A new study by Future Market Insights on global aerial work platform projects that the market was valued at $ 8.6 billion in 2019 and is slated for a steady growth trajectory through the forecast period (2020-2030).
In the short-term, the market will stand vulnerable to prevailing economic headwinds amid COVID-19 as a result of weakness in the construction industry. This hasn’t deterred manufacturers from making major announcements in recently concluded expos. Product innovations in terms of new product launches such as telehandlers and boom lifts with record sizes will help expand profit pools of manufacturers through 2030
“Digitalization will bring about immense reform in the competition landscape of the aerial work platform market. Effective management of contracting and procurement of aerial work platforms through a digitized supply chain will help to reduce wastage in processes and ramp up delivery of equipment in near term,” says a study analyst.
Key Takeaways from Aerial Work Platform Market Study
- The aerial work platform market will grow at a CAGR of 5.8% through the forecast period (2020-2030)
- The new American National Standards Institute (ANSI) standards for MEWPs to standardize processes, training, and worker safety will boost market prospects
- Electrically-powered aerial work platforms will account for sizable share on back of sustainable construction practices that are bolstering the demand for these work platforms
- Strategic partnerships with rental service providers in emerging countries such as China and India will support sales of aerial work platforms in these countries
Aerial Work Platforms Market Creates Short-Term Disruption
The outbreak of COVID -19 has disrupted the complete supply chain and manufacturing activity of aerial work platforms players. With a further slump in industrial and construction activity, revenues are expected to plummet. Policies to flatten the disease curve have also affected the availability of elevated work platforms
The impact of COVID-19 was very high on markets in 2020 with Europe and North America emerging as the main epicenters. With the disease entering remission in these regions, many are hoping for a slow but steady recovery in the second half of 2020.
The key challenge for manufacturers will be to ramp up manufacturing pace in accordance with a more robust supply chain.
Key market stakeholders are astutely strategizing on innovations such as telematics, boom lifts for complex and heavy lifting activities, and electric aerial platforms with extended run-time features and low battery charging times.
In 2019, JLG industries successfully launched a mobile phone application for the operations of its R series line up of scissor lifts. Through the app, users will have greater maneuverability in terms of steering, driving, and loading operations.
Germany-based company Ruthmann recently concluded the acquisition of one of its partners, ReachMaster, to gain more reach in North America where ReachMaster has been the main distributor of compact aerial work platforms
The proliferation of aerial work platforms with a tighter turning radius and negligible tail swing is not only creating maneuverability, but also enhancing scope for safety. Further, companies such as Genie are offering 80 ft. aerial lifts, with flat telescopic booms and electrically powered engines.
These insights are based on a report on Aerial Work Platform Market by Future Market Insights