Truck-Mounted Aerial Work Platform (Awp) Market Analysis Europe, North America, APAC, Middle East and Africa, South America - US, UK, Germany, China, France - Size and Forecast 2024-2028

Truck-mounted Aerial Work Platform Market Size 2024-2028

The truck-mounted aerial work platform market size is estimated to grow by USD 1.64 billion at a CAGR of 6.06% between 2023 and 2028.

• Market expansion hinges on several key factors, including heightened government investments in infrastructure across the APAC region, rapid advancements within the power utility sector, and the adoption of truck-mounted AWPs as a viable alternative to traditional scaffolding. These elements collectively drive growth in industries reliant on elevated work platforms (AWPs), facilitating efficient construction and maintenance operations. Government spending on infrastructure in APAC stimulates demand for AWPs, supporting projects with elevated access requirements.
• Simultaneously, the strong growth in the power utilities sector necessitates reliable and versatile AWPs for maintenance and installation tasks. The shift towards truck-mounted AWPs reflects industry trends toward enhanced mobility and flexibility in accessing challenging work environments. These developments underscore the pivotal role of AWPs in optimizing workflow efficiency and safety across various sectors, contributing to the overall expansion of the market for elevated work platforms.

What will be the Size of the Truck-mounted Aerial Work Platform Market During the Forecast Period?

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How is the Truck-mounted Aerial Work Platform Market Segmented?

The truck-mounted aerial work platform market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

• End-user Outlook
  • Utility sector
  • Construction sector
  • Manufacturing and others

• Product Type Outlook
  • Boom lifts
  • Scissor lifts
  • Vertical mast lifts
  • Personnel portable lifts

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Middle East & Africa
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa
  • South America
    • Chile
    • Brazil
    • Argentina

By End-user

• The utility sector segment will account for a major share of the market's growth during the forecast period. Truck-mounted AWPs are used during the construction of transmission grids, power generation facilities, renewable power generation, installations for electricity and heat generation, solar thermal power stations, biomass facilities, and wind power installations.

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• The utility sector segment was valued at USD 2.07 billion in 2018. The power industry also requires truck-mounted AWPs for maintenance purposes, which are an essential but lesser-known aspect of operations at power generation sites around the world. The rising demand for energy is helping to support the growth in this sector of power production, which leads to a need for AWPs mounted on trucks.
• The construction sector requires truck-mounted AWPs during construction and maintenance activities in residential buildings, commercial buildings, and various transportation infrastructure. The growing aging of infrastructure in developed economies and increased investment in infrastructure worldwide are expected to increase the world's spending on infrastructure development from 2023 to 27. Among the various infrastructure projects, transportation infrastructure is anticipated to be the fastest-growing segment during the forecast period. The increasing use of truck-mounted AWPs instead of scaffolding while carrying out the repair, maintenance, and refurbishment activities for construction is expected to boost the growth of the market in focus during the forecast period.

By Region

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• Europe is estimated to contribute 46% to global truck-mounted aerial work platform market growth by 2028. Technavio's analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The regional market is anticipated to grow steadily during the forecast period, driven by the demand primarily in countries such as Germany, Italy, the UK, France, and Spain. The increase in demand for aircraft platforms such as truck-mounted AWPs is being driven by rising construction projects across the region, and a growing public commitment to shift energy consumption from fossil fuels towards renewable energy, which can be easily used for inspection, repair, and installation work. Such factors will increase the market growth in this region during the forecast period.

What are the Truck-mounted Aerial Work Platform Market Dynamics Shaping Growth?

• The market is experiencing robust growth driven by the versatility of aerial lifts and AWPs equipped with telescoping booms and flexible arms. These platforms offer self-leveling abilities and advanced control systems suitable for various applications, including maintenance and repair activities and emergency access for telecommunication and government applications like firefighters. They feature diverse configurations such as single-scissor lifts, double-scissor lifts, and various lifting tables, ensuring efficient logistics and storage solutions in industries embracing e-commerce and stringent regulatory standards.
• Operator training plays a crucial role in ensuring safe operation, aligning with evolving safety protocols, and enhancing operational efficiency. As demand grows, manufacturers innovate to meet industry needs, driving advancements in truck-mounted AWPs that cater to a wide range of vertical lift requirements across diverse sectors.

Key Market Driver

• In the APAC region, a number of public infrastructure projects have been envisaged or are underway in different APAC countries such as India, China, and Japan. Many of these projects are large in terms of investments. Many countries in APAC give high importance to infrastructure development because infrastructure spending is directly proportional to economic growth. This is because rapid economic growth provides jobs and ensures important services such as energy and housing.
• Moreover, a country with a strong infrastructure encourages multinational companies (MNCs) to make heavy investments and set up their establishments. Infrastructure has an impact not only on overall economic development but also on living standards and the Human Development Index of a country. This helps respond to a variety of needs arising from population growth and the rise in citizens' spending power. It is expected to drive the demand for truck-mounted AWPs in APAC, thereby driving truck-mounted aerial work platform market growth during the forecast period.

