Unlike other markets, the aerial work platform (AWP) industry is anticipated to grow at a steady pace in the next decade despite the COVID-19 pandemic. Future Market Insights, an ESCOMAR-certified market research and consulting firm, announced that there is a growing shift towards hybrid lift development, which can help rental equipment companies utilize the flexibility and performance of scissor lifts to propel business forward.
“In addition to keeping long-term alliances with their key buyers, companies are offering training courses for operators and focusing on expanding their product range by including electric, hybrid, or bi-energy scissor lifts to cater the growing demand for aerial work platforms across the world,” said a lead analyst.
A rental investment in the AWP market is anticipated to be a lucrative decision, based on the Scissor Lift Market Report by Future Market Insights — recording a global market value of $4.5 billion by the year of 2031.
The scissor lift market will expand at a 3.5 percent compound annual growth rate (CAGR) with the U.S. accounting for 40 percent of scissor lift purchases. Furthermore, AWP rental services will account for 80 percent of all scissor lift sales. Organizations in the rental industry are expected to focus on expanding their network and creating new growth prospects for manufacturers.
Analysts foresee minor strain on the demand for scissor lifts due to the pandemic. Countries such as Germany and France will exhibit a high demand in scissor lift equipment that will reflect the increased construction activity in their areas. In addition, Japan and South Korea are anticipated to see a positive increase in sales.
On the other hand, manufacturing and supply chain closures globally can have a short-term impact on the consumption of scissor lifts — a situation that will relieve itself in the span of 2021.
Leading companies in the AWP market
Leaders in the AWP market are utilizing new environmental-conscious technology to gain a competitive-edge in the industry. Some of the leading companies include Terex Corporation/Genie, JLG Industries Inc., Linamar Corporation (Skyjack), Snorkel International, and Haulotte Group.
Information provided by the Future Market Insights and edited by Chantal Zimmermann.