North America Aerial Work Platform Truck Market To Garner Lucrative Proceeds Over 2018-2024 - Industry News 360


Friday, 17 August 2018

North America Aerial Work Platform Truck Market To Garner Lucrative Proceeds Over 2018-2024

North America Aerial Work Platform Truck Market is anticipated to witness growth pertaining to the stable economic conditions in the region, followed by the increasing affordability toward the purchase of the equipment.

Economies including India, China, and Japan are projected to have the highest demand in the aerial work platform truck market. Increasing applications of the devices in the telecommunications and architectural activities in these regions are expected to boost the industry demand.

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Boom lifts are projected to have a high demand in the aerial work platform truck market owing to their wide range of applications in commercial, industrial, entertainment, and residential setups. For instance, the devices are used in construction set-ups of music concerts in the cities. Scissor lifts constitute a high demand for their applications in warehouse facilities, delivery and logistics, loading bays, and assembly lines in manufacturing facilities, thereby driving the industry demand.

Aerial Work Platform Truck Market size is set to exceed USD 11 billion by 2024. Increasing public infrastructure and construction expenditure across the globe is projected to propel the aerial work platform truck market growth. Rising disposable incomes across the emerging economies have prompted the need for massive infrastructural activities, such as residential & commercial establishments, industries, shopping malls, and amusement parks, requiring AWPs for construction and maintenance purposes.

Rising urbanization trends and the increasing safety concerns for the workers have resulted in a high demand for the aerial work platform truck market. For instance, urbanization trends across various economies have led to increased government initiatives, such as Atal Mission for Rejuvenation and Urban Transformation in India, promoting infrastructural activities. China Occupational Safety and Health Association (COSHA), has developed strategies that focus on providing a safer working environment for the laborers utilizing advanced AWPs.

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Increasing use of the equipment by rental agencies is anticipated to fuel the aerial work platform truck market growth. The rental agencies prefer keeping their fleet of trucks updated with technologically-advanced platforms, to provide a wide range of equipment to the customers. Prospective customers prefer renting the equipment due to the high capital investments involved in procuring the equipment.

Factors, such as high initial costs and lack of efficient operators, are hampering the growth of the aerial work platform truck market. These are operated in applications such as mining, construction activities at heightened locations, which require skilled operators, who can handle the equipment and pose minimal danger to the life of the laborers working at such locations. Additionally, lack of awareness among the construction agencies about the advantages offered by the AWP equipment is anticipated to hinder the industry demand.

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Aerial work platform truck market players include Terex Corporation, Haulotte, Tadano Limited, Ruthmann, Aichi Corporation, CTE, Shen Yang, Hunan Runshare, Time Benelux, and Teupen. The players are investing high in the R&D to develop cost-effective products and looking to enter into mergers to advance their market share.

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