Stratview Research, a global market intelligence firm, has launched a new research report on Aerial Work Platform Market by Product Type (Boom Lifts, Scissor Lifts, Vertical Mast Lifts, and Personal Portable Lifts), Engine Type (Electric, Engine-Powered), by End-User Type (Construction, Retail, Storage, and Warehouses, Transportation and Logistics, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).

As per the analysis, the aerial work platform market was estimated at USD 16.52 billion in 2021 and is likely to grow at a CAGR of 6.21% during 2022-2028 to reach USD 25.26 billion in 2028.

The major factors contributing to the growth of the aerial work platform market are increasing investments in the real estate sector, increasing government investment in the private sector, and growing infrastructure development, especially in the Asia-Pacific region.

COVID-19 IMPACT

The aerial work platform market witnessed negative growth due to the Covid-19 pandemic in the year 2020. The pandemic has led to supply chain disruptions which ultimately lead to supply shortages and lower demand for the aerial work platform market.

Market evaluation -

The COVID-19 outbreak has adversely affected most of the end-use industries and is still spreading and taking major economies in its grip and has diminished the market conditions. Experts at Stratview Research stay in touch with the key players in the market to keep themselves updated with all the upcoming trends, challenges, market strategies which can be helpful for businesses to survive during this pandemic.

Based on the product type, the market is segmented as boom lifts, scissor lifts, vertical mast lifts, and personal portable lifts. Boom lifts held the largest share of the market in 2021, due to their versatile nature as they can be used in utilities and construction to storage and shipping industries.

Based on the end-user type, the aerial work platform market is segmented as construction, retail, storage, warehouses, transportation and logistics, and others. The construction segment dominated the market in 2021. Aerial work platforms are majorly used in the maintenance and construction of mining infrastructure and high demand for new infrastructure investment in the metals and mining sector is likely to drive the segment’s market.

Based on the engine type, the aerial work platform market is segmented as electric and engine-powered. The electric aerial work platform segment dominates the market and is likely to grow at an excellent rate in the coming years, due to the increasing demand for maintenance and repair services in the residential construction sector.

In terms of regions, North America dominated the aerial work platform market in 2021, whereas Asia-Pacific is expected to grow at the fastest pace during the forecast period. China and India are the key growth engines of the Asia-Pacific market. Europe is also expected to offer lucrative growth opportunities during the forecast period.

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