Global Aerial Work Platform (AWP) truck market size is expected to attain USD 8000.0 million in 2022, growing at a CAGR of over 18% from 2015 to 2022. Rising infrastructure developments owing to increasing real estate investments is anticipated to drive AWP truck market growth. Rising construction activities owing to increasing investments from private and government sector in huge infrastructure plans is likely to propel demand.
Increasing demand in telecommunication industry owing to increasing smartphone users is anticipated to fuel the global demand. Increasing maintenance activities in numerous developed regions namely North America and Europe is anticipated to boost the industry. In addition, escalating worker safety concerns accompanied by increasing demand for material handling equipment in factories as well as in manufacturing units is expected to surge the industry growth.
Growing use of in disaster management operations, repairs of high tension power lines and applications in defence industry is expected to be the key factor driving the aerial work platform truck market demand. Organizing events and occasions such as music concerts, business events and increasing festival organization are expected to prominently impact the industry.
Lack of authorized trained personnel among workforce is expected to hamper aerial work platform truck market growth. However; annual maintenance and preventive maintenance contracts are expected to serve as potential avenues for huge profit opportunities in the industry. In addition, booming demand for scissor lifts and boom lifts in construction activity owing to elevate work force as well as equipments is likely to fuel demand over the forth coming years.
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Boom lifts was the leading product segment and was valued over USD 750 million in 2014. It is estimated to be the fastest growing segment. Scissor lifts segment is expected to grow at a CAGR of over 18% owing to rising installation and maintenance demands. Operational advantage such as moveable capability in tense spaces is likely to boost its demand.
Construction was the leading end-use segment and accounted for more than 30% of the overall industry share in 2014. It is expected to grow at a CAGR of over 18% from 2015 to 2022. Increasing infrastructure development and large construction projects especially in developing countries such as China, India and Brazil are anticipated to propel aerial work platform trucks demand for construction process.
Telecommunication is estimated to be the second largest growing segment with expected industry share of over 20% and it is estimated to be valued over USD 2000.0 million by 2022. Increasing adoption of smartphones especially in Asia Pacific region for better telecommunication infrastructure may spur AWP truck market demand over the coming years.
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Asia Pacific aerial work platform truck market was valued over USD 540.0 million in 2014 and is estimated to be the fastest growing region with a CAGR of over 18% from 2015 to 2022. Increasing infrastructure development coupled with developing telecommunication sector is anticipated to fuel demand in the region.
North America AWP truck market is expected to be the second largest growing region due to positive outlook from application segments. It is estimated to be valued around USD 2,500.0 million by 2022.
Competitive Market Share
The global aerial work platform truck market share is highly fragmented, with the top four companies accounting for large percentage of share. Terex Corporation was the key share holder in 2014. Companies such as Terex Corporation, Aichi Corporation, Haulotte and Tadano Limited are the key industry participants.
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