Significant Market Trends

• In order to prevent or reduce the amount of environmental and noise pollution and emissions resulting from construction activities, AWPs mounted on electric vehicles are gaining traction. Electric trucks mounted with AWPs find higher adoption in urban areas for city maintenance of public lighting and street signs or for indoor work. These electric truck-mounted AWPs offer high performance and are of compact size.
• However, these vehicles are highly valued because of their compact size, and they can be used on the sides of roads and on pavements without impeding other traffic. They're becoming a very common means of work for high-level building and maintenance activities that do not require much time to finish. Such trends are expected to drive the growth of the global truck-mounted aerial work platform market during the forecast period.

Major Market Challenge

• With regard to national and regional macroeconomic conditions, the construction sector is highly sensitive. A period of moderate but slow growth and unprecedented turmoil in the building sector, which has negative consequences for the construction industry, is currently underway in both the US and Europe. However, continued uncertainty around prevailing economic conditions will have a negative impact on the construction industry and will continue to pose a risk as project operators may postpone spending in response to tighter credit or due to a decline in income or asset values and negative financial news like the recession in Germany.
• Therefore, foreign direct investments and delayed government aid in countries such as Germany, which could lead to delays or cancellations of projects, are also being depressed by increasing uncertainty about economic growth. Such factors are anticipated to reduce investment in construction equipment. This, in turn, will hinder the adoption of truck-mounted AWPs, hence, hindering truck-mounted aerial work platform market growth during the forecast period.

Which are the Major Market Companies?

Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

Altec Inc. - The company offers truck-mounted aerial work platforms such as Altec Truck Mounted Boom Lift Insulated, for the electric utility, telecommunications, tree care, construction, and lights and signs markets.

We also have detailed analyses of the market's competitive landscape and offer information on 20 market vendors, including:

• Altec Inc.
• Cmc SRL
• CTE SpA
• Ebara Corp.
• Hidrokon Konya Hidrolik Makine Sanayi and Ticaret AS
• Hunan Sinoboom Intelligent Equipment Co. Ltd.
• J C Bamford Excavators Ltd.
• Klubb Srl
• Linamar Corp.
• Manitex International Inc.
• Morita Holdings Corp.
• Niftylift Ltd.
• Oshkosh Corp.
• PALFINGER AG
• Ruthmann Holdings GmbH
• SOLEM SA
• Tadano Ltd.
• Terex Corp.
• Time Manufacturing Co.
• Toyota Motor Corp.

Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.

What are the Latest Market Developments and News?

• In December 2024, Haulotte introduced a new truck-mounted aerial work platform designed for improved safety and efficiency in the construction industry. The model features a fully automated leveling system, making it ideal for challenging terrains and providing workers with secure, stable access to high-altitude tasks.

• In November 2024, Manitou launched a high-performance truck-mounted aerial work platform with a greater load capacity and extended reach. The platform is tailored for maintenance and industrial applications, offering enhanced operational versatility for accessing hard-to-reach areas.

• In October 2024, Snorkel announced a new addition to its truck-mounted aerial work platform series, featuring an eco-friendly electric power option. This environmentally conscious model is designed to cater to industries prioritizing sustainability and reducing their carbon footprint while maintaining operational efficiency.

• In September 2024, CTE unveiled a truck-mounted aerial work platform equipped with advanced telematics capabilities, allowing fleet managers to monitor equipment usage, track maintenance schedules, and optimize overall fleet performance in real-time. This innovation is aimed at improving the overall productivity of construction and utility companies.

Will Innovations Drive Market Growth?

• The truck-mounted aerial work platform market is expanding rapidly with the increasing adoption of AWPs in various industries. These platforms, including truck-mounted AWPs, play a crucial role in providing access to unreachable areas during construction work and other applications. They serve as versatile permanent access equipment (PAE), offering solutions comparable to traditional elevators and cranes. Economic and geopolitical factors influence market dynamics, impacting sales and product placement strategies across warehouse units and government projects.
• The market's growth is supported by advancements in logistics and transportation, enhancing the efficiency of AWP deployment in diverse environments. As demand rises, companies expand their AWP truck fleets and strengthen shop service networks to meet customer needs globally, ensuring robust market expansion amidst evolving economic landscapes and industry demands. The global aerial work platform market is influenced by economic and geopolitical issues, driving demand for vertical lifts and requiring a robust shop service network to support transport and logistics operations.

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What are the Key Data Covered in this Truck-mounted Aerial Work Platform Market forecasting Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market's competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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