecedented turmoil in the building sector, which has negative consequences for the construction industry, is currently underway in both the US and Europe. However, continued uncertainty around prevailing economic conditions will have a negative impact on the construction industry and will continue to pose a risk as project operators may postpone spending in response to tighter credit or due to a decline in income or asset values and negative financial news like the recession in Germany.
Therefore, foreign direct investments and delayed government aid in countries such as Germany, which could lead to delays or cancellations of projects, are also being depressed by increasing uncertainty about economic growth. Such factors are anticipated to reduce investment in construction equipment. This, in turn, will hinder the adoption of truck-mounted AWPs, hence, hindering the growth of the market in focus during the forecast period.
The utility sector segment will account for a major share of the market's growth during the forecast period. Truck-mounted AWPs are used during the construction of transmission grids, power generation facilities, renewable power generation, installations for electricity and heat generation, solar thermal power stations, biomass facilities, and wind power installations.
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The utility sector segment was valued at USD 2,001.78 million in 2017 and continued to grow until 2021. The power industry also requires truck-mounted AWPs for maintenance purposes, which are an essential but lesser-known aspect of operations at power generation sites around the world. The rising demand for energy is helping to support the growth in this sector of power production, which leads to a need for AWPs mounted on trucks.
The construction sector requires truck-mounted AWPs during construction and maintenance activities in residential buildings, commercial buildings, and various transportation infrastructures. The growing aging of infrastructure in developed economies and increased investment in infrastructure worldwide are expected to increase the world's spending on infrastructure development from 2023 to 27. Among the various infrastructure projects, transportation infrastructure is anticipated to be the fastest-growing segment during the forecast period. The increasing use of truck-mounted AWPs instead of scaffolding while carrying out the repair, maintenance, and refurbishment activities in the construction segment is expected to boost the growth of the market in focus during the forecast period.
Based on the product type, the truck-mounted AWP market has been segmented into boom lifts, scissor lifts, vertical mast lifts, and personnel portable lifts. Boom lifts emerged as a leading product type in 2022 in the market in focus, and the segment is expected to witness significant growth due to several factors. Because of their extended reach, portability, and stability, truck-mounted boom lifts are considered to be the most appropriate option in a variety of sectors like construction or telecommunications. Advances in technology that promote efficiency and safety on job sites include the integration of telematics and remote monitoring, which accelerate the growth of the market in focus. These factors will encourage the boom lift segment to expand significantly over the next few years and hence, drive the development of the global truck-mounted aerial work platform market during the forecast period.
As a product type, scissor lifts played a significant role in the growth of the global truck-mounted AWP market in 2022. Scissor lifts are widely used in a variety of industries, including utilities, maintenance, and construction, because of their versatility and improved vertical reach. The growth of this sector is driven by the need for more efficient and safer aircraft access equipment. The increasing government investment in development projects and maintenance activity is the reason why it is necessary to install these adaptable platforms, which enable workers to access work sites with efficiency and safety. Hence, owing to these factors, the market in focus is expected to witness significant growth during the forecast period.
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Europe is estimated to contribute 46% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The regional market in focus is anticipated to grow steadily during the forecast period, driven by the demand primarily in countries such as Germany, Italy, the UK, France, and Spain. The increase in demand for aircraft platforms such as truck-mounted AWPs is being driven by rising construction projects across the region, and a growing public commitment to shift energy consumption from fossil fuels towards renewables., which can be easily used for inspection, repair, and installation work. Such factors will increase the market growth in this region during the forecast period.
In 2020, the outbreak of COVID-19 severely impacted the growth of the regional market in focus. However, the lifting of lockdown restrictions and the large-scale COVID-19 vaccination drives conducted by the governments in the region helped construction activities in the region resume completely in 2021. The European Union intends to invest USD 3.8 trillion in renewable energy sources, a majority of which will be spent on wind and sun projects. Few factors will create opportunities for the vendors in the regional market in focus during the forecast period, propelling the regional market in focus to grow steadily.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Altec Inc. - The company offers truck-mounted aerial work platforms such as Altec Truck Mounted Boom Lift Insulated, for the electric utility, telecommunications, tree care, construction, and lights and signs markets.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
Altec Inc., Cmc SRL, CTE SpA, Ebara Corp., Hidrokon Konya Hidrolik Makine Sanayi and Ticaret AS, Hunan Sinoboom Intelligent Equipment Co. Ltd., J C Bamford Excavators Ltd., Klubb Srl, Linamar Corp., Manitex International Inc., Morita Holdings Corp., Niftylift Ltd., Oshkosh Corp., PALFINGER AG, Ruthmann Holdings GmbH, SOLEM SA, Tadano Ltd., Terex Corp., Time Manufacturing Co., and Toyota Motor Corp.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The truck-mounted aerial work platform (AWP) market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Truck-Mounted Aerial Work Platform (AWP) Market Scope |
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Report Coverage |
Details |
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Page number |
173 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.3% |
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Market growth 2023-2027 |
USD 1,623.11 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
5.4 |
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Regional analysis |
Europe, North America, APAC, Middle East and Africa, and South America |
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Performing market contribution |
Europe at 46% |
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Key countries |
US, China, UK, Germany, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Altec Inc., Cmc SRL, CTE SpA, Ebara Corp., Hidrokon Konya Hidrolik Makine Sanayi and Ticaret AS, Hunan Sinoboom Intelligent Equipment Co. Ltd., J C Bamford Excavators Ltd., Klubb Srl, Linamar Corp., Manitex International Inc., Morita Holdings Corp., Niftylift Ltd., Oshkosh Corp., PALFINGER AG, Ruthmann Holdings GmbH, SOLEM SA, Tadano Ltd., Terex Corp., Time Manufacturing Co., and Toyota Motor Corp. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Product Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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