Development in the aerial work platform market is characterized by renting and leasing of access equipment such as boom lifts, scissor lifts, and articulated boom lifts. The aerial work platform market is anticipated to reflect CAGR of over 4.2% over the projected period (2020-2030)
Key Trends
Progressions in telematics, new safety standards, and aerial technology innovations are governing the global market scenario. Based on safety standpoint, anti-entrapment systems are attaining rapid traction on compact equipment and lifts. These are particularly utilized in the construction industry where risk is maximum.
Diagnostic systems and remote access for aerial work platforms are mainly upping the troubleshooting and efficiency quotients of OEMs. Discreet tasks are additionally being made more independent to improve productivity.
Several stakeholders are seeking the online option for introducing their scissor lifts and boom aerial lifts together with a free subscription. With a lack of service techs, consumers could access all the significant information concerning the rental company online or via telematics, therefore, aiding rental companies to save on sustainment requests.
Key Takeaways of Market Study
- Based on product type, boom lifts and scissor lifts will remain the major sellers among other categories.
- In terms of ownership, the global market includes rental service providers and end-use industries (includes entertainment, construction, manufacturing, commercial and others (agriculture, public administration, etc.)
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COVID-19 Impact Analysis
The global market is poised for sturdy revival during the COVID-19 crisis with a rapid consumption across Europe which checked its disease curve flattening. Future Market Insights indicates that the market will foresee firm single-digit development due to investments in R&D and quickened construction activity.
Several stakeholders are nowadays hedging their bets on the higher development of utility infrastructure, particularly the development of 5G. Post pandemic, India, Japan, South Korea, and China will be thriving for the manufacturers.
Regional Insights
More strict legislations regarding higher labor costs and worker safety have made Europe and North America early adopters of the market. The market is more mature with better penetration rates. Europe market accounted for around one-third of the global sales in 2019.
China and India would continue to be thriving markets. The India aerial work platforms market has progressively shown a robust CAGR at 8% in 2020.
Competitive Landscape
The majority of the producers are centering on cost reduction plans in the current pandemic while focusing on the high durability, strength, and quality of their products.
For example, Skyjack, a subsidiary of Linamar Corporation, presented the latest sort of scissor lifts build particularly for rough terrain. These possess larger platform spaces and better working heights.
Moreover, the company has also presented the ELEVATE telematics solution that allows scissor lifts to directly react to commands given over a mobile phone network or the phone and execute tasks independent of steering, driving and lifting. Players are centering on partnering with strategic distributor dealerships for businesses in the rental landscape. Distributors will aid to hold the market in several regions.
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