June 14, 2024
Aerial Work Platform Truck Market
Ict

Aerial Work Platform Truck Market Propelled By Growing Need For Efficient Platforms For Construction And Maintenance Applications

Aerial work platform trucks, commonly known as bucket trucks or cherry pickers, are versatile equipment used for lifting workers and equipment to overhead work areas for tasks at height. They allow safe access to locations that are difficult or impossible to reach with ladders or scaffolding. The growing construction sector and increasing need for periodic maintenance of infrastructure have augmented the demand for such efficient access solutions.

The global Aerial Work Platform Truck Market is estimated to be valued at US$ 16585.87 Bn  in 2023 and is expected to exhibit a CAGR of 9.4%  over the forecast period 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends

The booming construction industry has been a major driver for the adoption of aerial work platform trucks. There has been a significant rise in infrastructure projects worldwide, especially in developing nations. Mega construction projects involving highways, bridges, hospitals, commercial buildings require extensive work at height, which is efficiently addressed through aerial work platforms. Their ability to provide powered access to elevated work areas safely and productively has stimulated their uptake in major construction as well as refurbishment and repair activities. This rising dependence on aerial solutions for addressing tasks involving working at heights is poised to further propel the aerial work platform truck market over the coming years.

SWOT Analysis

Strength: Aerial work platform trucks are extensively used in construction, transportation and utilities sectors for their ability to raise personnel, along with their tools and equipments to height. Their ability to work in restricted spaces make them strong contenders in industries.
Weakness: Aerial work platform trucks require certified and trained operators for safe operations. Lack of skilled workforce can pose safety issues. High maintenance cost of such specialized vehicles is also a weakness.
Opportunity: Growth in infrastructure development across the globe is opening new opportunities for aerial work platform truck market. Rural electrification projects in developing nations also present business potential.
Threats: Economic slowdowns can negatively impact capital expenditure of end-use industries temporarily. Rising raw material costs pose threat to profit margins of market players.

Key Takeaways

The global Aerial Work Platform Truck Market Size is expected to witness high growth over the forecast period of 2023 to 2031. The global Aerial Work Platform Truck Market is estimated to be valued at US$ 16585.87 Bn  in 2023 and is expected to exhibit a CAGR of 9.4%  over the forecast period 2023 to 2031.

North America currently dominates the market owing to robust investments in infrastructure modernization projects across USA and Canada. Presence of leading market players and availability of skilled workforce further support regional market growth. The Asia Pacific region is expected to witness fastest growth in aerial work platform truck market during the forecast period. Rapid industrialization and infrastructure development initiatives in China, India and Southeast Asian countries are driving regional demand. Additionally, projects like rural electrification are spurring adoption of aerial work platform trucks across Asia Pacific region.

Key players operating in the aerial work platform truck market are Nike, Adidas, Puma, Under Armour, New Balance, ASICS, VF Corporation, Lululemon, Columbia Sportswear, Ralph Lauren, Li Ning, L Brands, H&M, Zara, Uniqlo, Forever21, Gap, Next, Esprit, and C&A. These companies are focusing on development of advanced technology based trucks with improved safety features to gain competitive advantage. Strategic partnerships with rental companies is another focus area for key players.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it