Aerial Work Platform Truck Market Size to Grow by $ 1.92 bn through 2021-2025
The aerial work platform truck market is expected to grow by $ 1.92 bn, accelerating at a CAGR of almost 8% during the forecast period. Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.
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Aerial Work Platform Truck Market: Segmentation by Product
This report provides a detailed analysis of the market by Product (Boom lifts, Scissor lifts, Vertical mass lifts, and Personnel portable lifts), End-user (Construction, Telecom, Transportation and logistics, and Others), and Geography (North America, Europe, APAC, MEA, and South America). This research report will provide insights into the current market share of each segment along with growth projections for the next five years. In addition, the report also offers a detailed impact analysis of various trends, drivers, and challenges which are likely to influence market growth during the forecast period. These insights are expected to equip clients with reliable information based upon which they can design a growth strategy for their business and area of operations.
Aerial Work Platform Truck Market: Vendor Analysis
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Altec Inc., Bronto Skylift Oy Ab, Haulotte Group, Linamar Corp., Manitex International Inc., Manitou BF SA, Oshkosh Corp., Tadano Ltd., Terex Corp., and Toyota Industries Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
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The aerial work platform (AWP) truck market has the potential to grow by USD 1.92 billion during 2021-2025, and the market’s growth momentum will accelerate at a CAGR of 7.61%.
This aerial work platform truck market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers market segmentation by product (boom lifts, scissor lifts, vertical mass lifts, and personnel portable lifts), end-user (construction, telecom, transportation and logistics, and others), and geography (North America, Europe, APAC, MEA, and South America). The aerial work platform truck market report also offers information on several market vendors, including Altec Inc., Bronto Skylift Oy Ab, Haulotte Group, Linamar Corp., Manitex International Inc., Manitou BF SA, Oshkosh Corp., Tadano Ltd., Terex Corp., and Toyota Industries Corp. among others. View Free Sample Report
Key Trends to impact market growth
The harmful effects of GHG emissions by fossil-fuel operated AWP trucks, such as air pollution and ozone depletion, have resulted in increasing demand for low-emission vehicles. Market vendors are introducing electric and hydraulically propelled AWP trucks that have reduced or zero emissions. Hybrid AWP truck models running on a combination of two different power sources help in increasing rental flexibility and boosting machine utilization. The growing adoption of electric and hydraulically propelled AWP trucks will positively influence the growth of the market during the forecast period.
Top Driver to Boost Demand for aerial work platform truck market
The rise in construction activities across countries is the major factor in driving market growth. The AWP truck is witnessing a high demand due to the increasing number of new constructions in several developed and developing countries. Aerial lifts, especially boom lifts, are widely used for constructing high-rise buildings. Several countries such as China, India, Saudi Arabia, the UAE, Malaysia, and Indonesia are witnessing significant growth in income levels and urbanization. The AWP truck market is expected to grow during the forecast period owing to the transition of the population from rural to urban areas which will require high investments for developing new housing and public infrastructure.
Vendor Analysis: Altec Inc., Bronto Skylift Oy Ab and Haulotte Group are key growth contributors
The market is fragmented. The growth of the players depends on several factors such as market conditions, government support, and industry development. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions. Altec Inc., Bronto Skylift Oy Ab, Haulotte Group, Linamar Corp., Manitex International Inc., Manitou BF SA, Oshkosh Corp., Tadano Ltd., Terex Corp., and Toyota Industries Corp. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 Download a Free Sample Report
Aerial Work Platform Truck Market: Key Highlights of the Report for 2021-2025
