The global aerial work platform (AWP) truck market is expected to reach $8 billion by 2022, according to a new report by Grand View Research Inc., of San Francisco.
Increasing government investment in the construction sector, paired with growing concerns regarding worker safety, is expected to drive AWP truck industry growth over the coming years. Growing emphasis on infrastructure development along with rising private investment in real-estate may also spur product demand. In addition, increasing demand for material handling, especially in manufacturing units and factories, is anticipated to significantly fuel AWP truck market growth.
This equipment is primarily used to elevate workers and equipment throughout the maintenance or construction process. The developing telecommunication industry owing to rapidly increasing smartphone users, particularly in Asia, may escalate aerial work platform truck market demand. Industry growth can be attributed to strong economic growth, especially in countries such as India, China, Brazil, and some parts of Europe.
Technological advancements resulting in the development of electrically or hydraulically propelled elevating platforms in order to meet emission standards and cope with growing environmental issues are also anticipated to favorably impact growth. Rising demand application areas such as construction of wind, solar and other energy-generation installations may drive revenue over the coming years.
Further key findings from the study suggest:
Boom lifts market is poised for high growth over the next six years owing to increasing usage of these lifts for tricky architecture or smaller spaces with limited access. This can be further attributed to the several benefits offered by these lifts such as mobility, tight turning radius, standard oscillating axle, and compact design.
Construction applications accounted for over 30 percent of the overall AWP truck industry in 2014, and are expected to witness high growth over the forecast period. Growing infrastructure development and private investment in real-estate are expected to be key factors responsible for growth in this sector.
Telecommunication industry is expected to exhibit high growth, which can be attributed to increasing number of smartphone users particularly in Asia. Smartphone proliferation and the associated need for improved telecom infrastructure for better connectivity are expected to elevate demand in the telecommunication industry.
North America captured a sizable share of the aerial work platform truck market in 2014, which can be attributed to considerable technological advancements. In addition, increasing maintenance and repair activities coupled with growing concerns and norms regarding worker safety are further propelling product demand in this region.
To view the research report, visit www.grandviewresearch.com/industry-analysis/global-aerial-work-platform-truck-market.